Electronics and Information Technology Minister Rajeev Chandrasekhar said on Friday that the Government of India (GoI) will launch a “Digital India Innovation Fund” to support Deeptech Startups.
The Minister’s announcement was made during an address to students as part of the New India: Opportunity Techade Program for Young India held at the Catholic Bishop House Campus in Tamaraseri, Kerala.
According to a NASSCOM report released earlier this year, India has over 3,000 deep tech start-ups. This startup segment has reportedly grown 53% over the past decade.
According to a NASSCOM report, deep tech startups account for 12% of the total startup ecosystem, with US$2.65 billion in funding in 2021. The sectors with the most funding were Supply Chain Management (SCM) and Logistics, Healthtech and BFSI, which together accounted for 52. cents of total capital raised in the year.
One in three deep tech startups have filed for patents, and 23% of funded companies are direct-to-consumer (B2C), says the report.
With a growth rate of 53% over the last decade, the growth of India’s deep tech ecosystem is on par with developed countries such as the US, China, Israel and Europe.
According to the report, 4,000 people are employed in 14 potential deep tech unicorns. This start-up segment is expected to double its headcount by 2026.
