Startup ecosystem thrives: India recorded a significant increase in the startup ecosystem, with a 37 per cent rise in new companies translating to a 14 per cent surge in job opportunities, stated the latest report published by foundit, revealing the latest hiring trends for April 2024. Startups are increasingly targeting fresh talent, with 53 per cent of all job postings directed towards newcomers, emphasising the need for young professionals to acquire relevant skills beyond their formal education.

Sekhar Garisa, CEO of foundit, noted, “The production and manufacturing sector has also witnessed a 31 per cent year-on-year surge in hiring, contributing to India's ambition to become a global manufacturing powerhouse.”

IT service sector rises

While the IT services sector saw a steady rise in jobs, increasing from 20 per cent to 23 per cent between April 2023 and April 2024, industries like Internet, BFSI/Fintech, and Media & Entertainment experienced a slight decline in hiring. However, the education/e-learning/edtech sector reported stable growth in April, indicating a period of industry stability.

In terms of specific job roles, sales positions saw a rapid increase, rising from 9 per cent in April 2023 to 23 per cent in April 2024. Product-related roles also improved, transitioning from 8 per cent to 9 per cent during the same period. Conversely, job roles in IT, consulting, and marketing witnessed a decline in demand.

Startup hubs

Bengaluru, Delhi-NCR, and Mumbai continue to lead as startup hubs, but the startup ecosystem is rapidly expanding beyond these metros, with non-metro locations emerging as new entrepreneurial hotspots. Additionally, the majority of startups have shifted back to office-based work, as reflected in the decline of remote work opportunities from 8 per cent in April 2023 to 3 per cent in April 2024.

The overall hiring index shifted from 276 in March 2024 to 300 in April 2024, indicating a 9 per cent monthly uptick and a 9 per cent yearly increase compared to April 2023, signalling a positive trend in employment opportunities and the resilience of India's startup ecosystem.

The report also highlighted the emergence of new cities as startup destinations. Surat, for instance, saw a 14 per cent increase in startup hiring, indicating a shift towards Tier-2 and Tier-3 cities. Additionally, cities like Indore and Bhopal witnessed a 10 per cent rise in startup jobs, reflecting the growing entrepreneurial spirit in these regions.

In terms of industry focus, the report revealed that startups in the healthcare sector are on the rise, with a 20 per cent increase in hiring. This trend aligns with the broader healthcare industry's growth, driven by the ongoing digital transformation and the increased focus on healthcare services.

Startups growth spree: Rise in new companies drive 14% job opportunities

The overall hiring index shifted from 276 in March 2024 to 300 in April 2024, indicating a 9% monthly uptick.

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