The last few years of the past decade showed that India has great appetite for technology,

data and
the internet. From having a handful of tech companies to hundreds and then thousands of innovative
new ventures, India’s startup ecosystem has grown immensely over the past decade and is on the
verge of reaching a new level of maturity. From 29K startups in 2014, the numbers grew exponentially
from 2015 to 2018 and touched 49K. In less than half a decade (2014-2019) startups and the
enabling ecosystem have flourished with the support of the government’s ambitious Startup India,
Make in India and Digital India programs.
Thanks to this favorable environment, Indian startups have created a combined value of about $130
Bn with overall funding skyrocketing to touch $58 Bn from 2015-2019. Moreover, apps developed by
Indian companies surpassed their Chinese counterparts in terms of downloads in 2019 — 41% of the
top 200 apps downloaded in 2019 were made by Indian developers — which is another sign of the
market maturing. The last five years hold a series of historic milestones for the Indian startup
economy. From a funding standpoint, the ecosystem has grown immensely with over 5,011 deals by
2,984 startups. With $12.7 Bn funding in 2019 and 766 deals, Indian startup ecosystem saw the entry
of seven startups into the unicorn club.
However, the preference of late-stage investments rather than risking capital in seed or early-stage
startups is growing, which indicates that over the years Indian startup investors are turning more and
more risk-averse. This is likely to hamper the growth of innovation in the ecosystem in the long run.
Like in the past, sectors such as enterprise tech, ecommerce, fintech, consumer services and
healthtech banked the most funding. These five sectors combined accounted for 63% (3,177) of the
total deal count in Indian startup ecosystem between 2014 and 2019.
India’s tech capital, Bengaluru, continued to lead the hub wise funding charts with a total investment
of $5.3 Bn.

Most funded Sectors

140

120

100

80

60

40

20

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ch ch ce s ch t. h ch ch h r s
te te er ice te En t ec te te t ec he
Fin e m rv la th & Ed ep te rt O t
ris om Se ia De ta o
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Ec er He e d Es sp
te m M al an
En nsu Re Tr
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Deals Count Unique Startups funded

Fintech Sector
Funding raised around $2.6 Bn in 2019 across 125 deals with 106 unique startups funded.
Median funding amount around $8.3 Mn while average ticket size at $25 Mn.
No. of deals fell for the first time across 5 years but capital inflow jumped 71% in 2019 from 2018.

 Among the other startup sectors this is the most impactful sector in the context of economic
disruption. The dream of digital India can only be successful if the adoption of fintech
products in the country is steady over a prolonged period. $2.6 Bn in total funding was
poured into fintech startups across 125 deals in 2019, the funding amount was 71% higher
compared to 2018 whereas the deal count plunged by 9% compared to the previous year.
 The median funding amount and average ticket size of investments into fintech startups
stood at $8.3 Mn and $25 Mn in 2019. Both were significantly higher compared to the
previous years.
 In terms of deals, with 61 deals, Growth stage reported highest peak compared to 2018,
while Seed stage deals reported 34 deals showing a downfall.
 Deals poured in lending tech and payments startups made 79% of the total deal count in
fintech (2019).
 Top 5 funding grossers in sector (in order): Paytm, DMI Finance, Phonepe, Incred, Okcredit
Enterprise Tech sector
Funding raised around $1.2 Bn across 114 deals with 105 unique startups.
Median funding amount was $2 Mn while average ticket size was around $12 Mn.

 The enterprise tech sector which consists of a wide array of sub sectors such as SaaS
(software as a service), HRTech (human resource technology), marketing automation etc.
recorded a total funding of $1.15 Bn across 114 deals in 2019. The compounded annual
growth rate of funding amount and deal count in this sector between 2015 and 2019 was
15% and -12%.
 With the funding amount secured by late stage startups growing at CAGR of 37% (2015-
19), the average ticket size & median funding amount record 40% & 33% jump
respectively.
 Proactive push of the government towards digitalization of Indian economy, growing digital
presence of business and wider M&A opportunity in this sector are the catalyst fueling the
growth of enterprise sector in India.
 Similar to the overall startup ecosystem, preference of late stage investments over seed
and growth is evident in enterprise tech. The funding amount in late stage startups is
growing at a rate of 37% (2015-2019) compared to 3% and -14% in growth and seed
stage respectively.
Ecommerce sector
Funding raised around $2.6 Bn across 93 deals with 80 unique startups.
Median funding amount was $3.1 Mn while average ticket size was around $36 Mn.

