New Delhi, Oct 16 (IANS) India’s Generative AI (GenAI) ecosystem saw the total number of startups surging 3.6 times, from over 66 in the first half of 2023 to more than 240 in the first half this year, a Nasscom report said on Wednesday. India now ranks sixth globally in the share of GenAI startup ecosystems among major economies.
Despite an early-stage focus, the GenAI startups attracted over $750 million in cumulative funding since 2023, with 75 per cent startups in the January-June period in 2024 now generating revenue, a significant jump from 22 per cent in H1 2023.
Over the past 12 months, India’s GenAI landscape has undergone a seismic transformation, with a wave of innovative product launches redefining industry standards and highlighting new focus areas such as managed large-language models (LLMs) and data-driven services.
“We must prioritise funding for high-potential GenAI startups and focus on attracting and developing top-tier AI talent. Through collaboration, we can unlock the full potential of GenAI and position India as a global leader in this technological revolution,” said Sangeeta Gupta, SVP and Chief Strategy Officer, Nasscom.
According to the report, the growth is majorly fuelled by the launch of 17 native GenAI language models in India, a 4.6 times surge in GenAI services, and a significant increase in the number of startups offering GenAI assistants comprising nearly 80 per cent of newly-added startups over the year.
About 43 per cent of GenAI startups now leverage a hybrid approach, combining both closed and open-source models for their solutions. This adaptability has helped growth across all three major segments of GenAI – infrastructure, applications and services.
About 70 per cent GenAI startups are expanding their offerings by delivering industry-specific solutions across sectors such as IT and communications, retail, healthcare, BFSI, education, and media and entertainment.
Bengaluru remains the leading GenAI startup hub in India, housing 43 per cent of all startups. Emerging hubs like Ahmedabad, Lucknow, Surat and Kolkata are growing quickly, now representing 18 per cent of the ecosystem, said the report.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
