Topics In Demand
Notification
New

No notification found.

India’s Generative AI Startup Landscape 2024

October 16, 2024 35544 3 nasscom insights

India’s Generative AI Startup Landscape 2024

This study, titled “India’s Generative AI Startup Landscape 2024,” is the second edition of the annual Indian GenAI startup landscape analysis and covers trends between H1 CY2023 and H1 CY2024. The study explains global GenAI evolution, startup trends and India’s position in the top economies. Further, the study provides a detailed overview of the current state of the GenAI startup landscape in India, covering trends in growth, funding, focus areas and sectors, emerging hubs, major challenges, and finally, recommendations to grow the depth and diversity of the Indian GenAI startup ecosystem.

35544

3

Download

Key Highlights

Global GenAI Startup Landscape

 

  • Global GenAI startups register 5X growth in number between H1 CY2023 and H1 CY2024
  • Global investments grow significantly in H1 of CY2024, led by growth and late-stage rounds
  • Global economies have ramped up GenAI adoption and innovation. India has too, but ranks 6th in the tally

Indian GenAI Startup Landscape

 

  • India’s GenAI startup base has grown 3.6X from H1 CY2023 to H1 CY2024
  • Funding of Indian GenAI startups has grown relatively less during the time period, limited majorly to early-stage rounds
  • Indian GenAI startups are beginning to report revenues, with specific focus on certain regions and sectors

Thematic trends in Indian GenAI Startups

 

  • Growth in Indian GenAI startups has been broad-based, across all three segments of infrastructure, applications, and services
  • 17+ Indic and vertical models launched within a year, 4X rise in number of GenAI assistant applications, and 4.6X growth in GenAI services startups
  • Established hubs continue to dominate but a strong set of 10-15 emerging hubs have emerged for GenAI startups within a year

Ecosystem Challenges and Recommendation

 

  • Majority Indian GenAI startups are leveraging industry partnerships for a variety of objectives
  • Yet, several significant challenges remain in the path to scale, particularly, lack of patient capital, customer reticence towards GenAI, and lack of skilled AI talent
  • A holistic ecosystem support to co-innovate, provide access to expert AI talent, and enable adequate funding to the scalable, high-impact GenAI solutions will be critical for India

 

For a detailed read, download this free report.

Community by nasscom Insights is focused on building the largest online community catering to the Indian technology sector. The purpose of the community is to bring the latest trends and discussions onto a single platform. Our passion for tech drives the free-flowing exchange of ideas and visions from industry leaders and game-changers across India.



LATEST REPORTS

© Copyright nasscom. All Rights Reserved.