 Between 2014 and 2019 the share of ecommerce startups to the total funding amount and
deal count in the Indian startup ecosystem is 27% ($15.6 Bn) and 14% (700) respectively
— highest among other sectors.
 The deal count has witnessed a decline of 14% from 2017 to 2019. The growing popularity
of sub-sectors such as vertical ecommerce, social commerce and private label are the
driving forces behind the recovery of the Indian ecommerce sector.
 The growth in both the median funding amount and the average ticket size of funding is a
result of investors focusing more on late stage investments than seed and growth stages.
 Ecommerce funding deals and amount for ecommerce stood at 38, $21.7 Mn for seed
stage — the former remain unchanged from 2018 while funding amount fell by 53%, In the
growth stage, ecommerce saw 26 deals bringing in $677 Mn in funding, which is 24%
lower than 2018 for the deals and a 33% growth for the funding amount compared to
2018. With 24 deals and $1.9 Bn in funding amount for late-stage ecommerce startups,
2019 was a mixed bag as the deal count was 23% lower and funding amount 5% higher in
2018.
 In recent years the investment activity in this sector is witnessing a slowdown primarily due
to the saturation of the market and high operational cost, which are hampering the
financial performance of startups in this space.
 After a steep decline of 36% in total funding amount, the capital inflow in the sector seems
to be recovering. At $2.6 Bn, the total funding amount in 2019 was 10% higher than the
previous year
Consumer Services sector
Funding raised around $993 Mn across 75 deals with 61 unique startups.
Median funding amount was $5 Mn while average ticket size was around $17 Mn.
Food tech subsector had the most deals in 2019 followed by hyperlocal subsector.

 Consumer services sector which primarily consists of foodtech and hyperlocal startups seems
to be struggling in the context of capital inflow. Funding data for 2019 showcases that the
amount and deal count in the sector declined by 59% and 17% respectively.
 Between the primary subsectors in this domain — foodtech and hyperlocal, the investor
confidence towards foodtech startups is likely to be higher given the growing demand for
online food delivery in the country.
 Contrary to the deal and funding amount slowdown, the average ticket size witnessed a steep
decline of 52% in 2019 compared to the previous year. On the other hand, the positive trend in
the median funding amount can be linked to the higher concentration of late stage deals in
recent years.
 In terms of funding stages, startups in the late stage reported a 67% hike in deals. While seed-
stage deals plunged by 45% compared to the previous year.
 Fading investor confidence towards this sector can be linked to high failure rate of consumer
services startups due to lower profit margins and high operational costs.
Healthtech Sector
Funding raised around $512 Mn across 62 deals with 52 unique startups.
Median funding amount was $4 Mn while average ticket size was around $11 Mn.
46% of the capital inflow poured into Cure.fit and 1mg.

 As per the economic survey 2017-18, the private consumption expenditure towards healthcare
is growing at a CAGR (FY’12 to FY’16) of 13% higher than other primary commodities. This is
a crucial indicator of the growing demand towards healthcare products and services in the
economy.
 Between 2018 and 2019 both the funding amount and deal count had plunged by 4% and 17%
for healthtech.
 The policy uncertainty towards epharmacy played a crucial role in depleting the investor
confidence towards this sector. Online pharmacy was also a major sub-sector in this domain
spearheading the growth of the overall sector. Although the overall funding capital inflow in this
subsector surged almost 2.7x in 2019, compared to the previous year. This was primarily due
to high value funding rounds in established names like 1mg and Medlife.
 Despite a downfall in the funding amount and deal count between 2018 and 2019 the median
funding amount and average ticket size of funding deals in these sectors is showing a positive
trend, indicating higher probability of increased volume of capital inflow in the coming years.
 In terms of stages, late stage recorded 6 deals and $294 Mn funding amount recording a 40%
and 1% fall compared to 2018. While for growth and seed, the deals stood at 24 and 27 in
2019 respectively.
Other Emerging sectors:
Among the emerging sectors other than these top 5 sectors, the fastest growth rate for capital inflow
is seen in edtech (46%), logistics (24%), media and entnt. (14%), deep tech & transport tech.

