New Delhi:

India now ranks sixth among the top nine deeptech ecosystems globally with 3,600 such startups, which received $850 million funding last year, a Nasscom report said on Thursday.

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.”

Notably, 74 per cent of the deeptech startups established this year have concentrated on AI, a significant increase from 62 per cent in the period from 2014 to 2022.

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.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

India now ranks sixth among the top nine deeptech ecosystems globally with 3,600 such startups, which received $850 million funding last year, a Nasscom report said on Thursday.

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.”

Notably, 74 per cent of the deeptech startups established this year have concentrated on AI, a significant increase from 62 per cent in the period from 2014 to 2022.

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.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The domestic technology industry’s revenue is projected to grow 3.8% to $254 billion this fiscal, industry body Nasscom said on Friday.

Excluding hardware, the revenue is expected to touch $199 billion, a growth of 3.3% over FY23.

The Engineering Research & Development (ER&D) sector alone contributed 48% to the total export revenue addition in FY24, Nasscom said in its annual review.

The projected 3.8% growth is despite a 50% slide in tech spending and 6% decline in tech contracts in 2023 globally.

This means the industry has added $9.3 billion incremental revenue in the fiscal, Nasscom said.

It said despite reports of massive retrenchments, the industry added net 60,000 jobs, taking the total headcount to 5.43 million in the year.