According to a research released on Thursday, over 77% of Indian entrepreneurs are currently investing in cutting-edge technologies like blockchain, internet of things (IoT), machine learning (ML), and artificial intelligence (AI).
According to a survey by SAP India in partnership with Dun & Bradstreet, India is currently placed third globally, behind the US and China. This trend highlights the increasing technological adoption and innovation across the Indian startup ecosystem.
The discovery that tier 2 and tier 3 cities are becoming innovation hotspots, where 40% of tech firms are born, because to their access to talent and financial advantages, is another noteworthy result.
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.
The research stated that this tech-driven development, bolstered by strong corporate governance and a supportive regulatory framework, confirms India’s position as a major startup powerhouse in the world.
“Technology remains a cornerstone and a key differentiator for startups to achieve these business goals 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,” stated 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.
Approximately 72% of the startups questioned stated that they either now own or plan to purchase cutting-edge technologies.
According to the survey, around 85% of companies think that unit economics offers a straightforward route to profitability and increases valuation.
“A expanding middle class, tech-savvy youth population, and a supportive regulatory framework are the main drivers of India’s startup ecosystem’s success. India is third in the world for its startup ecosystem, with about 3 lakh businesses and 113 unicorns in a variety of industries, according to Avinash Gupta, Managing Director and CEO-India, Dun & Bradstreet.
