India witnessed a significant surge in deeptech startups in 2023, with 480 new ventures entering the market, making it the third-largest pool globally. However, these startups are facing a funding winter, hindering their ability to scale and compete on a global level. Investors are expressing concerns about long gestation periods and risk levels, leading to a decline in funding volumes. AI emerged as a popular choice for both founders and investors, with 74% of startups in 2023 being AI-driven. The lack of large global investors and declining investor emphasis on large-ticket investments are contributing to the funding struggles faced by deeptech startups in India. To address these challenges and unlock the potential of deeptech innovation, a multi-pronged approach is needed to increase early-stage funding, create a supportive ecosystem for scale-ups, and implement initiatives to aid commercialization.
India’s DeepTech Startups Face Funding Winter in 2023
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