77% Indian startups investing in AI, advanced technology: SAP report

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77% Indian startups investing in AI, advanced technology: SAP report | Tech News

2 min read Last Updated : Jul 19 2024 | 11:58 PM IST

Over 77 per cent of Indian startups are investing in Artificial Intelligence (AI), machine learning (ML), internet of things (IoT), and blockchain, according to a report by SAP India, in collaboration with Dun & Bradstreet.

“As companies shift their focus from Gross Merchandise Value (GMV) to Gross Margin (GM) and seek to forge more sustainable business models with the help of transparent, trusted financial data, technology remains a cornerstone and a key differentiator for startups to achieve these business goals, regardless of their growth stage or industry,” said Sanket Deodhar, Vice-President and Head of Digital Natives, SAP Indian Subcontinent.

BANKING ON TECH

· India holds 3rd position in the global start-up ecosystem, followed by the United States and China, with 300,000 start-ups, including 113 unicorns.

· 85% of start-ups believe unit economics is a clear path to profitability and enhancing valuation.

· 79% of start-ups say adopting enterprise applications integrated with new-age technologies such as AI is essential for scaling and improving unit economics.

· 72% start-ups already have or are looking to invest in new-age technologies.

· In 2023, Tier II and Tier Ill cities emerged as innovation hubs and 40% of total tech start-ups originated from these.

· Cities like Chandigarh, Jaipur, Madurai, Indore, Kochi, Warangal, Hubli, Raipur, Vishakhapatnam, and Guwahati, among others, host 15% of India’s tech skill pool.

· In 2023, 25% of the newly founded tech start-ups were using DeepTech.

First Published: Jul 19 2024 | 11:57 PM IST