Blockchain, deep tech startup growth in India now on par with developed economies: NASSCOM
The National Association of Software and Service Companies (NASSCOM), an Indian technology-focused non-governmental industry association and advocacy group, has highlighted significant growth in “deep technology” startups. These include startups that rely heavily on technologies such as blockchain, Web 3.0, artificial intelligence (AI), robotics, and the Internet of Things (IoT), among other fields.
In a report titled “India’s Deep Tech Startups Poised for Impact,” published in collaboration with consultancy Zinnov, NASSCOM stated that there had been a 53% growth in the sector over the past decade. Companies in the sector also raised $2.7 billion in venture capital funding and accounted for 12% of India’s overall startup ecosystem in 2021.
The industry association currently estimates that there are over 240 blockchain startups and more than 150 Web 3.0-focused startups in India. Similarly, the deep tech ecosystem has over 1,900 AI startups, 570+ big data and analytics startups, 560+ IoT startups, and around 60 startups in cybersecurity, robotics, drones, and 3D printing.
The calculations put India’s deep-tech ecosystem at par with those of developed economies such as the US, China, Israel and Europe, the report noted. In a statement, NASSCOM President Debjani Ghosh noted that the ecosystem plays an important role in helping India achieve its sustainability goals.
“The Indian deep-tech ecosystem today has truly come of age. These startups have not only defied the odds with extraordinary innovation and exceptional leadership, but are also playing a vital role in creating solutions for sustainability goals – from smart manufacturing to reliable healthcare,” said Ghosh.
This is because they create jobs and give rise to “second-generation entrepreneurs”. Currently, more than 4,000 people are employed across 14 potential unicorns in the ecosystem, and that number is expected to double by 2026.
India is embracing blockchain
The report confirms findings from other studies, including one from Indeed and another from PwC. The previous report revealed a marked increase in the number of blockchain-related job postings, reflecting the increase in employers looking for talent to build their Web3 strategy.
PwC reported that India’s startup industry saw three consecutive quarters where more than $10 billion was raised from venture capital. However, this has decreased since the second quarter of this year.
Meanwhile, the private sector has not been alone in exploring the adoption of blockchain technology. The government of India has also shown increasing interest in the nascent innovation. The CEO of India’s Payment Rails, NCPI, has proposed the creation of a national blockchain network.
See: BSV Global Blockchain Convention panel, Blockchain in the Middle East and South Asia
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.