 3X surge has been seen in the funding amount of transport tech startups compared to 2018,
explained by high value funding rounds in electric mobility and ride-sharing startups.
 The growing demand for AI/ML in enterprise tech, consumer services, transport and other
sectors is fueling the high CAGR in funding deals for deep tech startups
Stage wise funding Analysis
Seed Stage
Funding raised around $252 Mn for 288 unique startups.
44% decline in total funding amount, 17% decline in no. of unique startups funded compared to 2018.
Median funding amount $763 K.

 Seed funding in the Indian startup ecosystem is showing signs of a slowdown. This can be
ascertained by looking at the growth rate of three primary indicators— funding amount, deal
count and count of unique startups funded.
 Both, the count of funding deals and startups funded are diminishing rate of 15% (2015- 2019)
whereas the funding amount recorded a minimal CAGR of 1% in this time.
 The shift in investor preference towards late stage investments over seed stage can be
attributed to the high failure rate of startups and wider syndication opportunities for startup
investments.
 Hub wise, Delhi NCR and Bengaluru recorded the most number of seed funding deals.
 Enterprise tech and ecommerce recorded the most seed funding deals.
 The share of seed deals in total deals declined in 2019. While, the median amount stood at
$502K compared to $491K in 2018; the percentage share of seed funding in total deals was
6% lower than 2018.
Bridge Stage
Funding raised around $100 Mn for 67 unique startups.
68% surge in total funding amount, 22% jump in unique startups funded compared to 2018.
Median funding amount of $1.3 Mn.

 As per analysis, 97% of the bridge funding deals are recorded at Pre-Series A. While the rest
3% are recorded at Pre-Series B and C stage.
 The need for scaling up the business operations is the primary factor for the growth of bridge
funding in the country
 All three indicators — funding amount, deal count and number of unique startups funded —
have recorded a positive growth rate of 30%, 12% and 12% respectively.
 As per historic data (2015-2019), maximum bridge funding deals were recorded in sectors like
enterprise tech, consumer services, while sectors like adtech, agritech had very few deals.
Growth Stage:
Around $4 Bn funding amount raised with 234 unique startups funded.
62% jump in total funding amount while only 2% jump in unique startups funded compared to 2018.
Median funding amount at $7 Mn for growth stage.

 The growth stage investments which consists of Series A and Series B rounds of funding
witnessed a major uptick in the growth of funding amount.
 Sectors like fintech, enterprise tech recorded most deals at the growth stage with 40% share in
total deals recorded in growth stage.
 Overall, there is a minor slowdown in the deal count and unique startups funded as indicated in
CAGR between 2015 and 2019, -2% and -1% respectively.
 Total funding amount of growth stage startups reached its historical peak $4 Bn in 2019, which
is a surge of approximately 2x compared to the $2.6 Bn in 2018. On the other hand deal count
witnessed a minor setback of 3%.
 Mature hubs like Bengaluru, Delhi NCR with 105 and 64 deals respectively stood at the top in
terms of growth-stage funding.
Late Stage
Around $8 Bn funding amount raised among 98 unique startups.
7% decline in total funding amount compared to 2018.
$30 Mn median funding amount

 In contrast to seed and growth stage all three major indicators of the startup economy —
funding amount, deal count and unique startups funded have recorded a positive growth rate
between 2015 to 2019, 6%, 14% and 11% respectively.
 The preference of late stage investments over seed and early can be linked to the fact that late
stage investments in established startups is relatively safer compared to investment in new
and emerging ventures.
 Top 5 startups had a 23% share in total funding amount at the late stage.
 Fintech, consumer services recorded the most number of deals, while ecommerce and fintech
had the most funding amount in 2019 at the late stage.
 Fintech recorded the most number of deals by sector at the late stage.
 0
1000
1500
2000
2500
3000
3500

500
Agritech
Electric Vehicles
IT
Big Data Infrastructure

xls x
Wearable technology
Internet first insurance pLATFORMS
Employer insurance

VC_Fu n d in g Fu n n e l.
5G Enabler
Finance and Accounting
Solid waste management
Food Tech

Series C+
Edtech
Smart cities
Pet tech

Series B
Block Chain
Payments
Funding funnel for various sector’s start-ups

Cloud infrastructure

Series A
Big data analytics
Funded B2B Ecommerce
Life sciences Tech
Manufacturing Tech
Renewable energy Tech
Founded

