Aug 11, 2023
By: Katya NaiduIt’s not just tech majors like TCS and Wipro, a lot of startups in India are investing in generative AI. GenAI startups are multiplying fast — they doubled between 2021 and 2023.
Credit: IANS
As of June end, there are over 60 genAI startups in India. The country has over 1,900 AI startups, says a report by Nasscom.
Credit: Pixabay
Most of the genAI startups in India are concentrating on text content creation, chatbots and virtual assistants as well as image and video generation.
Credit: Pixabay
These startups are creating solutions primarily for media, entertainment, advertising, e-commerce and tech services.
Credit: Pixabay
Majority of startups are inclined towards custom visualization tools that offer the flexibility to design interfaces for specific use cases or data types, says Nasscom.
Credit: Pixabay
Around 80 percent of genAI startups are not not market ready, and yet to commercialise their offerings, but expect to go to market in 1-3 years. And, 60 percent are in the proof-of-concept or prototyping stage.
Credit: Pixabay
Indian genAI startups raised over $590 million as of May 2023. However, over 70 percent of them are not funded, as per the report.
Credit: Pixabay
Some of the top funded companies include Observe.AI, Instoried, Magnifi, MadStreet Din, and Pepper Content.
Credit: Pixabay
Around 80 percent of the startups expect to raise some funding in 2023, and nearly half of them expect to raise anywhere between $1-5 million.
Credit: IANS