Generative Artificial Intelligence (Gen AI) is revolutionizing content creation by enabling machines to generate text, images, music, and videos using machine learning models that analyze and replicate patterns from human-created data. This technology is enhancing customer interactions, automating repetitive tasks like RFP responses and multilingual marketing, and exploring unstructured data through conversational interfaces.
From 2021 to 2024, India has witnessed a significant increase in Gen AI startups, driven by venture capital investments, a skilled workforce, and the concentration of startups in tech hubs like Bengaluru, Mumbai, and Delhi-NCR. Other Indian cities like Hyderabad are emerging as a key player, contributing 7.2% of Gen AI startups, supported by its strong IT and pharmaceutical sectors. Chennai and Ahmedabad are also growing as tech hubs, with Chennai focusing on SaaS and Ahmedabad benefiting from institutions like IIM Ahmedabad.
Funding for Gen AI startups has surged, particularly in early stages, with seed funding accounting for 54% of the rounds. This financial backing is crucial for driving innovation and scaling operations. Notable startups like Krutrim and Sarvam AI are leading the sector, leveraging their funding to advance AI models and expand their market presence.
As of now, India hosts around 150 Gen AI startups, a growth fueled by increasing funding and government initiatives like the National AI Strategy and Startup India program. With continued innovation and expansion, India is set to become a global leader in generative AI.
Key Highlights:
- The global Gen AI market is projected to grow from USD 39.2 billion in 2023 to USD 1082.4 billion by 2033. The market is anticipated to expand at a CAGR of 40.22% from 2024 to 2033.
- There are over 150 Gen AI startups currently operating in India.
- 51.4% of India’s Gen AI startups are based in Bengaluru, positioning the city as a leading hub for Gen AI startups in the country.
- Gen AI startups such as Krutrim AI, Sarvam AI, EMA, Neysa Networks, Raga AI have all received substantial funding in 2024.
- In 2024, Krutrim AI raised USD 50 million in funding.
- 54.0% of AI startups obtained funding in their seed round.
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