Beauty Tech
3D Printing
Smart Homes
Logistic Tech
eSports
Finance sector
Lending
EV sector
Sub-sectors –
1. Components
 Batteries
 Electric drive systems
 Motors
 Conversion kits
2. Charging solution
- Charging Network
- Plug-in charging
- Wireless charging
3. Vehicle management (Vehicle as a service)
4. Shared mobility
5. Test benches
6. E-commerce

Early and Late stage investors in this sector are Tiger global management and
Sequoia capital.
Components and Vehicle management streams are getting the major funding in
late stages and are also getting acquired.
2019 has seen a rise of funding in this segment to $6.2bn. India is the 4 th largest
market in terms of EV in the world. In India, Bangalore has the highest amount
funding of $414mn.

Top Analyst Picks

Kick-Scooters : - Qquick based out of Delhi is one of the top analyst pick and it
is at unfunded stage.
Bicycle :- Mobicy (Gurgoan) and Blive(Panaji)
Battery and power solutions for 4 wheeler :- Exicom Tele-system(Gurgoan)
and Grinntech Motors & Services
Charging Network :- Mission Electric, EV motors India, Lithion power,
ChargeGrid, Cotzero network
Two wheeler :- Ultraviolette, Tork Motors, Menza motors, Revolt motors
Plug-in-charging :- Nothing major in India
Scooters :- Ather Energy, Twenty two motors, Hero electric, Ampere Vehicles,
Artam, Gemopoi, Li-ion
Trucks : - Nothing major in India
Powertrain :- Altigreen, Green Eco
Blockchain
Sub-sectors
- Infrastructure
a. Middleware
b. Mining
c. Protocol layer
d. Sidechain
- Non-financial applications
a. Security
b. Compute sharing
c. Asset tokenization
d. Internet of things
e. Real estate
f. Media & Entertainment
- Finanical services
a. Money transfer
b. Trading
c. Wallets
d. Post trade
e. Lending
f. Stabble coin
- Enablers
a. Compliance & Risk
b. Blockchain Services
Financial services is attracting lot of funding in blockchain sector. After financial
services, it is blockchain-based security solutions providers are getting funded in
later staged.
Blockchain start-ups are coming up very quickly, but there is a huge difference in
number of start-ups progressing to further rounds of funding. There were 11167
start-ups founded , out of which only 1403 got funded and 44 reached series C+.

Most of the start-ups operating in Blockchain belong to west. India has very less
start-ups in block-chain ecosystem. Some of them would be :

Top Analysts pick:

Computer Sharing : Transcodium(2017, Kolkatta)

Biometric : Signzy(2015, Bangalore), Bitgram technologies(2017, Bangalore)
Money Transfer : Hashcash(2015, Kolkatta)
Transportation : Rentalcoins(2017, Bangalore)
Consumer : Nuo Network(2018, Mumbai)
Advertising platforms : Toch(2016, Mumbai)
Trade finance : SimplyFI(2016, Bangalore)
Social network : Murumur(2018, Bangalore)
Candidate souricng : Prime talent Chain(2018, Hyderabad)
Storage Sharing : IpfsCloud(2018, Delhi)
P2P Insurance : Inzura(2018, Coimbatore)
Legal : Veriscript(2017, Delhi)

Wearable technology
Sub-sectors
- Smart watches
- Fitness trackers
- Smart clothing
- Smart glasses
- Wearable cameras
- Hearables
- Health & wellness devices
a. Remote patient monitoring
b. Diabetes monitoring
c. Sleep monitoring
d. Baby monitoring
- Gaming wearables
- Technology enablers
a. Development kits
b. Sensors

Health and wellness devices start-ups are the most funded and progressing to
further stages.
Some top analyst picks are:

Baby Monitoring : Nemo care( 2017, Hyderabad), Sohum Innovation Lab(2012,

Bangalore)
Fitness Trackers(2014, Mumbai)

Internet first insurance platforms

Subsectors :
- Internet first insurers
- Usage-based insurance
- P2P Insurance
- Insurance comparison platforms
- Consumers insurance management
a. Claims support
b. Policy management

Insurance comparison Platforms: Coverfox(2011, Mumbai), Turtlemint( 2015,

Mumbai), Paisa Bazaar( 2009, Gurgoan), Rubique(2014, Mumbai)
Policy Management: Oneinsure(2008, Mumbai), Truecover(2017, Bangalore)

