Startups recognized by Startup India with at least 1 woman director from 2016 to 2024

The total number of recognised startups in India with at least one woman director rose from just 1,900 in 2017 to 75,000 by 2024—a nearly 39-fold increase over seven years. This exponential growth highlights the evolving gender dynamics within India’s startup ecosystem. The year-over-year growth rates underscore a consistent acceleration: a 216% increase from 2017 to 2018 (from 1,900 to 6,000), followed by 83% in 2018–2019, 64% in 2019–2020, 56% in 2020–2021, 46% in 2021–2022, 41% in 2022–2023, and 29% in 2023–2024. Although the percentage growth has gradually declined with a larger base, the absolute number of startups added each year has continued to grow, from 4,100 in 2017–2018 to 17,000 in 2023–2024.

Several factors appear to be driving this trend. Policy initiatives such as Stand-Up India and the MUDRA Yojana have specifically targeted women entrepreneurs by improving access to finance. Corporate governance norms under the Companies Act, 2013, which require certain companies to appoint at least one woman director, have likely shaped board structures as startups mature. Increased awareness about gender diversity in leadership, combined with greater participation of women in STEM education, has contributed to a broader talent pool. Additionally, venture capital firms are increasingly emphasizing diversity in the companies they fund, and there is growing recognition of the business advantages of gender-diverse leadership, including improved innovation and decision-making.

When compared with the overall number of recognised startups in India—88,000 in the top five states alone—the figure of 75,000 startups with at least one woman director suggests substantial progress in gender representation. However, some nuances are worth considering. The metric of “at least one woman director” is a minimum threshold and does not capture broader gender balance within leadership teams. Furthermore, directors are not necessarily founders—some may be appointed family members or non-founding professionals—so this metric may not reflect actual entrepreneurial leadership by women. There is also a lack of data on sectoral distribution and regional disparities, which could reveal whether women are underrepresented in certain industries or regions.

Looking ahead, the positive trajectory points to increasing inclusivity, but sustained progress will require more targeted efforts. Priorities should include moving beyond token representation toward balanced boards, offering end-to-end support for women entrepreneurs, addressing industry-specific barriers, promoting participation from women in tier 2 and tier 3 cities, and strengthening mentorship networks tailored to women in startups. Overall, this data reflects not only a significant shift within the startup ecosystem but also the broader impact of socio-political efforts aimed at enhancing gender equity in entrepreneurship and business leadership in India.