(MENAFN– KNN India)
New Delhi, Jul 20 (KNN)
In a groundbreaking development for India’s burgeoning startup ecosystem, a recent report by SAP India and Dun & Bradstreet has unveiled that over 77 per cent of Indian startups are actively investing in advanced technologies such as Artificial Intelligence (AI), Machine learning (ML), Internet of Things (IoT), and blockchain.
This significant trend underscores the pivotal role of technology in shaping the future of Indian entrepreneurship. Sanket Deodhar, Vice-President and Head of Digital Natives at SAP Indian Subcontinent, emphasised that technology remains a “cornerstone and key differentiator” for startups aiming to achieve sustainable business models and improved financial performance.
The report highlights a shift in focus among startups from Gross Merchandise Value (GMV) to Gross Margin (GM), with 85 per cent of startups viewing unit economics as a clear path to profitability and enhanced valuation.
Furthermore, 79 per cent of startups consider the adoption of enterprise applications integrated with new-age technologies as essential for scaling and improving unit economics.
India’s startup landscape continues to flourish, securing the third position in the global startup ecosystem, following the United States and China. The country now boasts an impressive 300,000 startups, including 113 unicorns, showcasing its rapid growth and innovation potential.
Interestingly, the report also sheds light on the geographical diversification of India’s tech startup scene. In 2023, Tier II and Tier III cities emerged as significant innovation hubs, with 40 per cent of total tech startups originating from these areas.
Cities such as Chandigarh, Jaipur, Madurai, Indore, and Kochi, among others, now host 15 per cent of India’s tech skill pool, indicating a more distributed growth pattern across the country.
The adoption of advanced technologies is not limited to established startups. The report reveals that 25 per cent of newly founded tech startups in 2023 were already utilising DeepTech, signaling a strong inclination towards cutting-edge innovations from the outset.
As Indian startups continue to leverage technology for growth and sustainability, the country’s position as a global tech powerhouse seems set to strengthen further. This trend not only promises to drive economic growth but also positions India at the forefront of technological innovation on the world stage.
(KNN Bureau)
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