“There are over 4,200 Business to Business (B2B) tech new businesses in India, 63 percent of which, according to a study by NetApp and Zinnov, are taking a shot at big business innovation in the BFSI, medical care, retail and car verticals.
The report, Leveraging Start-Ups to Unlock Digital Opportunities in Large Industries, found that B2B tech organizations are around 44 percent of all new firms, and 43 percent of Indian unicorns are new B2B tech companies. A unicorn is a company with an over $1 billion valuation.
About 24 percent of new B2B companies operate in cutting-edge innovation regions such as AI, blockchain, and IoT and drive cutting-edge technology selection in Indian endeavors.
Mr. Ravi Chhabria, VP, and overseeing chief, NetApp India said, “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. Today’s infrastructure investments mark a clear preference for technology providing business-relevant solutions that can be adopted across the value chain”.
Over 415 new B2B tech companies secured a $3 billion cumulative value subsidy with a two-fold increase in usual financing. An expansion of cloud-conceived new businesses that are using trend-setting innovation to unravel new use cases across companies is a key driver of this growth.
Mr. Pari Natarajan, CEO, Zinnov said, “The global digital engineering spends, which is expected to reach $750 billion by 2023, underscores the trend of accelerating enterprise digital transformation and creates a massive opportunity to be capitalized on. As companies rethink resilience, forge newer partnerships, and leverage the external ecosystem, new-age infrastructure becomes critical”.”