The Next Billion-dollar Leap

India's future unicorn bets are not on consumer apps, but on research-based, transformational products rooted in deep technologies.

- PADMAJA RUPAREL Co-founder, IAN Group

CONSUMER APPS HAVE scripted a unique success story in India: they are transforming the way we eat, shop, and make payments, thus helping us to embrace technology at an accelerated pace. As they expand geographically, these billion-dollar businesses have also inspired and enabled a new wave of entrepreneurs who keep deep technologies at the core to build research-based, transformational products in AI, semiconductors, spacetech, quantum computing, and robotics. They aren't just solving global problems; they are reshaping the future of Indian innovation.

They have also enhanced the value of the software industry built by the first wave of entrepreneurs by enabling them to better understand their customers, add enhanced features to their products, and scale for larger markets through new offerings.

Bucking the past, entrepreneurship is increasingly becoming the first choice of career for many. With a rising appetite for experimentation, the ecosystem has evolved to accept failures. As deeptech startups thrive in incubators, R&D labs, research parks, co-working spaces, and universities across the country, the infrastructure has also stepped out of the labs. Along with policy reforms, digitisation efforts, and a focus on protecting intellectual property (IP), well-equipped lab spaces with clean rooms, freezers, latest equipment, research access, etc., are being built today. As a result, between 2020 and 2024, India saw a 44% rise in IP filings.

Levers of acceleration

To truly position India as a global leader in deeptech, the ecosystem must rally around four core levers: research, regulation, risk capital, and talent.