Agri-tech

Subsectors:
- Precision Agriculture
a. Farm data analytics
b. Field Operations
- Farm input e-commerce
- Agribusiness
a. Indoor Agriculture
b. Aquaculture
- Biotech
a. Gene editing
b. Cellular agriculture
c. GMO
d. Biologicals
 e. Waste managements
- Farm infrastructure
a. Software Infrastructe
- Supply chain tech
- Farm produce e-commerce
a. E-distributor
b. marketplace

The most funded startups are companies which use modern cultivation practices
and technology for production and processing of cannabis. After this the
companies developing biological products for production of crops against various
pests, pathogens, insects etc.
None of these sectors are prevalent in India. Majority has their base in Canada.
In India, start-ups in field of distributing farm/livestock products are many.

Top Analysts pick:

Market Linkages > Supply Chain > E-distributor > Fruits & Vegetables:
Ninjacart (2015, Bangalore), WayCool Foods and products (2015, Chennai),
Crofarm (2016, Delhi), VnF(2018, Mumbai), FreshokARTZ(2016, Jaipur),
Agrowave(2017, Gurgoan), FarmLink(2014, Mumbai), FarmTaaza(2015,
Bangalore)
Precision Ag for animals: Stellapps Technologies (2011, bangalore)
Meat and Seafood distributors: Licious (2015, Bangalore), Fresh to home
(2012, Bangalore), Zappers (2015, Delhi)
Supply chain Tech > Traceabiltiy: Odaka (2015, Chennai)
P2P: Mobile Harvest
Payments: Aggois (2017, Bangalore), PayAgri (2017, Chennai)
B2B > marketplace: KrishiHub (2016, Bangalore), Kisan Network (2015, Delhi),
Bijak(2019, Gurgoan)
Gaming tech:

Companies providing tech solutions for game development & game monetization,
companies providing analytics tools to monitor various game performance
metrics, market research companies focusing on games and who have a tech
product & companies providing marketing tech solutions.

Sub-sectors:
- Game Tech
a. Game Engines
b. 2D Graphics
c. Animation
d. Plugins
- Monetization & Marketing
a. Advertising
b. Marketing
- Analytics
- Cloud Gaming
- Gamers Tech
a. Gamers Tools
b. Voice and chat apps
c. Emulators
d. Streaming Management
e. Game tutorials
f. Innovative gaming hardware
g. Gamers community
h. 3D Graphics

This is one of the sectors which is still booming in India. Many start-ups
concentrate in US and have a huge change of getting acquired. There are no
major start-ups in India which does significant work on gaming-tech.
Cloud Infrastructure

All companies that provide virtualized infrastructure. Companies that provide

products to monitor, manage and analytics for virtualized infrastructure.
Companies that provide platforms to become a cloud services brokers are also
included.

Sub-sector:

- Migration & Integration

- IAAS
a. Hybrid
b. Public
c. Private
- Open Stack
a. Platforms
b. Distribution
- Governance
a. Management
b. Monitoring
c. Spend Management
d. Orchestration
e. Analytics
f. Security
- Brokerage Enablers

Top Analysts pick:

Monitoring: Companies that provide a platform to monitor cloud infrastructure.

Powerupcloud (2015, Bangalore), Nuvepro (2014, Bangalore)

Cloud Infrastructure is also one of the most promising sectors. India has very few
star-ups working in this space.
Logistics Tech

Tech-first companies in logistics providing or enabling, matching of load and

movement or storage of goods. It also includes companies offering technology
solutions to businesses for optimizing and managing overall logistics activities.

Subsectors

- Hyperlocal Delivery
a. Food Delivery
b. Grocery Delivery
c. B2B Delivery
- Freight
a. Trucking
1. Long haul marketplace
2. Short haul marketplace
b. Internet-first freight forwarder
c. Software solutions
- Relocation
a. Booking platform
b. Software solutions
- Warehousing
a. Marketplace
b. Robotics & Automation
- E-commerce
a. Delivery services
1. Order fulfillment
2. Last-mile solutions
b. Reverse logistics
c. Shipping APIs
d. Alternative access point
Top Analysts picks In India

Marketplace: Online marketplaces and bidding platforms for booking freight

transport by road.
Blackbuck (2015, Bangalore), 4Tigo (2015, Bangalore)

