Despite funding crunch, India’s deeptech start-ups has grown 2x since 2022
According to a Nasscom report, India now ranks sixth among the top nine deeptech ecosystems globally with 3,600 such startups, which received $850 million in funding last year. Notably, 74 percent of the deeptech startups established this year have concentrated on AI, a significant increase from 62 percent in the period from 2014 to 2022.
From 3,600 startups, over 480 were established last year — two times higher than the number established in 2022 — according to the report by Nasscom and Zinnov.
Of these 480 startups launched in 2023, over 100 are “inventive deeptech firms that have developed intellectual property or innovative solutions in new domains.”
Deeptech startups such as Agnikul, GalaxyEye, HealthPlix, Sarvam AI and Peptris, among others, are emerging in areas of healthtech, sustainability, AI and space-tech, etc.
“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,” said Jeyandran Venugopal, Chair, Nasscom DeepTech Council.
“India, with its deep talent base and traditional strength of producing top-notch STEM talent is well positioned to play a dominant role in this technology-led societal transition process,” he added.
While the country is ranked third in the technology startup ecosystem, it is at the sixth position for deeptech startups.
“For India to be in the top three deeptech startups ecosystem, key areas that need support are access to patient capital for deeptech startups, strong R&D partnerships with academia, and implementation of the deeptech policy that was tabled in 2023”, explained Kritika Murugesan, Head, Nasscom DeepTech.
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I appreciate the deep tech advancement. I also want the start up to take up on agro and forensic technologies. diagnostics should be made reasonable. They also should give impetus for marine eco systems.