A report released on Thursday revealed that advance technologies like Artificial Intelligence, Machin Learning, Internet of Things and Blockchain are becoming focus of Indian Startups. More than Indian Startups now invest in these technologies.
According to a survey by SAP India in partnership with Dun & Bradstreet, India is currently placed third globally in term of startup creation. Behind the US and China. This trend highlights the increasing technological adoption and innovation across the Indian startup ecosystem.
The another noteworthy result is the discovery that tier 2 and tier 3 cities are becoming innovation hotspots. Nearly 40% of tech firms are born in small cities. This is because of their access to talent and financial advantages.
Fifteen percent of the nation’s IT talent pool is located in cities like Chandigarh, Jaipur, Madurai, Indore, Kochi, Warangal, Hubli, Raipur, Visakhapatnam, and Guwahati, among others.
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The research stated that this tech-driven development confirms India’s position as a major startup powerhouse in the world. Strong corporate governance and a supportive regulatory framework has derived the growth.
“As companies shift their focus from GMV (gross merchandise value) to GM (gross margin) and seek to forge more sustainable business models with the help of transparent, trusted financial data, technology remains a cornerstone and a key differentiator for startups to achieve these business goals,” said Sanket Deodhar, VP and Head of Digital Natives, SAP Indian Subcontinent.
Roughly 79% of start-ups think that expanding and enhancing unit economics depend on implementing corporate apps coupled with cutting-edge technology like AI.
72% of the startups questioned stated that they either own or plan to invest in technologies.
According to the survey, around 85% of companies think that unit economics offers a straightforward route to profitability and increases valuation.
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