Startups set sights on African countries for next phase of growth

AFRICA IS FAST emerging as the next major frontier for Indian startups seeking growth beyond domestic borders, with markets such as Nigeria, Kenya, Morocco, Egypt, the Seychelles, Ghana and Rwanda drawing increasing interest.

- S SHANTHI

According to industry experts, while the continent’s startup ecosystem is still developing, there’s momentum behind its digital transformation.

“With huge markets that haven’t been tapped and more people getting online every day, Africa is the next big place for startups to grow,” Ankur Mittal, co-founder of IPV, told FE. He pointed to the scale of opportunity reflected in rising Internet penetration. According to Statista, as of October 2025, Nigeria had 107 million Internet users, the highest in Africa, while Egypt followed with over 96 million users. Mittal added that the continent’s young and ambitious workforce is another factor attracting global investors. “Lately, investors from the US and Europe, especially those whose focus is on making an impact, are paying close attention (to Africa),” he said.