June 23, 2021
Markets

Indian tech braces for its second coming of age

An employee works on a computer terminal against the backdrop of a picture of late Apple co-founder Steve Jobs at the Start-up Village in Kinfra High Tech Park in the southern Indian city of Kochi October 13, 2012. REUTERS/Sivaram V

It’s shaping up to be a defining year for Indian technology. Startups like food delivery service Zomato and digital payments star Paytm have grown fast aided by rapid smartphone adoption. Oodles of foreign capital helped too. As business and funding models evolve, a stack of upcoming initial public offerings spotlights new challenges.

The rise of Indian outsourcers such as Tata Consultancy Services (TCS.NS) in the 1990s defined the first golden age. Today, the country is home to about 100 unicorns – unlisted, mostly young tech companies valued at $1 billion or more – Credit Suisse estimates. Biggies include Walmart-owned (WMT.N) e-tailer Flipkart,…

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