India is fast emerging as a global hub for artificial intelligence and deep tech innovation. Gone are the days when Indian startups merely built consumer apps or outsourced tech services. Today, a new generation of R&D-heavy companies is laying the groundwork for AI infrastructure, foundational models, and indigenous IP that can compete globally.
This shift is being driven by a powerful mix of factors: abundant engineering talent, maturing startup ecosystems, rising venture capital interest, and a strong push for self-reliance under the Digital India and Atmanirbhar Bharat initiatives. As a result, Indian deep tech startups are not just solving local problems; they’re building platforms with global relevance and ambition.
In this report, we spotlight five standout ventures that exemplify this transformation:
- SigTuple Technologies is automating pathology labs with AI-powered microscopes, making diagnostics faster and more accessible.
- InMobi is leveraging AI to redefine personalized mobile advertising for billions of users worldwide.
- Sarvam AI is developing India’s response to ChatGPT, utilizing large language models trained in Indic languages.
- Niramai is enabling non-invasive, AI-led breast cancer detection using thermal imaging.
- Krutrim, backed by Ola’s Bhavish Aggarwal, is creating India’s first full-stack AI solution, from chips to cloud to models.
These aren’t just startups. They’re the builders of India’s AI backbone, solving for real-world use cases, creating high-value intellectual property, and laying the foundation for sovereign AI infrastructure.
And while their ambitions are bold, their progress is backed by hard data.
📊 FY2024 Revenue Snapshot
🔍 Analysis: FY2024 Revenue Trends
1. InMobi – ₹463.98 Cr
As expected, InMobi continues to lead the pack in terms of scale. With ₹463.98 Cr in revenue in FY2024, it dominates India’s deep tech ecosystem in terms of commercial maturity. Although this figure is lower than previously estimated figures, the reported ₹463.98 Cr may reflect the India-registered entity alone. InMobi’s business, focused on AI-enabled mobile advertising and content delivery, has achieved product-market fit and operational scale. The company has diversified into verticals like Glance and Roposo, and it is likely optimizing for profitability amid global ad-tech slowdowns.
2. Niramai – ₹9.85 Cr
Niramai Health Analytix continues its steady growth as a health-focused AI startup. With ₹9.85 Cr in FY24 revenue, it reflects rising traction in hospital deployments and diagnostic camps, especially across Tier 2/3 India. The company’s AI-led thermal imaging solution is likely gaining ground in institutional partnerships, including CSR arms of corporations and government health bodies. Though not explosive, this revenue base is built on strong clinical validation, regulatory clearances, and public health impact,a foundation for sustainable scale.
3. Sarvam AI (Axonwise) – ₹9.2 Cr
In just its first full year of operation, Sarvam AI clocked ₹9.2 Cr, impressive for a foundational AI company still in the model-building phase. This early revenue could stem from enterprise pilots, developer partnerships, or LLM-as-a-service platforms for Indic languages. It signals market demand for localized LLMs and may also include grant funding or contracted R&D. For a research-heavy firm, this scale is a strong validation of its GTM strategy and product relevance.
4. SigTuple – ₹5.81 Cr
SigTuple, one of the earliest entrants in AI-powered healthcare diagnostics, reported ₹5.81 Cr in FY2024. While not a massive topline, it’s a notable rebound from earlier volatile years. The company operates in a highly specialized domain, robotic microscopes and AI-led slide interpretation, targeting pathology labs and hospitals. Sales likely include B2B SaaS components, medical device leases, and service fees. The challenge remains scaling in a capital-intensive, high-certification healthcare segment, but the company is showing resilience.
5. Krutrim – ₹3.09 Cr
Krutrim, despite being in its infancy, reported ₹3.09 Cr in revenue, a strong start for a company that aims to build India’s full-stack AI ecosystem (from chips to models to cloud). The revenue might come from early Kruti (AI assistant) integrations, cloud compute credits, or bespoke AI deployments with enterprise clients. For a startup working on custom silicon and AI infrastructure, revenue this early is a signal of commercial confidence, even though the focus is still heavily on R&D investment.
🔬 SigTuple Technologies Private Limited (SigTuple)
Overview: SigTuple, based in Bengaluru and founded in 2015, is transforming pathology diagnostics through artificial intelligence. The company develops AI-powered robotic microscopes and intelligent software to automate manual microscopy in pathology labs.
Products & Technology:
- AI100: A robotic slide scanner that automates the process of capturing microscopic images.
- Shonit: A deep-learning system that interprets blood smear slides, delivering faster and more accurate reports.
- Cloud-AI Infrastructure: Enables real-time diagnostics and scalable data interpretation for pathology labs.
Impact: SigTuple is making diagnostics more accessible and consistent, especially in Tier 2/3 towns where expert pathologists are scarce. Its tools reduce diagnosis turnaround times and human error.
