Despite the nature of ever-evolving technology in the current age, we look to see where the Indian tech and startup ecosystem is heading with our predictions for 2024
With each passing year — and we have had 10 years of recaps and predictions — the future of technology seems less and less certain. But despite the nature of ever-evolving technology, we try to predict where the Indian tech and startup ecosystem is heading.Deeptech and AI will become a key thesis focus for VC funds as they look for early-stage bets.In larger funds, the need to deploy this capital will shift focus to late-stage rounds, unlike the past two years when seed was the preferred stage. There is likely to be more pressure on VCs to deploy capital from funds that are running close to expiry.Of course, the likes of Paytm, PhonePe, CRED, BharatPe, Groww and others are unlikely to watch JFS eating their lunch. Expect several new products from these unicorns and listed giants as they push to improve their revenue mix and capitalise on their user base, particularly the ones that are eyeing IPOs in 2025.Lightspeed Venture Partners’ managing director Anuj Bhargava believes that generally investors are more cautious and wait for big political events to take shape. “When you have something this substantial coming up, I think people normally like to wait and see the outcome before they make big decisions and IPOs are normally very big decisions… Investors also wait on the sidelines.”At least 84% of Indian chief executive officers (CEOs) are raising new capital or reallocating budgets to invest in generative AI, compared to 70% globally, the EY CEO Outlook Pulse 2023 report said.
And so it is in 2024, after the past year that has had its fair share of challenges, success stories and everything in between. We have, of course, taken a look at how the key sectors will look in the new year in our Indian Tech Outlook 2024 series, but there are still some bigger questions to answer: