Bengaluru: India is home to over 3,600 deeptech startups, with over 480 incorporated last year, marking a twofold increase in the number of startups compared to 2022. Of these 480 startups launched last year, over 100 are inventive deeptech firms that have developed IP or innovative solutions in new domains, according to a Nasscom report. India is ranked third in the technology startup ecosystem and holds the 6th position for deeptech startups.
Deeptech startups such as Agnikul, GalaxyEye, HealthPlix, Sarvam AI, and Peptris are emerging in areas of healthtech, sustainability, AI, space tech, etc., tackling problems of strategic importance for India.
About 74% of the deeptech startups are focused on AI, a significant increase from 62% in the period from 2014 to 2022. The global downturn in startup funding has also impacted the Indian Deeptech startup ecosystem. Last year, Indian deeptech startups secured $850 million in investments, a decline of 77% over the corresponding period last year.
The report stated that 31 M&A deals were reported in the 2023 calendar year, a decline of about 45% as the focus shifted to accelerate tech capabilities that provide the AI edge. The report highlights four sectors that are of strategic importance, including space and defence, healthcare, automotive, and industrial manufacturing.
Jeyandran Venugopal, chair of the Nasscom DeepTech Council, said, “Areas such as AI, quantum computing, Space tech, next-gen robotics, and others will come together in interesting ways and be applied across every domain from education, entertainment, commerce, agriculture, industrial manufacturing, mobility, and several others.”
Kritika Murugesan, head of Nasscom DeepTech, said, “For India to be in the top 3 Deeptech startups ecosystem, key areas that need support are access to patient capital for Deeptech startups to build and scale their products, strong R&D partnerships with academia for next-gen innovation, streamlining government procurement for startups to build India-specific solutions, and implementation of the Deeptech Policy that was tabled in 2023.”
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