India Home To 13K Startups In AI, IoT, Robotics, Nanotechnology: Economic Survey 2024

SUMMARY

India had over 13,000 startups working in new emerging technologies across sectors such as artificial intelligence, IoT, robotics and nanotechnology by the end of FY24, the Survey said

Citing a NASSCOM report, the Economic Survey said that India has 16% of world’s AI talent, which helps position the country as an innovation hub

According to Inc42 data, India’s generative AI ecosystem houses more than 100 startups, which have cumulatively raised $600 Mn in funding since 2019

India was home to more than 13,000 startups working in new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology by the end of the fiscal year 2023-24 (FY24), the Economic Survey 2023-24 said.

Citing a NASSCOM report, the Survey said, “The strength of the Indian tech startup ecosystem lies in its large pool of startups, unicorns, and ability to scale. With 16% of the world’s AI talent, India positions itself as an innovation hub, showcasing rapid adoption of AI skills.”

According to Inc42 data, India’s generative AI ecosystem houses more than 100 startups, which have cumulatively raised $600 Mn in funding since 2019.

Ola founder Bhavish Aggarwal-led Krutrim AI achieved the unicorn status earlier this year after securing a $50 Mn cheque from investors, including Matrix Partners India.

(The story will be updated soon.)