GoI ‘Digital India Innovation Fund’ To Support Deeptech Startups

The Minister of State for Electronics & Information Technology Rajeev Chandrasekhar on Friday said that the Government of India (GoI) is launching a ‘Digital India Innovation Fund’ that will support Deeptech Startups.

The announcement from the Minister came during his address to students as part of the New India for Young India: Techade of Opportunities program at the Catholic Bishop House Campus, Thamarassery, Kerala.

According to a report released by NASSCOM earlier this year, India has over 3,000 deeptech startups. This segment of startups has reportedly grown by 53 per cent in the last 10 years. 

The NASSCOM report says that deeptech startups comprise 12 per cent of the total startup ecosystem and have raised USD 2.65 billion in funding in 2021. Top funded sectors were supply chain management (SCM) and logistics, healthtech, and BFSI, jointly accounting for 52 per cent of the total capital raised in the year.

Amongst the deeptech startups, one in three have applied for patents, while 23 per cent of the funded companies cater to consumers directly (B2C), the report said.

At a growth rate of 53 per cent over the last decade, India’s deeptech ecosystem growth is at par with developed economies like the US, China, Israel and Europe.

The report said that 4,000 people are employed across 14 potential deep-tech unicorns. This startup segment is expected to see a twofold increase in headcount by 2026.