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Comment by ishi | Hacker News Reader

Some would argue that Israel has "the hottest startup culture outside the US". There are 96 Israeli companies listed in NASDAQ, and only 12 Indian ones. http://www.nasdaq.com/screening/companies-by-region.aspx?reg... http://www.nasdaq.com/screening/companies-by-region.aspx?reg...

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That's because India's domestic markets are large enough. In fact, the hottest startup culture is actually China - but those are closed markets.

When you build startups in India, you build for the fastest growing economy in the world. Yes - startups still do list on international markets, but that is a combination of Nasdaq, Singapore and BSE.

For example, the largest "unicorn" in India - Flipkart - is listed in Singapore.

I had to google that BSE is the Indian exchange, Bombay Stock Exchange.

Flipkart is registered in Singapore but not listed on the SGX (Singapore's stock exchange).

not yet - but that is the reason it is registered. Same for Ola IMHO. Its was the most regulatory friendly arrangement to allow for an international IPO while still operate things like wallets and multi-brand retail in India.

Then you can also argue CHINA has "the hottest startup culture outside the US", based on NASDAQ http://www.nasdaq.com/screening/companies-by-region.aspx?reg...

Also among the top 10 unicorns by valuation (http://fortune.com/unicorns/): 6 from US, 3 from China and 1 from India.

Of course, the answer really depends on what you mean by "startup culture".

you are right - I have mentioned that in my other comment. But China is a closed ecosystem. India's markets can be tapped by international founders. For example - look at Zoomcar. Literally impossible to do that in China.

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