As of May 2023, the Indian Generative AI landscape had more than 60 startups dedicated to offering solutions and services to their customers spread across various industry verticals. More than $590 million in funding has already flown into this space, with 2022 being the year with the heaviest funding inflow. This study, Generative AI Startup Landscape in India – A 2023 Perspective, reflects nasscom’s perspective on this evolving space. The study outlines the market composition, funding environment, technological environment, value creation across use cases, and revenue trends/expectations reported by the Gen AI startups in India. Also included are nasscom’s recommendations to various ecosystem players on what they can do to create a favourable environment that facilitates large-scale Generative AI potential unlock and promotes market growth.
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