PUNE: There are over 4,200 business to business (B2B) tech startups in India, 63% of which are working on enterprise technology in the BFSI, healthcare, retail and automotive verticals, according to a report by NetApp and Zinnov.
The study, Leveraging Start-Ups to Unlock Digital Opportunities in Large Enterprises, found that about 44% of all startups are B2B tech companies and 43% of Indian unicorns are B2B tech startups. A unicorn is a firm with a valuation of over $1billion.
About 24% of B2B startups operate in areas of advanced technology like AI, blockchain and IoT, and are driving adoption of advanced tech in Indian enterprises.
“Big data, analytics, AI, and ML are advanced technologies in focus for B2B startups. Enterprises in every industry want to gain the first-mover advantage using the power of these technologies,” said Ravi Chhabria, VP and managing director, NetApp India. “Today’s infrastructure investments mark a clear preference for technology providing business-relevant solutions that can be adopted across the value chain.”
Over 415 B2B tech startups received a cumulative equity funding of $3 billion with a two-fold growth in average funding. A key driver of this growth is an increase in cloud-born startups that are using advanced technology to solve new use cases across industries.
“The global digital engineering spend, which is expected to reach $750 billion by 2023, underscores the trend of accelerating enterprise digital transformation and creates a massive opportunity to be capitalised on. As companies rethink resilience, forge newer partnerships, and leverage the external ecosystem, new-age infrastructure becomes critical,” said Pari Natarajan, CEO, Zinnov.
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