Nasscom recently published a study on the Indian landscape of generative AI. The Indian Generative AI landscape includes more than 60 firms committed to giving solutions and services to its consumers across various industrial verticals as of May 2023.

More than $590 million has already been invested in this space, with 2022 being the year with the most significant inflow. This report, Generative AI Startup Landscape in India - A 2023 Perspective, reflects Nasscom's viewpoint on this rapidly growing field. The research analyses the market makeup, financial climate, technology environment, value creation across use cases, and revenue trends/expectations indicated by India's Gen AI firms. Nasscom's advice to various ecosystem actors on what they can do to create a favourable environment that allows the unlocking of large-scale Generative AI potential and encourages market growth are also mentioned.

The report discusses the following points:

• Generative AI is the progressive transition from Artificial Narrow Intelligence to Artificial General Intelligence. 
• In 2022, generative AI firms raised more than $2.5 billion in private investments globally, accounting for nearly 3% of total private investments in AI.
• To date, Indian generative AI firms have attracted over $590 million in private financing, 2022 accounting for roughly 70% of the funding raised.
• Lack of high-quality training data, patient capital, and computational capacity emerged as significant market barriers for entrepreneurs.

Read the report here.