BENGALURU: India's startup ecosystem is set for rapid expansion, with the number of startups projected to double from 120,000 in 2023 to 240,000 by 2030, according to a new report by executive search firm Longhouse, shared exclusively with TOI.

This growth is expected to drive a surge in high-value enterprises, with the number of unicorns-startups valued at over $1 billion-rising from 120 currently to 280 by the end of the decade. The expansion is also poised to have a significant impact on employment, with startups contributing to both direct and indirect job creation across key sectors..

The report added the startup ecosystem is projected to create 50 million jobs by 2030, with startups driving a surge in both direct employment and the gig economy. Of these, 4-5 million will be direct white-collar jobs, another 9-10 million in the gig economy, and 35-40 million indirect jobs across sectors. "A significant portion of these jobs will emerge from newer startups rather than just expansion in existing companies. As India moves from 120 unicorns today to an expected 280 by 2030, most of the employment growth will come from companies that are scaling up rapidly in emerging sectors like AI, SaaS, clean tech, and fintech," Rohit Srivastava, senior partner, Longhouse said.

The report also highlighted a fundamental shift in the startup founder demographic. Between 2020 and 2024, 40% of unicorn founders had 10-15 years of prior work experience, up from 26% in the 2008-2013 period. Additionally, 55% of unicorn founders held leadership roles before launching their ventures, underscoring the increasing role of domain expertise and industry networks in creating a successful business.

The share of unicorn founders with over 20 years of experience also peaked at 30% in recent years, signalling a move towards seasoned entrepreneurs replacing the younger, early-stage founders who once dominated India's startup boom.

"Founders today are entering entrepreneurship with deeper industry expertise. The days of fresh-out-of-college unicorn builder are giving way to more seasoned cohort," Srivastava added.