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Report highlights the different attributes of DeepTech startups.
Key Findings
- Despite having the 3rd largest pool of DeepTech startups, India ranked 6th among the top 9 DeepTech ecosystems in the world.
- India currently has 3600+ DeepTech startups.
- Indian DeepTech startups have raised a cumulative $10 Bn in the last 5 years (2023-2019).
- In 2023, witnessed a 77% decline in funding (in comparison to 2022).
About DeepTech Startups
- DeepTech startups leverage advanced technologies like AI, IoT, Blockchain, and Augmented Reality (AR)/Virtual Reality (VR) to create novel solutions for complex problems, often combining multiple technologies to redefine or create new markets. Ex: Agnikul, GalaxyEye, Sarvam AI
- Characterized by extended development timelines and high capital intensity, etc.
- Key Potential Areas: Promotes utilisation of Deep Technologies to reshape sectors like healthcare (AI-powered Diagnostics & Precision Medicine), Agriculture (Agribots & Automation), etc.
Key Challenges
- During the pre-commercialization phase, lacks access to the necessary infrastructure.
- Limited understanding of business operations and market dynamics.
- Competition from large enterprises for adequately skilled talent
Initiatives taken
- Draft National Deep Tech Startup Policy (2023)
- Technology Incubation and Development of Entrepreneurs (TIDE 2.0)
- Others: Startup India Seed Fund, India AI Mission, etc.
Steps needs to be taken by Government
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