NASSCOM report reveals, India ranks sixth in deeptech startup ecosystem – StartUp News

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A recent NASSCOM-Zinnov study said that India has over 3,600 deeptech startups and is ranked sixth in the global deeptech ecosystem.

The report titled ‘Dandiya’s TipTech Dawn: Forging Ahead’ states that out of 3,600 deeptechs, more than 480 deeptech startup companies are set to open in the calendar year 2023 alone. This is more than double the number in the year 2022.

The report said that more than 100 deeptech companies have created intellectual property or unique solutions in new domains. It is noteworthy that 74 deeptech startups established in the year 2023 are focused on Artificial Intelligence (AI), which has increased by more than 62 percent from the year 2014 to the year 2022.

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The country is seen as the largest hub of global AI talent and developers, but in terms of deeptech, India ranks sixth worldwide.

Krithika Murugesan, Head, NASSCOM DeepTech, said, “India needs to focus on key areas to be among the top deeptech startup ecosystem. These include access to capital for deeptech startups to build products and scale up capabilities, strong R&D partnerships with academia for next-generation innovation, streamlining government mechanisms for startups.”

According to the report, in the calendar year 2023, Indian deeptech startup companies saw a 77 per cent decline in fund raising as compared to a year ago and received a total investment of only $850 million.

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First Published – June 20, 2024 | 10:02 PM IST

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