New Delhi : India is likely to produce at least a dozen more billionaires and several new millionaires by 2020 as the country’s start-ups scene hots up, fuelled by sectors like e-commerce, financial services and other technology-driven fields, an Assocham study has projected.

It said the maximum value creation is expected in the fledgling e-commerce, music-entertainment, payment gate-ways and city transport aggregators like radio taxis. The travel arena, especially in the ticketing and booking has already gained some level of maturity. Within the e-commerce space, a lot more verticals well beyond groceries and fashion and electronic items like mobile phones are expected to be created. Online food orders and cinema ticketing are already generating good volumes. As the broadband Internet penetration increases in smaller cities, the trend is set to catch up, the study noted.

“Even though there are question marks on the kind of valuations some of the start-ups command, at least in India, we do not see any bubble like situation and the interest from the angel investors is expected to continue,” Assocham Secretary General D S Rawat said.

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