India has solidified its position as a burgeoning hub for deeptech startups, now ranking sixth globally among the top ecosystems, according to a recent report by Nasscom and Zinnov. The country hosts approximately 3,600 deeptech startups, marking a significant growth trajectory with over 480 new startups established last year alone, doubling the figures from 2022. Among these, more than 100 startups have been identified as innovative entities developing intellectual property and pioneering solutions across diverse domains.
AI dominates as the focal point for 74% of the deeptech startups launched in 2023, showcasing a notable increase from 62% recorded between 2014 and 2022. This surge underscores India's rapid advancement in areas such as healthtech, sustainability, AI, and space-tech, with startups like Agnikul, GalaxyEye, HealthPlix, Sarvam AI, and Peptris leading the charge.
Jeyandran Venugopal, Chair of Nasscom DeepTech Council, emphasized the transformative impact of technologies like AI, quantum computing, and space-tech across sectors such as education, entertainment, agriculture, and mobility. He highlighted India's strong foundation in producing top-tier STEM talent, positioning the country favorably in the global technology landscape.
Despite ranking third in the overall technology startup ecosystem, India seeks to bolster its standing in deeptech by addressing crucial needs. These include access to patient capital tailored for deeptech ventures, fostering robust R&D collaborations with academia, and implementing the deeptech policy proposed in 2023. Kritika Murugesan, Head of Nasscom DeepTech, underscored the importance of these initiatives in propelling India towards a top-tier position in deeptech innovation.
The report underscores India's rapid ascent as a deeptech powerhouse, driven by its vibrant startup ecosystem, innovative prowess, and strategic focus on emerging technologies. With ongoing support and strategic investments, India aims to further accelerate its growth trajectory and solidify its role in shaping the future of global technology innovation.