India saw a significant surge in deep-tech startups in 2023 with 480 new ventures emerging, making it the third largest pool globally, a report said.
However, the report by technology industry body NASSCOM and global consulting firm Zinnov highlighted the worrying trend of a funding winter, posing a major challenge for these startups. 'India's DeepTech Dawn: Forging Ahead' report also said funding for scaling, talent attraction and retention, and global expansion are the top 3 challenges faced by startups in deep-tech innovation.
"India currently has 3600+ deep-tech startups, out of which 480 were established in 2023 itself, nearly 2X more than the number of deep-tech startups established in 2022," the report said. But India's deep tech promise is stunted by a funding gap.
"Compared to startups across some other leading deep-tech ecosystems, Indian deep-tech startups receive a fraction of the median investment at every stage. This lack of funding restricts the ability of some promising deep-tech startups to scale, thus hindering India's ability to compete in the global deep tech race," it said.
Indian deep-tech startups raised about $10 billion in the last 5 years.
This story is from the Delhi 23 June 2024 edition of Millennium Post Delhi.
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This story is from the Delhi 23 June 2024 edition of Millennium Post Delhi.
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