Indian GenAI firms raised $700 million in 3 years, says Nasscom

Amid what is being called the ‘global funding winter’, if investors are bullish on one area, it’s generative artificial intelligence (GenAI). Indian GenAI startups have received a cumulative investment of $700 million in the last three years, showed estimates by technology industry apex body Nasscom.

The country now has over 100 genAI startups and the funding received by new genAI ventures such as Hindi LLM maker Sarvam AI, as well as Adobe’s acquisition of Bengaluru-based Rephrase.ai last year are “good validations” of the AI ecosystem booming in India, said Sangeeta Gupta, senior vice president and chief strategy officer, Nasscom.