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Become A Startup Insider With Inc42 Plus
Join our exclusive community of business leaders &makers for in-depth tech stories and intelligence on India’s tech economy you won’t find elsewhere.
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The buzz surrounding generative AI (GenAI) is palpable, with experts weighing its advantages and disadvantages, predominantly focussing on the benefits, given ChatGPT’s demonstrated utility across various industries. Undoubtedly, it has significantly propelled the growth of the startup ecosystem, while also carving out a lucrative market for itself.
In today’s landscape, GenAI boasts sector-agnostic use cases, from sorting emails in edtech to detecting fraud in fintech, enabling startups across all industries to streamline their operations and technology deployment. Consequently, the GenAI market in India is projected to surge from $1.1 Bn in 2023 to $17 Bn by 2030.
However, what is interesting is the use of GenAI in data strategy. For the uninitiated, data strategy is paramount for informed decision-making, it enhances understanding of customers for improved CX, product development and innovation, optimising marketing efforts and mitigating risks.
By strategising data effectively, startups can gain a competitive edge and navigate uncertainties in the dynamic business environment. Now imagine combining data strategy with the power of GenAI to reach the growth potential.
To decode how startups can combine GenAI with data strategy, Inc42 and Databricks, a unified, open analytics platform, organised a roundtable titled “The GenAI Advantage: How GenAI Can Help Startups Reshape Data Strategies” as part of 2-part series — Executive Boardroom: Laying The Foundation For Data & AI-Led Growth.
The session covered many critical topics, including:
- Generative AI’s role in expanding startup operations
- How generative AI is influencing decision-making processes for startups
- Will generative AI replace jobs?
Moderated by Prashant Garg, a partner at EY, the roundtable brought together leaders from startups across sectors such as — edtech, B2B marketplaces, 3PL, lending tech, deeptech and more. Among them were Aman Arora, cofounder & chief technology officer of Leverage Edu; Sudhir Singh, chief technology officer of Droom; Amit Choudhary, chief product and technology officer of Ecom Express; Shiva Singh, director of technology at Moglix; Rajesh Ramdas, senior director-field engineering at Databricks; Hemant Mongia, vice-president of engineering at BharatPe; Shalabh Aggarwal, chief technology officer of CredFlow; Ankit Ladhania, director of engineering at Park+ and Rahul Prasad, cofounder & chief technology officer of Bobble AI.
GenAI In Action: Enhancing Data Strategies Across Sectors
Speaking during the discussion, Gurugram-based Ecom Express’ Choudhary revealed that the logistics startup has created an address large language model to reduce return to origin (RTO) cases and predict the right addresses. He claimed that GenAI helped the company increase its topline with the help of GenAI.
Meanwhile, lending tech startup CredFLow has deployed GenAI to identify user patterns and engage with the users who take loan credit from the startup.
The startup’s CTO Aggarwal said, “By utilising GenAI the startup can detect the fraudster move of the user six months ahead. He added that it is possible as it analyses user data like criminal records, EPF, income tax statements, and GST records (via MasterGST).”
While these businesses have effectively used GenAI because of its affordability, its adoption is perceived as a job-replacement threat.
Rahul Prasad chuckled, “It might, we don’t know.” He pointed out that it is still in its nascent stage to come up with any conclusion.
To explore how startups in sectors like fintech, ecommerce, edtech and more are combining data and GenAI to make key business decisions, watch the Inc42 and Databricks roundtable — The GenAI Advantage: How GenAI Can Help Startups Reshape Data Strategies.
