The Business Bytes
New Delhi, June 20, 2024 (TBB Bureau): India has firmly established itself as a key player in the global deeptech landscape, now ranking sixth among the top nine ecosystems worldwide, boasting a vibrant community of 3,600 deeptech startups. These startups attracted a significant investment of $850 million in funding last year, as highlighted in a recent report by Nasscom.
The report, a collaborative effort between Nasscom and Zinnov, underscores the remarkable growth witnessed in India’s deeptech sector. Of the 3,600 startups, over 480 were founded just last year, marking a noteworthy surge compared to previous years.
Among these newly established ventures, more than 100 are distinguished as “inventive deeptech firms,” credited for their development of intellectual property and pioneering solutions in emerging domains.
An intriguing trend noted in the report is the increasing focus on artificial intelligence (AI), with 74% of the new deeptech startups honing in on AI-related innovations. This marks a significant uptick from the period between 2014 and 2022, where AI startups comprised 62% of the landscape.
The burgeoning deeptech ecosystem in India is witnessing the rise of pioneering startups such as Agnikul, GalaxyEye, HealthPlix, Sarvam AI, and Peptris, making strides in areas ranging from healthtech and sustainability to AI and space technology.
Jeyandran Venugopal, Chair of Nasscom DeepTech Council, anticipates a convergence of various cutting-edge technologies, including AI, quantum computing, space-tech, and next-gen robotics, across diverse sectors such as education, entertainment, commerce, agriculture, and industrial manufacturing.
“India, with its rich talent pool and historical prowess in producing top-tier STEM talent, is poised to assume a leadership role in this technology-driven societal transformation,” Venugopal remarked.
Despite India’s prominent position in the broader technology startup ecosystem, it currently ranks sixth in deeptech startups globally.
Kritika Murugesan, Head of Nasscom DeepTech, identified key areas requiring attention to propel India into the top echelons of the deeptech landscape.
“To elevate India into the top three deeptech startup ecosystems, critical areas such as access to patient capital, fostering robust R&D partnerships with academia, and effective implementation of the deeptech policy proposed in 2023 are imperative,” Murugesan emphasized.
