The Finance Ministry reports that as of October 2023, more than 114,000 startups in India, recognized under the "Startup India initiative," have collectively generated over 1.2 million job opportunities. This information comes from the latest review of the Indian economy titled "The Indian Economy: A Review January 2024" by the Department of Economic Affairs.
Furthermore, a recent Nasscom-Zinnov report reveals that cumulative funding for more than 31,000 tech startups has surpassed $70 billion from 2019 to 2023. According to Debjani Ghosh, President of Nasscom, despite the hurdles faced in 2023, Indian tech startups have prioritized bolstering their business fundamentals, focusing on profitability and growth. Ghosh also emphasizes the resilience of the startup ecosystem, particularly evident in the proliferation of tech startups in tier 2 and 3 cities.
Looking ahead to 2024, tech startup founders aim to sustain revenue growth through strategic measures aimed at optimizing expenditure and maximizing profitability, especially for B2B tech startups. Furthermore, investments in deeptech are expected to continue rising, with 70% of startup founders incorporating artificial intelligence (AI) into their solutions, particularly leveraging generative AI (GenAI) acceleration.
Moreover, amidst a general scarcity of funding for the Indian startup ecosystem, the surge in Artificial Intelligence (AI) presents new opportunities for entrepreneurs and founders, supported by government initiatives focused on fostering the sector's growth.
