India’s Generative AI Startup Landscape 2024

This study, titled “India’s Generative AI Startup Landscape 2024,” is the second edition of the annual Indian GenAI startup landscape analysis and covers trends between H1 CY2023 and H1 CY2024. The study explains global GenAI evolution, startup trends and India’s position in the top economies. Further, the study provides a detailed overview of the current state of the GenAI startup landscape in India, covering trends in growth, funding, focus areas and sectors, emerging hubs, major challenges, and finally, recommendations to grow the depth and diversity of the Indian GenAI startup ecosystem.

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Key Findings

Global GenAI Startup Landscape

Global GenAI startups grew 5X between H1 CY2023 and H1 CY2024
Global economies have ramped up GenAI adoption and innovation. India has too, but ranks 6th in the tally

Indian GenAI Startup Landscape

3.6X growth in India’s GenAI startup base, from 66+ in H1 CY2023 to 240+ in H1 CY2024
Tepid funding increase of 1.25X for Indian GenAI startups limited majorly to early-stage rounds.

Thematic trends in Indian GenAI Startups

Growth in Indian GenAI startups has been broad-based, across all three segments of infrastructure, applications, and services
17+ Indic and vertical models launched within a year, 4X rise in number of GenAI assistant applications, and 4.6X growth in GenAI services startups

Ecosystem Challenges and Recommendation

Majority Indian GenAI startups are leveraging industry partnerships for a variety of objectives
Yet, several significant challenges remain in the path to scale, particularly, lack of patient capital, customer reticence towards GenAI, and lack of skilled AI talent
A holistic ecosystem support to co-innovate, provide access to expert AI talent, and enable adequate funding to the scalable, high-impact GenAI solutions will be critical for India

India’s Generative AI Startup Landscape 2024

Key Findings

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