Sreejita Talukdar, Content Writer, Siliconindia

By now, India has become a bustling gold mine with burning talents oozing out as rich and premium quality of Gold through its continuous quest for scientific inquiries, and innovation. During the last couple of months the up-surging of Artificial Intelligence, GenAI, Open AI, AIChatbot, and ChatGPT are breaking the barriers and becoming the highest rated technologies for their sophisticated and high-end modern induced technologies. The contribution of Government is extraordinarily wonderful to lift up the spirit of Indian scientists.

In 1998, 'Operation Shakti' was conducted during Atal Bihari Vajpayee which was organized for Nuclear Missile test at "Indian Army’s Pokharan Range on 11th May", came across with flying colors and India was declared 6th Country across the world to possess nuclear weapons. Since then, this auspicious day which created an unwavering history in the record of Indian technological triumph is being commemorated as "National Technology Day".

Theme of National Technology Day'24

Every year this day is being celebrated with a special theme to congratulate the sharpness of Indian golden brains whose conscientious and devotion for doing wonders and cultivating greens in the barren lands. This year, National Technology Day has selected the theme 'School to Startups - Inspiring Young Minds to Innovate'.This savvy day has embarked by incorporating the startup ecosystem in its program to inspire the blooming wonders who can carry forward the baton of pride further and bring boundless growth and progress to the countryThe landscape of Indian Tech based startups is gradually brightening with time and expanding their wings in diversified fields of the industry. The Indian startups are uplifting the country’s economic status with their rich knowledge and flawless technological skills. The demand of AI and machine learning became so popular that, uncountable numbers of startups have commenced their entrepreneurial journey with this technology.

It was estimated that, a jaw-dropping number of 57,933 AI startups were established by the end of 2023. AI and Tech based startups in India has grappled around $560 million funding across 25 funding rounds in India. The Indian Government has conducted over thousands of workshops, taken a lot of initiatives such as startup India, to bolster up the enthusiasm of the young visionaries who are talented with their innovative ideas but don’t have adequate funding and opportunities to spread their wings.

“Artificial intelligence would be the ultimate version of Google, the ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. We’re nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on”, -Larry Page

Statistical Overview of Tech-based Startups in India

By the end of 2023, NASSCOM published a detailed report about the Indian Startup ecosystem. It was revealed that, Indian Startups are juggling with a lot of challenges but with deep concentration and focus, they are making use of the innovative ideas. India stands as the 3rd largest technology startup hub in global scenario.

Comparing with other countries, India is more qualified based on talents, policies, and startup creation. 25% of the startups are leveraging deeptech, 70% of them are willing to make use of Artificial Intelligence in their product and services. Amidst witnessing funding winter, nearly 46% of Indian tech startups are expecting a better funding environment in 2024.

Further, Deeptech will continue to attract opportunities and funding, and nearly two third of the startups will be investing in AI to enrich their product capabilities and internal efficiencies. The report also specified that, the number of tech based startups is expected to widen up from 68,000 in 2023 to 1.8 lakh in 2030.

The factors influencing the growth of startups are:

•Increased level of funding.

•Increased interest from angel investors and venture capitalists.

•A young bunch of fresh talents with plenty of creativity and energy.

Engrossing Elements Attracting Investors

The qualified investors always look for the innovative creations which have a future market potential. They park their money in the startup’s fund in exchange for equity. In 2023-24, investors were very keen to invest in fintech sector. Investors are willing to invest in equity mutual funds, as the large-cap funds are delivering stability and mid-cap & small-cap funds present higher growth potential. In case of tech based startups, the investors are more attracted to late-stage investments worth $2.3 billion in 2023, whereas in early stage funding it is $784 million, $294 million in seed stage funding.

The ‘Indian Tech Startup Funding Report 2023’ by Inc42, unveiled that, fintech, e-commerce, and enterprise tech startups are leading the funding plot in India. Deeptech has been regarded as ‘the dark horse of industry’ with a fundraising capacity of $496 million from more than 60 deals. Besides, AI, several deeptech sectors like robotics, biotechnology and material science have exhibited a high growth potential in the year.

With boundless talents and innovative technology, startups are EMERGING and EVOLVING to bring pure perspectives and showcasing dynamic richness to the startup ecosystem