Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom
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 deep tech 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.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisit«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.
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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.
Total $850 million was raised in 2023 itself — this is a 77% decline over $3.7 billion raised in
