India Now Hosts 3,600 Deeptech Startups, Ranks 6th Globally: Nasscom

India has achieved a significant milestone in the deeptech sector, ranking sixth among the world's top nine deeptech ecosystems with 3,600 startups. According to a recent Nasscom report, these startups received $850 million in funding last year.

The report, created in collaboration with Zinnov, highlights that over 480 deeptech startups were established in 2023 alone, a number twice as high as in 2022. Out of these, more than 100 startups are inventive deeptech firms, noted for developing intellectual property or innovative solutions in emerging domains.

A notable trend is the focus on artificial intelligence, with 74% of the newly established deeptech startups concentrating on AI. This marks a significant rise from the 62% seen between 2014 and 2022.

Emerging deeptech companies in India include Agnikul, GalaxyEye, HealthPlix, Sarvam AI, and Peptris, which are innovating in healthtech, sustainability, AI, space-tech, and other fields.

“Areas such as AI, quantum computing, space-tech, and next-gen robotics are converging and being applied across various domains including education, entertainment, commerce, agriculture, industrial manufacturing, and mobility,” said Jeyandran Venugopal, Chair of the Nasscom DeepTech Council. He emphasized that India, with its robust talent pool and strong STEM foundation, is well-positioned to lead in this technological transformation.

While India ranks third in the overall technology startup ecosystem, it holds the sixth position specifically for deeptech startups. To elevate India to the top three in the deeptech ecosystem, Kritika Murugesan, Head of Nasscom DeepTech, identified key areas requiring support. These include access to patient capital, strong R&D partnerships with academia, and the implementation of the deeptech policy introduced in 2023.