2024 Report

Startup Ecosystem Pulse Report SEA and India

Trends and innovation shaping the startup landscape

According to the latest HubSpot research, the startup ecosystem in Southeast Asia and India is showing signs of maturity and resilience, despite a global funding winter.

We surveyed 600 founders and startup leaders across Singapore, India, Indonesia, and Philippines to find out what are their top challenges and opportunities, how they are balancing growth and profitability, and what’s their outlook on AI as a driver of future business growth.

Click on the chapters below to discover more ⬇️

[Cover] Startup Ecosystem Pulse SEA and India

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Path to profitability

98%

of startups agree that a clear path to profitability has become more important in the past year
CRM adoption

99%

of startups across the region are using at least one CRM tool
Outlook on AI

98%

of startups across the region say that AI is important to the future of their business strategy

"We continue to see startups founded by locals, at the same time, we are seeing a wave of entrepreneurs from North Asia setting up businesses in SEA. Unlike the first wave, these founders have spent significant time and have lived in the region.

As the saying goes “A rising tide lifts all boats”. I am certain the ecosystem will become more competitive as a result. That we are a melting pot of talents, because we embrace digital nomads, is extremely powerful as we would have debunked social biases given that we have sufficient input from many nationalities. This is our strength and not too commonly found in many regions.”

Carmen Yuen, General Partner, Vertex Ventures SEA and India

"When GDP per capita increases, discretionary spending will also concurrently increase. India’s founders are well aware of this and we have seen a huge uptick in founders starting a D2C business (especially within the beauty & personal care space) in the last one year to target the young, urbanised and rising disposable income group.

However, this in turn creates a competitive environment to acquire customers. Founders in D2C businesses should remain highly sensitive to rising customer acquisition costs as they scale and utilise suitable sales tools to guide their sales team in going after the most promising clients.

Tony Yeoh, Principal, M Venture Partners

Today, AI is viewed as the single largest economic opportunity since the start of the internet and startups are recognising its pivotal role in their business strategy.

The latest innovations in Generative AI are opening up a rare window of opportunities for startups in the region. AI offers startups the opportunity to enter the market faster, deliver products quickly, enhance customer experiences, and compete with larger rivals.

Laurence Butler, Global Senior Director, HubSpot for Startups

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