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Number of GenAI startups in India grew over 260% to 240 in the first half of 2024, NASSCOM says

IndianStartupNews · 15h

India's generative AI (GenAI) startup ecosystem has experienced significant growth, with the number of GenAI startups surging by 260% in the past 18 months, according to a report by Nasscom. The report highlights the rise in innovative product launches and the deployment of generative AI models, with a focus on GenAI assistants. Indian GenAI startups have attracted over $750 million in funding and seen a notable increase in revenue-generating capabilities. While Bengaluru remains the leading hub, other cities like Ahmedabad, Lucknow, Surat, and Kolkata are emerging as significant players in the ecosystem. Challenges faced include a lack of patient capital and skilled AI professionals, as well as regulatory concerns.