New Delhi New Delhi: A Nasscom report released on Wednesday said the total number of startups in India's Generative AI (GenAI) ecosystem has increased by 3.6 times, from 66 in the first half of 2023 to 66 in the first half of this year. It has increased to more than 240. India now ranks sixth globally in terms of share of GenAI startup ecosystem among major economies. Despite the early-stage focus, GenAI startups have attracted more than $750 million in cumulative funding since 2023, with 75 percent of startups now generating revenue in the January-June period in 2024, a significant increase from 22 percent in H1 2023. There is a bounce.
Over the past 12 months, India's GenAI landscape has undergone a seismic shift, with innovative product launches redefining industry standards and highlighting new focus areas such as managed large-language models (LLM) and data-driven services. There is a wave of. Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, NASSCOM, said, “We should prioritize 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.” According to the report, the growth was driven by the launch of 17 original GenAI language models in India, a 4.6-fold increase in GenAI services, and a significant increase in the number of startups offering GenAI assistants, which accounted for 15% of the newly added startups during the year. It is approximately 80 percent.
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