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India's generative AI startup ecosystem has experienced explosive growth, with over 240 active startups in the first half of 2024. This marks a remarkable increase of more than 260% compared to the same period last year, when only 66 startups were operational. The report from NASSCOM highlights India's position as the sixth-largest market globally for generative AI startups.
The growth is driven by the emergence of key players like Krutrim, Sarvam.ai, Nurix, and ZekoAI, which have diversified across various sectors. With over $750 million raised in funding since 2023, nearly 75% of these startups are already generating revenue, showcasing a strong trend towards productivity-enhancing applications. Despite challenges such as limited computing capacity and a shortage of skilled professionals, the future of India's generative AI landscape looks promising.
• India's generative AI startups grew over 260% in the first half of 2024.
• Over $750 million raised by generative AI startups since 2023.
Generative AI refers to algorithms that can generate new content, such as text or images, based on training data.
Language models are AI systems designed to understand and generate human language, crucial for applications like chatbots.
AI assistants are software applications that use AI to perform tasks or provide services, increasingly focused on generative capabilities.
Krutrim is a generative AI startup contributing to the diverse landscape of AI applications in India.
ai is among the key players in India's generative AI sector, focusing on innovative solutions.
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