Startup firms play a key role in bringing innovation and chasing novel ideas in their country of origin. These companies push a country towards developing new generation products or services. India, in the recent years have also witnessed several different Research and Development (R&D) startups, catalyzing innovation across various sectors. In 2023, India ranked 4th in the total startup output, behind US, China and UK. This article explores key developments in R&D startups in India, offering insights into their contributions and the evolving landscape.
India’s Unicorn surge with its aggregate valuation (startuptalky.com)
Number of startups in India as of December 2018, by state (statista.com)
Semiconductor companies have recently been on the rise because of large chip shortage globally. Huge amount of startups have come up in different countries along with large expansions by some world known companies like Taiwan Semiconductor Manufacturing Company (TMSC), Intel etc. India isn’t far away in this race either. With the motives of manufacturing semiconductors in house, a lot of semiconductor startups have recently come up. Some of the recent startups in this sector are:
AGNIT semiconductor is one of them which originated from Indian Institute of Science, Bengaluru and was established in 2019. They are specialized in GaN type semiconductors with focuses on defense and telecommunication sectors. Last year, in 2023, they were also able to finalize a contract with the Ministry of Defense, being one of the most successful contracts for the company. Incore semiconductors was established a year before AGNIT, in 2018 with headquarters at the IIT Madras Research Park. This company specializes in 5th generation RISC/RISC-V processor cores and have recently raised 3 Million USD from Peak XV Partners. Founded in 2018, Sandlogic is another semiconductor startup that has been in the limelight for their works in automation and Artificial Intelligence (AI) models. This firm has been working on voice fingerprinting to identify speakers amongst other similar automation work. Some of the other rising R&D startups in this field include Oakter (launched in 2015), Saankhya Labs (Launched in 2007) and Terminus Circuits (Launched in 2010). In 2017, Oakter became the launch partner of Amazon Alexa in India and has ever since worked with well-known companies like Sony, along with collaborations with DRDO in 2020. Saankhya Labs specializes in Integrated Circuit manufacturing which in turn is used in broadband connectivity, satellite communications, 5G Radios and others. Terminus Circuits, partnering with TMSC has also been contributing heavily to AI, Machine Learning (ML) and 5G applications.
With ever growing global population, innovation in healthcare sectors have become more important than ever. Some of the recent startups in the healthcare sector are:
Indian startups like Practo and Portea Medical have been instrumental in leveraging technology to address healthcare challenges. These two companies have redefined patient care by integrating digital platforms. Practo was founded in 2008 and it works in bringing patients closer to doctors through digitalization. They claim to be able to connect patients to doctors through an instant video consultation within 60 seconds. Portea Medical, founded in 2013, has enabled several different medical care facilities at home, including elder care and lab tests done at the comfort of the patient’s home. Currently, they are in 24 cities with a mission to provide affordable and more accessible in-home medical support. Zebra Medical Vision’s work in medical imaging and SigTuple’s diagnostic solutions underscore the transformative potential of AI in
Indian healthcare. Several other startups like Mitra Biotech and Pandorum Technologies are specializing in biotechnology and regenerative medicines and their contributions have positioned India on the global healthcare map.
For decades, India has been known for its agriculture. Fertile land and favorable weather makes India the largest producer of milk, pulses and spices. It is also the second largest producer of wheat and rice along with large production of other agricultural products like several dry fruits, agriculture-based textile raw materials, roots and tuber crops and pulses, amongst others. Innovation in agriculture helps India to keep uplifting productions in the global market. Some of the recent startups in the agricultural sector are:
Agricultural R&D startups like CropIn (founded in 2010) and AgNext (founded in 2016) are harnessing technology to enhance crop yield and transform farming practices. Ever since their foundation, CropIn has raised millions of dollars worth of investments from big investor firms including Bill and Melinda Gates Foundation. AgNext was incubated in IIT Kharagpur and offers digitalization of food quality assessment using AI for automated and instant food quality results. This company has also secured different prestigious awards throughout their journey including “Google for startup accelerator program” and “Best AgriTech Startup award by Ministry of Agriculture, India”. Companies like these are leveraging data analytics and IoT devices to revolutionize the agricultural sector, contributing not only to India’s food security but also impacting global agricultural practices.
In the last few years, AI and ML technology has been implemented in every sector throughout the world. India has also been witnessing a burgeoning ecosystem of R&D startups specializing in AI and ML. Startups from different sectors in India have used these tools for faster and more accurate automation of technology. This is the reason why AI and ML can often be an inclusive discussion within other sectors. In this section, the implementation of AI and ML in sectors that have not been included above, has been discussed. Some noteworthy startups in this sector are:
Startups like Rubique in finance and Embibe in education are pushing the boundaries of AI applications. Rubique was founded in 2014 and it works with different financial institutions to analyze large data sets of customers to show their financial situations, as needed by these institutions. Embibe, on the other hand, uses AI to provide personalized educational feedback services for students. Its rising succusses paved its path towards being acquired by Reliance Industries in 2018.
With the global crunch in Fossil fuel-based energy production, renewable energy has turned out to be an important sector for the development of any country in the 21st century. India’s path towards sustainable energy sources is being played by several R&D startups. Some of the startups in this sector that needs to be mentioned are:
ReNew Power, founded in 2011, focuses on solar and wind projects and has turned into a leader in renewable energy. The company has rebranded itself as ReNew in 2023 and is operating more than 140 projects in nine states of India. Log 9 Materials, founded in 2015 was incubated in IIT Roorkee. This company, with its graphene-based technology, is making strides in advanced energy storage solutions.
The fight for space exploration has also been on the rise recently. Consistent successes by Indian Space Research Organization (ISRO) for multiple missions like Chandrayaan-3, Aditya-L1 and many others have surely motivated many startups in the space technology sector. Some of the recent startups that have been successful in this sector are:
In India, the race for space is being fueled by startups like SpaceFields (founded in 2021), Pixxel (founded in 2018) and Agnikul Cosmos (founded in 2017). SpaceFields has been working on sustainable fuels like green hydrogen and is custom building solid propellant rocket engines. Agnikul Cosmos also specializes in rocket propulsion systems while Pixxel specializes in satellite technology. These startups have altogether boosted India’s prominence in the global space industry in the recent years.
Number of startups in space technology has increased by a a few folds in the last few years (economictimes.indiatimes.com)
Despite their contributions, R&D startups face challenges such as funding constraints and regulatory hurdles. Initiatives like ‘Startup India’ and various government funding schemes are addressing these challenges, creating an environment conducive to startup growth.
“India lacks no talent, and has opportunities from multiple standpoints like a fast-growing economy and a fairly stable democracy. What we need now is continued and increased government investment, and involvement of big companies”: Dr Gopichand Katragadda, president of Institution of Engineering and Technology (IET).
Written By- Dr. Maharshi Dey
Sr. Scientist, UbiQD, Inc.