Marathwada district witnesses surge in startup registrations
LT anniversary special
Vaibhav Parwat
Chhatrapati Sambhajinagar: In a significant development, the region has experienced a remarkable surge in its startup ecosystem. The year 2023-24, marked a historic milestone as Marathwada witnessed an unprecedented rise in the number of registered startups, reaching a total of 774 startups including 220 recognized startups.
In 2023, Chhatrapati Sambhajinagar's startup ecosystem experienced a remarkable surge with 155 startups registered in the past two years, climbing an impressive 208 positions in the Global Ecosystem Index. This leap translates to a national ranking of 37th, a regional ranking of 43rd in South Asia, and a global ranking of 918th. This significant progress highlights the city's growing potential as a hub for innovation and entrepreneurship.
Incubation centres playing pivotal role
Incubators like the Marathwada Accelerator for Growth and Incubation Council (MAGIC) along with Atal Incubation Centre have emerged as key players in nurturing and promoting startups from the Marathwada region. Both centres currently incubate around 80 startups with a total investment of Rs 100 crore, incubators have been instrumental in providing crucial support and resources to budding entrepreneurs.
Maharashtra leads in startup innovation
Maharashtra has emerged as a frontrunner in fostering startup innovation, with 21,063 startups registered in the state, the highest in the country. Notably, startups in Maharashtra have capitalized on advancements in software, hardware, and artificial intelligence to develop cutting-edge solutions across diverse domains.
1.17 lakh startups in the country
There are 1.17 lakh startups in the country as of December 31, 2023, out of which 21,063 startups are in Maharashtra, followed by Karnataka with 12,651, Delhi 12,500, Uttar Pradesh 10,970, Gujarat 9,267 and Telangana 6,090.
Continuous growth trajectory
The trajectory of startup growth in Maharashtra is on a steady incline, with the number of startups witnessing a notable increase over the past five years. From 1,987 startups in 2019, 2532 in 2020, 3552 in 2021, 4763 in 2022 to 5,801 in 2023, the upward trend underscores the dynamic entrepreneurial landscape in the state.
Highest 28 incubators in the state
Maharashtra boasts the highest number of incubators in the country, currently standing at 28. These facilities provide crucial support to young entrepreneurs by nurturing their ideas and helping them navigate the technical and financial hurdles.