Nasscom Centre of Excellence for internet of things (IoT) and artificial intelligence (AI) CEO Sanjeev Malhotra has said that India has the third-largest ecosystem for start-ups in the world and the number of such firms is growing significantly with ten per cent being added every year.
Malhotra said there has been significant growth in the number of companies and funding organisations which are attributing to this cause. But, he said there is a need to build start-ups in areas of core research. He also stated that most of the start-ups are on the application side, while a lot of work has also been done in the field of software-aided services.
He said the centre of excellence is the largest tech innovation ecosystem in the country, comprising start-ups, innovators, enterprises and the government. He noted that more unicorns are in the making in the country, and the funding pattern is getting healthier. In business terms, he said a unicorn is a privately held start-up company valued at over $1 billion.
