India has emerged as a powerhouse in the global deeptech landscape, now ranking sixth among the top nine deeptech ecosystems worldwide, according to a recent report by Nasscom in collaboration with Zinnov. The country boasts 3,600 deeptech startups, which collectively attracted $850 million in funding last year. Over 480 deeptech startups were founded in India in 2023, marking a twofold increase compared to the previous year. Among these, more than 100 are pioneering companies that have developed innovative intellectual property or breakthrough solutions in emerging fields.
A notable trend from the report highlights that 74% of the deeptech startups launched in 2023 are focused on artificial intelligence (AI). This is a significant rise from the 62% share seen in AI-focused startups between 2014 and 2022.
Several startups are leading the charge in various deeptech domains. Companies like Agnikul and GalaxyEye are making strides in space technology, while HealthPlix and Peptris are innovating in healthtech. Sarvam AI and others are pushing the envelope in sustainability and AI, contributing to the diverse landscape of deeptech innovation in the country.
According to Jeyandran Venugopal, Chair of the Nasscom DeepTech Council, the convergence of technologies such as AI, quantum computing, and next-generation robotics will revolutionize multiple sectors, including education, entertainment, commerce, agriculture, industrial manufacturing, and mobility. He emphasized India’s robust talent pool and strong tradition in STEM fields as critical factors positioning the country to lead in this technological evolution.
Despite India’s robust deeptech growth, the country ranks third in the broader technology startup ecosystem but holds the sixth spot specifically in deeptech. Kritika Murugesan, Head of Nasscom DeepTech, identified several areas for improvement to elevate India’s status to the top three in the deeptech startup ecosystem. Key among these are enhancing access to patient capital, fostering strong research and development partnerships with academic institutions, and effectively implementing the deeptech policy introduced in 2023.
