💥A report by Nasscom and Zinnov reveals that 70% of startups are investing in artificial intelligence (AI) to improve product capabilities and internal efficiencies.
💥The Indian Tech Startup Landscape Report 2023 indicates the founding of over 950 new technology startups and the funding of over 750 startups in the past year.
💥Despite global economic and regulatory challenges, Indian tech startups have focused on improving their business fundamentals for profitability and growth, according to Nasscom president Debjani Ghosh.
💥India currently boasts over 31,000 tech startups, accumulating more than $70 billion in funding over the last five years.
💥The proportion of tech startups established in emerging hubs in tier-2 and tier-3 cities increased to 40% in 2023.
💥Zinnov CEO Pari Natarajan highlighted that tier-II/III cities are becoming new innovation hubs, decentralizing the startup landscape and contributing to the overall growth of India's tech startup ecosystem.
💥Despite a decline in late-stage funding due to valuation cuts and a greater emphasis on profitability amid a "funding winter," the report anticipates improvements in funding, upcoming IPOs, and innovation across disruptive technologies and key sectors for the ecosystem.