IIT Madras' Ambitious Plans: Incubating 100 Startups in 2024
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to "Swadesi Startups Speaks," where we bring you the latest and most exciting news from the Indian startup ecosystem. In today’s episode, we're diving into the myriad ways Indian startups are navigating the current economic landscape, from striving for profitability in a funding winter to preparing for landmark IPOs. We'll explore the surge in digital healthcare, the impact of AI on business models, and the ongoing efforts of institutions like IIT Madras in fostering innovation. Whether you're an investor, entrepreneur, or just startup-curious, this episode is packed with insights into the dynamic world of Indian startups.
How startups are striving for profitability due to the current funding winter in the Indian startup ecosystem. Meesho, MobiKwik, and Oyo are among the startups that have reported profitable quarters in FY24. Profitability is becoming critical for attracting investments, and investors are expected to take a stricter look at companies' financials before investing.
According to the Nasscom-Zinnov Report, Indian tech startups are prioritizing AI adoption and growth despite global economic and regulatory challenges. The report highlights that 70% of startups are investing in AI to enhance product capabilities and internal efficiencies. The ecosystem has seen a surge in activity, with over 950 new startups founded and over $6 billion in equity funding secured in the past year. The report also notes the rise of tech startups in tier-2 and tier-3 cities, and the importance of adopting a pro-innovation, risk-based approach to AI regulation.
The government will launch the second phase of the Startup India programme on January 16, 2024.It is expected that the second phase will see more support for startups in terms of stable policies and taxation, and better valuation norms.The Startup India programme was launched eight years ago on January 16, 2016 to build a strong ecosystem for nurturing innovation and Startups in the country
No technology is real and future-proof till enterprise adoption kicks in, and when it comes to GenAI, this is yet to happen, believe investors that are actively focussing on emerging AI models.‘AI For India’ is likely manifest as an extension of the existing digital public infrastructure push from the Indian government which has lifted India's digital quotient to a great extent in the past two decades. Investors watching the space believe Indian startups have a better opportunity to innovate in the infrastructure and application layers of GenAI but high capital requirements remain a big constraint
Google on Monday announced the second cohort of the GNI Startups Lab -- a 12-week catalyst programme that aims to help the next generation, independent, early-stage Indian news startups achieve financial and operational sustainability. Created in partnership with Anymind Group and T-Hub, the GNI Startups Lab India supports high-quality reporting for local communities, niche audiences and previously underserved communities across the country.
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In 2024, IIT Madras aims to incubate 100 startups across various sectors, building on its deep-tech ecosystem. Last year, it launched the IITM Zanzibar Campus and a Department of Medical Sciences and Technology. Director Prof. V. Kamakoti highlighted plans for a new interdisciplinary sciences school and achieving 366 patents by March 2024. IIT Madras-incubated startups like Hyperloop, ePlane, Agnikul Cosmos, and Mindgrove Technologies are expected to deliver nationally significant products. The institute also strives to maintain its top NIRF ranking and improve its global standing.
The Indian home healthcare market, set to reach $5.5 billion by 2027, is experiencing a surge in digital and physiotherapy services, driven by technology, ageing population, and patient preference changes. This trend is fueled by increased funding to startups like Portea Medical and HealthifyMe. The sector's growth reflects rising demand for specialized, personalized services, including post-surgery and chronic disease care, accelerated by the COVID-19 pandemic's push towards remote care solutions.
Maruti Suzuki India concluded its 2nd Cohort of the ‘Incubation Program for Mobility Startups’, with winners Woloo, Hala Mobility, and SwitchOn set for a Proof-of-Concept with the company. The program, in partnership with NSRCEL at IIM Bangalore, supports startups in green manufacturing, mobility, vehicle technology, and AI. The 3rd Cohort is now open for applications. Over 300 applications were received for the 2nd Cohort, with eight startups undergoing a 6-month incubation program including training, mentorship, and investor connect opportunities. This initiative aligns with India's 'Start-up' and 'Digital India' movements.
Microsoft's AI Odyssey initiative offers developers the chance to create solutions for India's growth and address real-world problems. This month-long upskilling program consists of two levels, which participants must complete by January 31. Successful completion offers the opportunity to win a VIP Pass to attend Microsoft's AI Tour in Bengaluru.
2024 is expected to witness several IPO launches by startups, despite a limited number of new age tech companies entering public markets in 2023. Notable among them is a drone startup backed by MS Dhoni, Garuda Aerospace, planning an IPO in mid-2024. Other significant startups include:
These IPOs reflect the growing maturity and market confidence in Indian startups.
And that's a wrap on this episode of "Swadesi Startups Speaks." Today, we've journeyed through the diverse and vibrant landscape of Indian startups, from their innovative responses to funding challenges to the exciting prospects of upcoming IPOs. The resilience and ingenuity of these startups are not just transforming industries but also shaping the future of India's economy. Join us next time as we continue to uncover the stories of growth, innovation, and success in the Indian startup scene. Remember, the spirit of entrepreneurship is alive and thriving in India, and we're here to tell its story. Thank you for listening, and stay tuned for more insights from the heart of India's startup world!
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8 个月Your podcast delves into the vibrant world of Indian startups and their inspiring journeys. Can't wait to listen! ?????
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8 个月Can't wait to listen to it! ???