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During the same period, investments in Gen AI startups in the US saw an increase by three times, while investments done by big tech companies in Gen AI startups also saw a 1.25x increase.
Top global hyperscalers are expanding their infrastructure investments across geographies, with over $80 billion in commitments announced towards data centre and cloud capacity over the next 10-15 years, Nasscom said.
Revenue from Gen AI is also gradually appearing as top IT companies are now prepared with strong use cases. For instance, Accenture announced $2 billion in Gen AI revenue booked during H12024. India’s largest software exporter TCS also reported $900 million in Gen AI revenue booked during this period, with 10% in production to be billed within FY 2025.Sangeeta Gupta, chief strategy officer, Nasscom said, “As GenAI continues to revolutionise the tech landscape, the tech industry in India is leveraging this technology both in-house and for client solutions. The focus is on guiding clients through their entire Gen AI journey, from identifying impactful use cases to
executing proofs of concept, while upskilling their workforce with essential expertise. The industry has seen a sevenfold increase in Gen AI activities, including business prospecting, talent development, partnerships and new product launches, solidifying Gen AI as a top strategic priority for tech services companies.”
Key insights
Startups:
- Gen AI saw a lagged effect of the ‘funding winter’, with decline seen in H12024. By contrast, overall tech startup funding rose globally and in India.
- All Gen AI investments in India in H12024 were in the early stages — deals within $50 million. Globally, marquee investments were in late/growth stages — in US, 2/3rd of H12024 investment deals were over $150 million.
- This year, greater investor funding went towards enterprise Gen AI platforms, relatively less towards application-based ones, unlike H12023. In the US, over 50% funding went to foundation model startups.
- Matrix Partners India emerged a key investor across multiple funding rounds.
Enterprises:
- In India’s tech industry, Gen AI activity rose 7x since H1 2023 across business prospecting, talent development, partnerships, new product launches.
- 2024 saw transition to product launches after strategic partnerships forged in 2023, with revenue in sight. Focus is on building and platformisation of cross-sectoral and vertical Gen AI use cases.
- Enterprises turned to consultative business prospecting for guidance on use case selection, PoCs, decision-making around production, data privacy and security challenges.
- One million employees trained on Gen AI since H1 2023 — 3,50,000 in H12024.
