To support Indian Deeptech Startups, the government has decided to launch a Digital India Innovation Fund, said Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar.

The announcement regarding the fund came during the minister’s address to students as part of the New India for Young India: Techade of Opportunities program at the Catholic Bishop House Campus, Thamarassery, Kerala.

Digital India Innovation Fund

Rajeev Chandrasekhar also mentioned that PM Narendra Modi’s vision of New India is one where there are ample opportunities for every Indian to participate in the development process, and hard work and skills are the only determinants of success.

The minister, however, hasn’t ascertained the quantum of the fund for the time being.

Deeptech India

This year, several deeptech startups have raised funds, including Awiros raising $7 million in a Series A round and Vecmocon raising $5.2M in funding to invest in team building, business expansion, scaling up operations, and further product innovation. 

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

In CY 2021, the segment saw the addition of 210+ deeptech startups. Additionally, India’s deeptech ecosystem growth is at par with developed economies like the US, China, Israel and Europe.

The report highlighted 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, which jointly accounted for 52 per cent of the total capital raised in the year.

It added that 4,000 people are employed across 14 potential deep-tech unicorns, and the number of employed people is expected to see a twofold increase by 2026.

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