India’s Generative AI (GenAI) ecosystem saw the total number of startups surging 3.6 times, from over 66 in the first half of 2023 to more than 240 in the first half this year, a Nasscom report said on Wednesday. India now ranks sixth globally in the share of GenAI startup ecosystems among major economies.Despite an early-stage focus, the GenAI startups attracted over $750 million in cumulative funding since 2023, with 75 per cent startups in the January-June period in 2024 now generating revenue, a significant jump from 22 per cent in H1 2023.
Over the past 12 months, India’s GenAI landscape has undergone a seismic transformation, with a wave of innovative product launches redefining industry standards and highlighting new focus areas such as managed large-language models (LLMs) and data-driven services.