BENGALURU: India’s thriving start-up ecosystem could help the country generate a market value of USD 500 billion from both artificial intelligence applications and services by 2030. A new report by Stellaris Venture Partners, an early-stage venture capital firm, and International Finance Corporation (IFC), also says that AI opportunity could create over 9 lakh white collar jobs and 3.6 million new indirect jobs.
Last year alone, USD 4.5 billion was invested in SaaS start-ups in India, an increase of 170% from 2020. The report says that AI will not just be a “feature” in existing applications, but will help produce a new class of applications, creating the next disruption in the enterprise software market.
Globally, AI represents a USD 900 billion revenue opportunity by 2030 from infrastructure, applications and services. Alok Goyal, Partner, Stellaris Venture Partners, said, “In the last decade, India has become a significant player in the global SaaS ecosystem, with breakout companies across different software domains. As AI transforms enterprise processes across industries and functions, we expect massive value creation through a new wave of AI-first start-ups.”
Another report by Nasscom says that deeptech start-ups have raised USD 190 million across 27 deals in the 4th quarter of CY21. Also, Indian start-ups raised over USD 7 billion in Q4 CY21, up 18% from Q3 CY21. Fintech and retailtech were the top sectors in Q4 of 2021, as both attracted nearly 46% of funding. Neo banks, payment companies and crypto start-ups continue to gain traction from entrepreneurs and VCs.