(MENAFN-KNN India)
New Delhi, July 20 (KNN)
In a landmark development for India's burgeoning startup ecosystem, a recent report by SAP India and Dun & Bradstreet revealed that over 77 percent of Indian startups are actively investing in emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) and Blockchain.
This key trend highlights the pivotal role that technology is playing in shaping the future of entrepreneurship in India. Sanket Deodhar, vice president and head of digital native for the Indian subcontinent, SAP, emphasized that technology remains a “foundation and a key differentiator” for startups looking to create sustainable business models and improve financial performance.
The report highlights a shift in focus among startups from total merchandise value (GMV) to gross profit (GM), with 85% of startups seeing unit economics as the clear path to profitability and improved valuation.
Moreover, 79% of startups believe that adopting new-age technologies and integrated enterprise applications is critical to scale their operations and improve unit economics.
India's startup environment continues to thrive, securing the third-largest position in the global startup ecosystem after the US and China. India currently boasts of 300,000 startups, including 113 unicorns, demonstrating the potential for rapid growth and innovation.
Interestingly, the report also sheds light on the geographic diversification of India's tech startup scene: by 2023, tier 2 and tier 3 cities will emerge as key innovation hubs, with 40% of total tech startups expected to originate from these regions.
Currently, cities such as Chandigarh, Jaipur, Madurai, Indore and Kochi are home to 15% of India's tech talent pool, suggesting that growth patterns are becoming more diversified across the country.
The adoption of advanced technologies isn't limited to established startups either: the report reveals that 25% of newly founded technology startups in 2023 will already be leveraging deep tech, demonstrating a strong propensity for cutting-edge innovation from the get-go.
As Indian startups continue to leverage technology for growth and sustainability, the country is set to further strengthen its position as a global technology powerhouse, a trend that will not only boost economic growth but also position India at the forefront of technological innovation on the global stage.
(KNN branch office)
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