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The India Tech Opportunity

A Trillion Dollar Economy In The Making

While India's GDP is forecast to more than double to USD 7 trillion by 2030, making it the 3rd largest economy in the world, it is the Internet Economy - with domestic and global tailwinds - that stands out.

Over 5x growth is projected for the Internet Economy, bringing it to USD 1 trillion by 2030 from ~USD 175bn in 2022.

Sources:
- e-Conomy India 2023 (Bain & Company, Google, Temasek);
- India: why it will be a $7 trillion economy by 2030 (Deutsche Bank, March 2023)

The Domestic Tailwinds

India's large domestic market already allows technology companies to test and prove themselves at scale. With over 600 million internet users, the country has produced over 100 tech unicorns and has now overtaken China for it's rate of generating new unicorns.

Thanks to policy enablers such as Jan Dhan (financial inclusion) and the India Stack (digital infrastructure), this local opportunity is poised for significant further growth with both increased consumer affluence (see chart) and the growing digital maturity of the 60 million MSMEs which already contribute 30% of India's GDP.

Sources:
- India Venture Capital Report 2023 (Bain & Company, IVCA)
- India: why it will be a $7 trillion economy by 2030 (Deutsche Bank, March 2023)

The Global Tailwinds

In parallel, as "Make in India, Make for the World" goes mainstream, a number of technology companies are realising growth on the global stage. For example, in 2022, 12-14 Indian SaaS firms achieved > USD 100 million ARR, up from just 1-2 in 2018.

Source: e-Conomy India 2023, Bain & Company, Google, Temasek

Indian companies currently represent ~5% of global SaaS turnover. With its skilled workforce and geopolitical tailwinds (e.g. "China +1"), India is well placed to strengthen its global position.

person holding pencil near laptop computer

India's Growth Opportunity:
Accessed Via Private Markets

Technology represents 10-15% of the NIFTY index, and that is largely made up of the major IT Services companies (e.g. Infosys, TCS, HCL and Tech Mahindra) which account for over 80% of the Nifty IT Index.

India's digital growth will come through its rapidly maturing VC ecosystem which is demonstrating the returns and exit capabilities required to support a broader private market investor base.