Watch: Investing in tech resources is boon not a curse, says Indian entrepreneur
Dubai: Employees’ salaries in India’s burgeoning tech sector are higher than what executives make in America’s famed Silicon Valley, according to a prominent Indian startup founder.
Speaking at the Elevate X session in Dubai, Sujeet Kumar, co-founder of Bengaluru-based startup Udaan, said that tech resources in India’s cities were even costlier than Silicon Valley. “When you look at our paychecks, you will know how much we are paying our tech people.”
Kumar said that in 2021 around 42 Indian startups had attained the ‘unicorn’ status by achieving a valuation of $1 billion or more. “Most of this money will go into technology resources – I will not call this a problem”
The Elevate sessions were started as a platform to showcase 500 startups from India at the innovation hub outside the Indian pavilion at Expo 2020 Dubai. India has emerged as the world’s third-largest startup ecosystem and has seen a series of high-profile IPOs (initial public offerings) that have defied the economic gloom of the pandemic.
“UAE and India share close cultural and civilizational ties, which are now being transformed into a comprehensive strategic partnership,” said Aman Puri, Consul General of India, Dubai. “Going forward, we will be hearing an announcement regarding the comprehensive economic partnership agreement - one of the fastest negotiated agreements of its kind”
The Consulate General of India and Dubai Silicon Oasis Authority also signed an agreement to launch a platform for startups. Further details of the initiative were not disclosed at the event.
“We intend to support startups from India and use the opportunities here in Dubai,” said Puri. “It can be a springboard for global expansion, and companies can seek funds from investors here”
“Our aspiration is to bring some of the talented young individuals from India and connect them with their global counterparts,” he added.
Startups at the latest event:
PrognoAdvisor: PrognoAdvisor is an early-stage fintech startup providing financial wellness for corporate employees through its algorithm driven financial planning platform.
FreshNow: A startup that aims to offer fruit juices at its freshest form by reducing production to consumption time and making it conveniently available everywhere, while ensuring zero wastage.
SurveySparrow: This is a cloud based experience management platform that helps brands refine experiences at every touchpoint. The company’s platform bundles tools such as NPS, 360-degree assessments, offline, chat, & classic surveys which are mobile-first, highly engaging, and user-friendly.
Neona Embedded Labz: The company focuses on generating data messages for the Smart Edge IoT Platform. Neona designs and manufactures technology and solutions to make all devices a smart device using IoT solutions.
Kalki Ecosphere: Kalki Ecosphere, which manufactures mobile water purifiers, is a bootstrapping startup recognized by DIPP (Department for Promotion of Industry and Internal Trade) under Startup India Scheme, which is working towards sustainable solutions like alternatives to single-use plastic bottled water.