The National Association of Software and Services Companies (NASSCOM), India’s technology-focused non-governmental trade association and advocacy group, has made significant progress in “deep-tech” startups. These include startups that rely heavily on technologies such as blockchain, Web 3.0, artificial intelligence (AI), robotics, and the Internet of Things (IoT).
In a report titled “India’s Deep Tech Startups Poised to Make an Impact” in association with consulting firm Zinnov, NASSCOM said there has been a 53 percent growth in the sector over the past decade. Companies in the sector have also raised $2.7 billion in venture capital funds and will account for 12 percent of India’s total startup ecosystem by 2021.
The trade association estimates that there are currently over 240 blockchain startups and over 150 Web 3.0-based startups in India. Similarly, its deep tech ecosystem has over 1900 AI startups, 570+ big data and analytics startups, 560+ IoT startups and around 60 startups in cyber security, robotics, drones and 3D printing.
The metrics put India’s deep tech ecosystem at par with developed economies like the US, China, Israel and Europe, the report said. In a statement, NASSCOM President Debjani Ghosh said the ecosystem plays a vital role in helping India achieve its sustainability goals.
“India’s deep tech ecosystem is really old today. “These startups are not only defying the odds with extraordinary innovation and exceptional leadership, but are playing a critical role in creating solutions for sustainability goals – from smart manufacturing to reliable healthcare,” Ghosh said.
Because they are creating jobs and producing “second generation entrepreneurs”. Currently, more than 4,000 people are employed in the 14 potential unicorn ecosystem, and that number is expected to double by 2026.
India embraces blockchain.
The report confirmed findings from other studies, one from Indeed and another from PwC. The previous report noted an increase in the number of blockchain-related job listings, indicating an increase in employers looking for talent to help build their Web 3 strategy.
India’s startup industry has reached three consecutive quarters of raising more than $10 billion in venture capital, according to PwC. However, this has decreased since the second quarter.
Meanwhile, the private sector was not alone in its adoption of blockchain technology. The Indian government is also increasingly interested in the fledgling innovation. The CEO of Indian Railways, NCPI has proposed to create a national blockchain network.
See: BSV Global Blockchain Convention Panel, Blockchain in the Middle East and South Asia
New to Bitcoin? Check out CoinGeek Bitcoin for beginners episode, the ultimate resource guide to learning more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
