India’s startup scene is picking up speed again
Hindustan TimesVisitors to Bangalore, India’s tech hub, quickly learn why locals measure distances in minutes and not kilometres. India’s startup scene has had a difficult few years, as funding dried up and once high-flying firms crashed back down to earth. In January the banking arm of Paytm, an Indian fintech giant, was ordered by India’s central bank to stop all services owing to “persistent non-compliance” with its rules. Although venture funding this year is on track to reach a level similar to last year, there are signs of a revival in India’s startup scene. Quick commerce has proved especially popular in India’s densely packed cities, where drivers can deliver goods speedily to many customers living in close proximity to each other, making it cheaper than in cities elsewhere.