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Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom
Economic Times
·
1y ago
Medial
India experienced a surge in deep tech startups in 2023, with 480 new ventures emerging, making it the third largest pool globally. However, these startups face challenges due to a funding winter, hindering their growth and global expansion. Despite the increase in startups, India lags behind in funding compared to other deep tech ecosystems. AI emerged as a popular area of focus, with the majority of startups driven by AI and receiving funding in this field. The report recommends increased funding, a supportive market ecosystem, and government initiatives to address these challenges.
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India will have 10,000 deep tech startups by 2030
OutlookIndia
·
1y ago
Medial
Ramkumar Narayanan, the Chairperson of Nasscom's Deep Tech Start-Up Council, predicts that India will have 10,000 deep tech startups by 2030. He discusses the challenges faced by these startups, such as the longer gestation period and the need for funding. Nasscom aims to bridge this gap by supporting deep tech startups with market access and policy creation. Narayanan also talks about the potential of genAI (general artificial intelligence) and its impact on job displacement and productivity.
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Tech startup funding rose 23% in 2024, deeptech saw 78% boost: Nasscom report
Economic Times
·
4m ago
Medial
In 2024, funding for Indian tech startups rose 23% to $7.4 billion, with deeptech startups appreciating a 78% growth to $1.6 billion, according to a Nasscom-Zinnov report. Over 2,000 new startups emerged, doubling from 2023, with 44% from non-tier-1 cities. Artificial intelligence attracted 87% of deeptech investments. Challenges like talent shortages and complex regulations persist, despite 12 tech IPOs. Future focus will be on deeptech commercialization and expanding beyond tier-1 hubs.
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Funding into Karnataka-based tech startups plummets by 72%: Report
Livemint
·
1y ago
Medial
According to a report by Tracxn, funding in Karnataka's tech startups has dropped by 72% to $3.4 billion in 2023. This is a significant decline from the $12.2 billion raised in 2021 and the $20.4 billion raised in 2022. Late-stage investments saw a 74% decline, while early-stage funding dropped by 71%. Only two startups, PhonePe and Udaan, received the highest funding in 2023. The report also revealed that no new unicorns emerged and no companies went public from the startup ecosystem in Karnataka in 2023. Fintech, retail, and enterprise applications were the top-funded segments in this period. Bengaluru led in terms of city-wise funding.
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70% Of start-up founders are embedding artificial intelligence in their solutions
OutlookIndia
·
1y ago
Medial
The article discusses the findings of the Nasscom-Zinnov report on the Indian tech start-up ecosystem in 2023. Despite global challenges, Indian tech start-ups have focused on enhancing their business fundamentals and profitability. Deep tech adoption has become mainstream, with start-ups leveraging it for efficiency and cost reduction. The report also highlights the diversification of start-ups into tier II and III locations and the stability of sectors like Automotive, Industrial, and Manufacturing. Looking ahead to 2024, founders expect continued revenue growth and an increased emphasis on B2B tech start-ups. Deep tech investments and the integration of AI are anticipated to drive innovation.
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Deep-tech startups must explore alternative funding options, says VC report
Economic Times
·
7m ago
Medial
The average seed check size for Indian deep tech deals has increased significantly in the past eight years, driven by government support and growing confidence from venture capitalists, according to a study by Speciale Invest. However, deep tech startups still need to explore alternative funding options during their initial stages. The report highlights the need for greater funding in Indian deep tech startups and encourages Indian corporations to embrace innovation through acquisitions. Sectors such as space, semiconductors, energy, health, and advanced manufacturing are expected to experience significant growth. The report also emphasizes the importance of building a robust deep tech ecosystem and planning for exits to improve investor confidence.
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Ongoing funding winter is a blessing in disguise for India’s start-up ecosystem: Kunal Bahl
Business Today
·
1y ago
Medial
Kunal Bahl, co-founder of Acevector Group & Titan Capital, views the current funding slowdown in India's startup ecosystem as a positive development. He believes the "funding winter" will benefit startups by trimming excess and leading to a leaner, more robust ecosystem. Overseas funding had surged in recent years but declined since mid-2022 due to interest rate hikes in major economies. Funding in India dropped by 77% in January-July 2023 compared to the same period last year. Bahl cites successful Indian startups' growth and scaling ability as vital factors in weathering these changes.
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Karnataka to create deep-tech innovation cluster in Bengaluru: IT-BT minister Kharge
Economic Times
·
9m ago
Medial
Karnataka's IT-BT minister, Priyank Kharge, has revealed plans to propose a deep-tech innovation cluster in Bengaluru to support and nurture deep-tech startups. With the state budget for 2025 scheduled to be announced in March, Kharge has called for collaboration with the Karnataka Digital Economy Mission and NASSCOM to establish the cluster. He highlighted the thriving deep-tech ecosystem in Karnataka and emphasized that the state is ready to lead India's acceleration in deep tech. Kharge also expressed concerns about India's ranking on the Global Innovation Index and urged for improvements in intellectual property processes.
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Indian startups: 83,000 patents in FY23; AI, neurotech top
Internet
·
1y ago
Medial
Led by artificial intelligence (AI), Internet of Things (IoT) and neuro-technology, India witnessed 83,000 patents being filed by deep-tech startups in FY2023, marking an annual growth rate of 24.6 per cent which is highest since the last two decades, a Nasscom report showed on Friday.
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E-commerce firms haven't come up with help from govt: Mohandas Pai
Inshorts
·
3m ago
Medial
Former Infosys CFO Mohandas Pai said e-commerce companies in India "have not come up with any help from the government". His remark comes after Union Minister Piyush Goyal criticised Indian startups for focusing on food delivery services rather than deep-tech. "We have a large number of deep-tech startups, but they're not getting enough money," Pai said.
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Despite challenges, India saw birth of over 950 tech startups last year: Report
Economic Times
·
1y ago
Medial
According to a report by Nasscom and Zinnov, despite challenges such as valuation issues and regulatory changes, India remains the third largest tech startup ecosystem globally. Over 950 tech startups were founded in India last year, with cumulative funding for over 31,000 startups exceeding $70 billion from 2019 to 2023. Despite layoffs, startup founders are prioritising enhancing business fundamentals and driving profitability. Tech startups in tier 2 and 3 cities are also thriving. In 2024, startups expect to focus on revenue growth, optimising expenditure, and incorporating AI solutions.
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