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How AI startups are shaping the Indian economy?

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As the IDC forecasted the AI market in India is worth $7.8 billion by 2025, a compound growth rate (CAGR) of 20.2%. By 2024, the global AI market is expected to be worth $500 billion.

When it comes to the AI market in the Asia-Pacific region, India is the third-largest AI market in 2020 after China and Australia. And that’s a tremendous market potentiality.

IDC forecasts that India will be amongst the fastest growing countries in the region in terms of overall AI adoption for 2020-2025.” 

The AI software market in India is expected to generate revenue of $6.43 billion in 2025. The areas like financial services with conversational platforms.

The retail verticals for supply chain, managing contact centers, demand forecasted, personalized offers. In the healthcare industry, triage, diagnosis, virtual healthcare consultations, and vaccine R&D.

Traffic monitoring and crowd surveillance by AI.

So, which startups are trying to conquer the AI market:-

  • Ripplr: It was founded in 2019 by Abhishek Nehru and Santosh Dabke. It is based in Bengaluru. It is owned and operated by Intelligent Retail Private Ltd. It offers a plug-n-play integrated distribution network for brands. The startup is a Distribution as a service (DaaS) provider. It is involved in asset-light and tech-enabled distribution networks. The e-commerce platform is turning out to be a multi-brand authorized distributor in South India. The revenue generated by the company is $5.09M.
  • Agricx: It was founded in 2016 by Ritesh Dhoot. It is based in Mumbai. It is the world’s first AI-based SaaS stack in the agriculture sector. The transaction in the food supply chain is reinvented by cutting-edge technologies for eliminating inefficiencies. A quality analysis stand-alone app known as Agricx-inspect was launched.
  • It was founded in 2012 by Sudhir Sen, Rajmohan Haridranath, and Shreyas PC. It is based in Bangalore but the headquartered is in Sunnyvale, California. It is a revolutionary app-based automation suite to accelerate human-machine collaboration. It aims in increasing productivity, transform processes, and have unlimited access to creativity and innovation.
  • It was founded in 2016 by Prashant Warier and Puja Rao. It is based in Mumbai. It provides services in the health care industry with AI algorithms for medical imaging. The use of deep learning for abnormalities analysis on X-rays, CT scans, and MRIs. It is backed by Fractal, Sequoia, and MassMutual Ventures. It includes qXR, qER, and qQuant.
  • LogiNext: It was founded in 2014 by Dhruvil Sanghvi and Manisha Raisinghani. It was based in Mumbai but moved its headquarters to the US. It got its office in Singapore, Indonesia, and UAE. It is a transportation and automation startup with logistics data analytics, warehouse management, and asset tracking services. The real-time workforce is tracked by AI-powered software, enabling enterprises or businesses to plan. Even handling the schedule for dispatch and delivery routes.
  • WotNot: It was founded by Mitul Makadia in 2018. It is based in Ahmedabad. It is a B2C no-code chatbot platform with a live chat solution. The features included are version control, autosave, auto-arrange, bot management, undo-redo, and clone. Also, the chatbots are multilingual, cost-effective, and omnichannel. It is available with a built-in analytics suite to track business goals, measure bot engagement and obtain insights about countries, retention rate, funnel analysis, and user behavior.
  • Ishitva Robotic systems: It was founded in 2018 by Jitesh Dadlani and Sandip Singh. The headquarter is based in Ahmedabad. It uses Industry 4.0 technologies, AI, ML, and IoT to segregate waste and recover recyclables. The operating revenue is under Rs. 1 crore and is backed by the NVIDIA Inception program. It includes NETRA (Machine Vision System), SUKA (AI-powered Air sorting), YUTA (AI-powered robotic sorting), and IoT-enabled smart bins. Around 375 MT mix waste and 215 MT of plastics have been sorted out by the company.

However, India is still behind with AI robots. But the startups’ initiatives are marvelous and each catering services in a purposeful way not just for other industries or business operations but also for the societies. 

Well, one thing is true, with innovation and AI robots, the problems with plastics and clean streets in India can be managed purposefully.

Hope to see more Ishitva Robotics systems startups in the Indian market.

Source:- analyticsindiamag

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