Top 8 Indian AI Startups to Watch Out For in 2024

The Indian economy has been evolving with rapid digital changes across sectors. When we make note of the Indian technology and digital business sectors, there have been some extraordinary developments. Which enhances the country’s expertise in many technical domains and brings better prospects for enhancing the quality of life for people.

Keeping in mind AI-led technology developments, a joint report between NASSCOM and BCG report highlights that India’s AI market can be seen touching $17 billion by 2027 with a CAGR of 25-35% between 2024 -2027.

This growth is projected on the backing of the rising start-ups in the AI field in India along with the rising start-ups investing in technology. An article by Times of India mentions that ‘a study published by The Brookings Institution, India is among the top 10 nations in the world in terms of technological advancements and funding in artificial intelligence. Today, India is achieving innumerable milestones with the help of AI. Not just large-scale businesses but also medium and small business leaders are deploying the best practices of AI to ensure growth and development into the mainstream market.’

The article further highlights another striking statistic ‘A joint study conducted by Microsoft and the Internet and Mobile Association of India (IAMAI) revealed that India’s artificial intelligence (AI) market is expected to witness a growth of 20% over the next five years – the second fastest rate globally behind only China.’

These explosive statistics reflect the widespread and innovative use of AI and ML in the country. These AI-led innovations are driving digital transformation initiatives across sectors, accelerating Indian start-ups to a global scale. Start-ups are utilizing AI to automate tasks, increase productivity, detect fraud, conduct a credit-risk analysis, make real-time data-driven decisions, offer better customer services, etc.

Leading AI startups in India

1. Krutrim

Krutrim is Ola’s AI firm that has set a record his year to become the first AI Unicorn from India. It raised $50 million in its recent funding led by Matrix Partners leading to a billion-dollar valuation. Krutrim is focused on building a complete AI computing stack, revolutionizing the AI landscape to drive innovation. Krutrim states it has a ‘large representation of Indic language tokens in the training data.’ It has support for 22 scheduled languages, with generative capabilities for Hindi and other 8 Indian languages.

It offers:
i.Fundamental models for enterprises, researchers, and developers to build generative AI applications.
ii.AI cloud infrastructure to manage access to the model repository and AI computer to scale.
iii.Silicon for AI which is an in-house development and manufacturing of chips optimized for AI computing.

2. Locus

Locus is an AI-driven leading-edge logistics technology start-up in India. It started as a women’s safety application in 2015 called RideSafe with geo-tracking capabilities to track deviations from a pre-defined route. Soon adopted by food tech brands offering the founders a foresight that led to the launch of Locus. The start-up is a logistics technology expert for every mile. With a mission to ‘simplify logistics decision-making with deep-tech solutions.’

Offering solutions in the logistics operations and supply chain operations, Locus is a provider of choice today for Retail, FMCG, and CPG industry brands. The start-up has different assessments of a business that helps them to offer many services, for instance, their Last Mile transformation in just 7 minutes. Where Locus assesses brand data to identify its strengths and uncover new development opportunities to shorten and level up their last mile.

3. Wysa

Wysa is a conversational AI platform that is clinically validated, to offer immediate support for care and human coaching for people in need. It is an AI chat conversation platform that has held over half a billion AI chat conversations with close to five million people on their mental health, spread across 95 countries.

Wysa offers:
i.A conversational AI where people can open up to an AI coach. The brand website mentions that ‘Wysa’s AI is clinically proven to create a therapeutic alliance equivalent to a human therapist within the first week.’
ii.Structured programmes and on-demand self-care
iii.Work with professional options where the start-up offers 1-on-1 sessions with Wysa coaches.
iv.Customized escalation pathways where Wysa SOS feature guides people in need towards local and national crisis helplines. Along with offering a safety plan and practice for grounding exercises.

4. Haptik

Haptik is an AI enterprise that manages the customer lifecycle with generative AI. It is designed to build lasting customer relationships using AI. The brand claims on its website that it aims to:

i.power up support by unifying cross-channel customer conversations
ii.enable marketing to engage in personalized interactions
iii.Ignite sales for higher conversations.

Its generative AI assistant offers a seamless customer experience across multiple customer-facing touchpoints. Like Websites, WhatsApp, Instagram, Messenger, Google, etc. Haptik’s solutions are industry-specific, and designed to increase their leads, transactions, and repeat purchases. From retail, insurance, fintech, healthcare, and education to media & entertainment, Haptik works across sectors. The start-up is trusted by several leading organizations like Paytm, Castrol, Whirlpool, OLA, P&G, Dream11, etc.

5. ElasticRun

This is a technology-driven logistics platform. To transform how goods and services are delivered in India. The platform uses AI and ML to optimize logistics operations and connect businesses with on-ground entrepreneurs’ networks. Helping with last-mile delivery, procurement, etc.

6. Mockey utilizes the power of AI to offer users mock-up generation for design and prototyping purposes. It specializes in AI-powered designs with a range of tools to assist users in creating real and visually appealing mock-ups for websites and mobile applications. Highly useful for designers.

7. Hunto is a detailed-oriented cybersecurity service. It offers complete lifecycle protection against external threats with its three-phased approach of discovery, monitoring, and enforcement.

8. MachineHack

Its platform is for the dynamic generative AI community. Offering an exclusive environment for data scientists, machine learning enthusiasts, and developers to converge to tackle real-world challenges.

These Indian AI start-ups are offering invaluable services to various sectors and professionals. Becoming an indispensable resource that aids in elevating customer experience, securing brands’ digital assets, operational efficiency, etc.

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