New Delhi, Sept. 9 -- For years, the Bharat startup story was largely framed around one opportunity: reaching India's next billion consumers. That opportunity has not disappeared. But the investment lens around it is changing.

India now has more than two lakh DPIIT-recognized startups, with 53% located in Tier II and Tier III cities. At the same time, startups emerging from these markets are increasingly building around local constraints rather than simply taking metro-developed products to smaller cities.

Affordability, regional behavior, language, trust, and fragmented distribution are becoming part of the product itself. In parallel, a growing set of Indian startups is working on technologies such as AI, semiconductors, advanced manu...