1、2023 has been a year of milestones for India:surpassing China as the worlds most populous country,hosting the G20 summit,and becoming the first nation to land a spacecraft on the moons south pole.Global tech companies are doubling down on their commitments to the subcontinent;Google,Microsoft,Amazon
2、,Apple and Meta are expanding office space,data centers and R&D hubs.Though India still has a long road ahead in terms of including its entire population in the progress,digital tools are helping it speed up the delivery of vital public and financial services.In 2022,the Unified Payments Interface(U
3、PI)1reached$1.5T in transactions.In SVBs second issue of our State of the Markets India report,we delve into the startup ecosystem and global diaspora network the worlds largest.In 2022s report,we predicted Indias funding wouldnt be as high as 2021 but would surpass all prior years.We also predicted
4、 digital infrastructure would become more strategic for India and that innovation would flourish beyond Tier-1 cities.Those predictions proved accurate and reflect SVBs commitment to this region since 2003.Twenty years ago,SVB brought a delegation of two dozen high-profile venture capitalists(VCs)to
5、 Bengaluru and Mumbai as part of a global trade mission.Since then,the team has developed deep roots facilitating cross-border transactions for the top Indian startups and has seen the market through multiple cycles.That connectivity helps us understand real-time trends.While venture funding has coo
6、led globally and India is no exception we may see less headline making deals.Despite this,Indian startups have not stopped innovating.Whether its fintech companies unlocking new markets for digital transactions and lending,or software-as-a-service(SaaS)companies gaining market share globally,there i