Tech solutions > Robotics & Automations: Companies providing technology

solutions for automating single or multiple tasks of warehouse operations such as
picking and internal transport
GreyOrange (2011, Gurgoan)

Booking Platform: Online platforms for booking road freight transportation

services.
Porter (2014, bangalore), TruckGuru (2016, Vadodara), Dot2dotz (2016, Delhi),
Tulip Logistics (2016, Hyderabad)

EdTech

Subsectors:

- Pre-K Edtech
- K-12 Edtech
- Test Preparation Tech
- Higher Education Tech
- Language Learning
- Continued Learning
- Corporate Learning

Top Analyst picks:

 Test preparation tech > digital learning > self-paced: MBD Alchemie
(2011, Delhi), Toppr (2013, Mumbai), GradeUp (2013, Noida), Oliveboard
(2012, Bangalore)
 Career Readiness Programs: Idreamcareer (2012, Delhi), SkillTrain
(2013, Chennai), Verzeo (2017, Bangalore), Acadview (2015, Delhi)
  Online tutoring and homework based subscritption: Vedantu (2011,
Bangalore), Lido (2019, Mumbai)
 Online courses: Eupheus (2017, Delhi), ClassKlap (2009, Bangalore),
Learntron (2016, Chennai), Stones2mile (2012, Gurgoan)
 Private tutoring: Only Oheyo is working in this space.
 Student readiness and support > Loans> KrazyBee (2016, Bangalore),
Auxilo (2017, Mumbai), Credenc (2017, Gurgoan), Propelid (2016, Delhi),
Gyandhan (2015, Delhi)
 Career Guidance: Leverage (2017, Delhi), Career Anna (2013, Mumbai),
Mindler (2015, Delhi)
 Job & Internship platform: Awign (2016, Bangalore), Internshala (2010,
Gurgoan), Frapp (2014, Mumbai), GigIndia (2016, Pune)

3D Printing: -

Multiple technologies through which products are manufactured by adding layer-

upon-layer of raw material

Sub-sectors:
- Hardware
a. 3D Printers
1. Thermoplastic extrusion
2. Photopolymer curing
3. Powder sintering
4. Industry-specific
b. Materials
1. Powders
- Applications
a. Healthcare
b. Consumer products
c. Fashion
d. Bioprinting
e. Construction
 f. Industrial
Companies operating in hardware sector has got the maximum funding and has
proceeded to further rounds. Application of 3D Printing in various sectors is also
gaining a lot of attraction in present scenario.

Top Analysts picks:

- Healthcare > Pharma > Next Big Innovations Labs (Bangalore)

There are no major start-ups in India, which are working on 3D Printing to the
world standards. There is a huge market for 3D Printing applications in India, but
there is lack in innovation and product development in this space.

SmartHomes

Subsectors: -
- Home Security
a. Video Surveillance
b. Access control
- Home Appliances
a. Home environment monitoring
b. Smoke and fire alarms
c. Pet feeders
- Kitchen appliances
- Smart Home Suite
- HVAC systems
a. Smart AC Controllers
b. Smart Thermostats
- Energy and utilities
a. Water monitoring
b. Energy Consumption Monitoring
c. Smart Lights
- Gardening
Top Analysts Pick:

- Access controls: Open app (2014, Bangalore)

- Energy consumption monitoring: Thingscloud (2014, Bangalore)

Renewable energy tech

Companies offering technology-based software solutions to simulate, manage,

and optimize renewable power generation. Also, include companies providing
innovative solutions like power sharing, grid integration, and innovative hardware.

Sub-sectors:
- Solar energy
a. Advanced solar modules
b. Solar monitoring
c. Solar financing
d. Solar lighting
e. Solar microgrid management
- Marine Energy
a. Wave energy
b. Tidal energy
- Geothermal energy
- Cryptocurrency
- Wind energy
a. Advanced turbines
b. Wind farm IT
c. Turbine monitoring
d. Wind measurement
- Bioenergy
a. Bio oil
b. Biomass
c. Syngas
d. Ethanol
 - Hydro energy

Solar energy and then marine energy are the top funded start-ups.

Power plant monitoring > Drones: Takvaviya (2016, Chennai), Airprobe (2018,
Bangalore)
Solar energy > Off grid: Rural Spark (2011, Delhi)