Over the last few years, AI has emerged as one of the significant technology that has been increasingly adopted by businesses across the country. Against this backdrop, the adoption of AI among startups has been notable. Several AI-based startups leverage artificial intelligence and related emerging technologies like NLP, Computer Vision, ML and DL to cater to the demands of end consumers as well as other businesses. The emergence of several AI-powered startups can be inferred from the funding that startups have received in the last few years.
In 2021, the startup funding increased by 32.5 per cent on a YoY basis to USD 1,108 million from USD 838.3 million in 2020. Of late, there have been concerns about startup funding drying up and the consequent layoffs. According to market estimates in the last few months of 2022, Indian tech startups, including a few unicorns, have laid off close to 6000+ people to cut costs and extend their runway.
Nonetheless, in the overall scheme of things, the growth of startups has been undeniable. According to the Ministry of Commerce, the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) has grown from 471 in 2016 to 72,993 in 2022 (as of 30th June 2022), registering a massive growth of over 15,400 per cent. Moreover, among the recognised startups, more than 4,500 are in sectors relating to emerging technologies such as the Internet of Things (IoT), robotics, artificial intelligence and analytics.
AIM presents this comprehensive report covering a list of top AI startups in India in 2022. It provides insights into the performance of these startups across various parameters like growth, customer portfolio, value generation, technical maturity, employee maturity and support function. Together, these parameters cover the market penetration and the maturity of these companies with respect to artificial intelligence.