The Department for Promotion of Industry and Internal Trade reported that India is home to around 1.4 lakh Indian startups. From this number around 6k+ are Artificial Intelligence startups that put India on the global AI map. Compared to the past few years ago, India has made huge progress in the artificial intelligence industry. These AI startups have gained major interest from investors in this sector. India aims to become a key player in the global AI industry by developing innovative solutions that resonate worldwide.
Tracxn mentioned in a report that India now has more than 6,760 Artificial Intelligence startups. While startups like Ixigo and Capillary Technologies are focused on merging their technologies and acquisitions. Other AI startup Druva secured $475 million in its series H funding round to use artificial intelligence and provide endpoint data management solutions to enterprises. Many tech giants are using the technology and services from these startups to provide the best user experiences. The AI sector is rapidly growing across India and here we are talking about the top 10 Indian AI startups in 2024 that enable India to enter the global AI maps.
Ixigo
Ixigo is an artificial intelligence-based online travel booking platform that provides information about flights, hotels, and buses. The startup uses artificial intelligence to provide customized searches and make online payments. The startup has secured over 96.6 million USD across twelve funding rounds since its inception in 2007, including $53 million raised during its latest funding round. The company has investors including BAF Spectrum, Elevation Capital, and Micromax Informatics. The AI startup faces competition from other companies in the same segment such as Make MY Trip, Expedia, and Traveloka.
Capillary Technologies
The cloud-based loyalty management solution provider Capillary Technologies allows businesses to manage orders in multiple channels, and manage products. The startup claims to enable businesses to run and design marketing campaigns, engage on social media, and generate personalized coupons. The startup recently raised $95 million in its series D funding round. The company has secured around $239 million across multiple funding rounds. The company has investors including Norwest Venture Partners and it competes with other AI startups in this field like Acquia, Twilio, and Braze.
InMobi
InMobi is an AI platform that offers mobile Ad network Software and monetization solutions. The platform helps brands to launch personalized mobile and website ad marketing campaigns. The startup has secured around 266 million USD across all its funding rounds, this includes $45 million raised during its series D funding round led by Mithril. The company has 26 institutional investors including Sherpalo Ventures, Kleiner Perkins, and Softbank Vision Fund. InMobi faces competition from companies including MobiVista, Tapjoy, and Vungle.
MapMyIndia
MapMyIndia provides several GPS-based services including telematics, mapping devices, government digitization, and automotive navigation. The company aims to develop IoT solutions to help tech-focused companies. The Geotech startup uses artificial intelligence to offer advanced map data and software products. The startup secured $44.4 million across all its funding touds, including $1.49 million raised during its series C funding round led by Flipkart. MapMyIndia competes with other geo-tech companies including Airio, Avantech, Mapbar, and Evatro.
Infosys
The tech giant Infosys offers IoT, Cloud, and Artificial intelligence services. The startup provides solutions across sectors such as Agriculture, Engineering, Defense, education, and automation. The startup has developed various innovative solutions using advanced technologies and artificial intelligence. The company offers digital marketing, IT, and data analytics services. The startup has secured over $100 million across multiple rounds since its inception, this is the latest funding round led by ChrysCapital. The company receives investments from ChrysCapital, Seaside Private Capital, and Nepean Capital.
DeHaat
DeHaat is an app-based AI-enabled solution offering platform that provides yield predictions and soil testing. The company uses cutting-edge technologies and Artificial Intelligence to monitor the supply chain activity and offer customized agricultural financing solutions to farmers. The startup aims to help farmers with credit and insurance for agricultural-related activities. The Gurugram startup secured 60 million USD from Temasek and Sofina in its series E funding round. It faces competition from other companies like Gramophone and Agrostar.
Shiprocket
e-commerce Logistics and shipping software solution provider Shiprocket is one of the leading AI companies. The startup develops a machine learning-based data engine to produce shipping labels, suggest courier services for the firm, and track orders from a single panel. The platform enables users to manage orders across various marketplaces and track shipments. The company secured $11 million in its series E funding round from Afos to expand its services and aim for market expansion. The startup faces competition from other AI platforms such as InCreff, Unicommerce, and ShipBob
Fractal Analytics
Fractal Analytics provides AI-based decision support and data analytics software for enterprises. The software allows users to ask questions and the artificial intelligence generates answers based on user queries. The platform enables users to analyze business data and generate insights for business decision-making using insights and summaries from datasets. The platform automates the customer lifecycle management. The startup has secured around 685 million USD since its inception, including $360 million raised from TPF during its series E funding round in 2022. The company faces competition from Sisense, Databricks, and Alteryx.
Druva
This cloud data platform offers data backup and protection solutions. The startup provides data management solutions for businesses and an enterprise mobile workforce with backup. The company develops solutions to manage and protect data across various devices. The company has raised over 475 million in funding across multiple rounds. The startup recently secured $147 million from its existing investors in series H funding round. The investors of the firm include Nexus Venture Partners, NTT Finance, and Riverwood Capital. This cloud-based platform faces competition from other companies in the same segment such as Rubrik and Veritas Technologies.
Icertis
AI-powered startup Icertis uses advanced artificial intelligence and other technologies to allow users to automate, create, and provide insights into the contract process. The platform enables users to analyze the contract documents and generate insights to offer a decision-making process with contract negotiations. The startup secured 447 million USD across all funding rounds since its inception. Icertis also raised $75 million in its series F funding round from SVB. The company competes with other AI-based contract management platforms like Evisort, and DocuSign.
Conclusion:
The Indian AI industry has been growing rapidly for the past few years. India has around 1.4 lakh startups across various sectors. From these startups over 6.7k are AI startups that have raised millions of dollars in the past years. The government of India has been launching several schemes in the past few years including funding programs and initiatives schemes to promote the Indian startup ecosystem.
These companies are changing the country’s startup ecosystem and reshaping the workings of industries while contributing to the overall development of the Indian economy. The scaling up of these companies will create more job opportunities while strengthening India’s position as a global startup hub. The growth and profit from startups will help India solidify its position in the global AI market.
The government is focused on making Indian startups grow and compete in the global market. The Global AI sector is predicted to grow at a huge CAGR in the next five years India expects to play a huge role in this sector. Many AI startups like Ixigo are already gaining the interest of the global audience. This AI-based travel platform has secured over 96.6 million USD across multiple funding rounds since its inception.
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