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According to a recent Nasscom-Zinnov study, India is the sixth-ranked global deeptech ecosystem and is home to over 3,600 entrepreneurs in the deeptech sector.
Notably, 74% of the deeptech firms that were established in 2023 have focused on AI, a substantial increase from 62% in the period from 2014 to 2022.
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Despite its status as the global AI talent hub and the largest pool of developers, the nation is rated sixth in the field of deep technology.
Compared to the previous year, Indian deeptech firms experienced a 77% decrease in funding and secured $850 million in investments, as per the CY23 report.
The report also observes an escalating emphasis on the development of sector-specific solutions within the deeptech startup ecosystem.
According to the report, four sectors are of strategic importance: space and defense, healthcare, automotive, and industrial manufacturing. Over 500 startups were identified as developing solutions for electrification, industrial robotics, surveillance and drones, satellite imagery, propulsion systems, and cancer diagnostics, among other applications.
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In 2023, over 110 deeptech startups were established in the emerging centers, marking a twofold increase from 2022 and the most significant growth in the past five years. This growth was fueled by an expanding talent pool, cost advantage, supportive ecosystems, and proactive policies that foster innovation in these sectors.
Kritika Murugesan, head, Nasscom Deeptech, said: “For India to be in the top three deeptech startups ecosystem, key areas that need support are access to patient capital for deeptech startups to build and scale their products, strong R&D partnerships with academia for nextgen innovation, streamlining government procurement for startups to build India specific solutions and implementation of the deeptech policy that was tabled in 2023,”
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