Financial Snapshot:
| Year | Revenue (₹ Cr) |
| FY2021 | 4.87 |
| FY2022 | 1.23 |
| FY2023 | 4.94 |
| FY2024 | 5.81 |
Outlook: SigTuple continues to focus on hospital integrations and expanding to newer test categories such as urine analysis and semen tests. Its technology has global relevance.
📱 InMobi Technology Services Private Limited (InMobi)
Overview: InMobi is one of India’s earliest unicorns and operates at the intersection of mobile advertising and AI. While known for its adtech platform, InMobi integrates AI deeply into user engagement, personalization, and predictive targeting.
Products & Technology:
- InMobi Ad Platform: AI-based ad recommendation engine for app developers and marketers.
- Glance: AI-driven content delivery on smartphone lock screens, offering personalized video, shopping, and news experiences.
- Generative AI Tools: Recently launched to enhance dynamic content and contextual advertising.
Impact: InMobi enables high-performance marketing for brands and delivers content to over 1.5 billion devices globally. It represents the successful export of India-built AI at scale.
Financial Snapshot:
| Year | Revenue (₹ Cr) |
| FY2021 | 250.01 |
| FY2022 | 415.94 |
| FY2023 | 589.57 |
| FY2024 | 463.98 |
Outlook: InMobi is expanding its AI stack into commerce and gaming and exploring synergies between Glance, Roposo, and programmatic adtech.
📚 Axonwise Private Limited (Sarvam AI)
Overview: Sarvam AI, founded in 2023 by Vivek Raghavan and Pratyush Kumar, is India’s ambitious foundational AI company focused on building large language models (LLMs) tailored for Indian languages.
Products & Technology:
- Sarvam-1: A powerful LLM trained on 2 trillion tokens across multiple Indian languages.
- Sarvam 2B: A 2 billion parameter model optimized for inference in low-resource environments.
- Indic LLM Stack: Currently developing a 70 billion parameter multilingual model that understands cultural context.
Impact: The company addresses the underrepresentation of Indian languages in global AI models. Its innovations are set to power next-gen chatbots, voice assistants, and e-governance solutions.
Financial Snapshot:
| Year | Revenue (₹ Cr) |
| FY2024 | 9.20 |
Outlook: Sarvam AI is positioning itself as the OpenAI of India. Backed by Peak XV, Khosla Ventures, and Lightspeed India Partners. It includes compute infrastructure, language corpus, and deployment partners.
🎗 Niramai Health Analytix Private Limited (Niramai )
Overview: Founded in 2016 is pioneering AI-driven thermal imaging for early breast cancer detection. Its solution is privacy-aware, radiation-free, and scalable across rural and urban centers.
Products & Technology:
- Thermalytix: A patented AI platform that analyzes thermal images to detect abnormalities.
- Cloud-based Diagnostics: Enables remote analysis and mass screening.
- Other Applications: Now extending to fever screening, TB, and other infectious diseases.
Impact: Over 75,000 women have been screened using Niramai’s platform. It is also helping CSR units and governments run rural health checkup camps at scale.
Financial Snapshot:
| Year | Revenue (₹ Cr) |
| FY2021 | 5.77 |
| FY2022 | 5.75 |
| FY2023 | 9.41 |
| FY2024 | 9.85 |
Outlook: Niramai is expanding internationally, especially in Southeast Asia and Africa. It continues to invest in new AI modules and FDA approvals for global scale-up.
💡Krutrim SI Designs Private Limited (Krutrim SI )
Overview: Krutrim, launched in 2023, aims to build India’s full-stack AI infrastructure, from LLMs to custom chips and cloud computing. It is engaged in the business of creating silicon chips, cloud infrastructure to deliver solutions to customers, and AI models.
Products & Technology:
- Kruti: A generative AI assistant built for Bharat, capable of understanding Indic language queries.
- Krutrim Cloud: A secure, domestic alternative to AWS/GCP for enterprise AI workloads.
- Custom AI Chips: Under development to optimize inference costs and enable edge AI.
Impact: Krutrim is India’s first AI unicorn and arguably the boldest bet on homegrown compute capability. It plans to power sectors like education, governance, and MSMEs with accessible AI.
Financial Snapshot:
| Year | Revenue (₹ Cr) |
| FY2024 | 3.09 |
Outlook: The company is building a 100+ team to deliver on its vision. If successful, Krutrim could be India’s NVIDIA + OpenAI rolled into one.
Conclusion: India’s AI Ascent is Just Getting Started
India’s deep-tech revolution has quietly gathered momentum, and the five startups spotlighted in this report stand as powerful symbols of what’s possible when vision meets execution. SigTuple, InMobi, Sarvam AI, Niramai, and Krutrim are not just building products; they’re crafting the technological foundations for an AI-powered future tailored to India’s unique needs.
What makes this story compelling isn’t just the scale, it’s the substance. These companies are tackling some of India’s most complex and meaningful challenges:
- How do we bring high-quality diagnostics to every tier-2 town?
- How do we personalize experiences for over a billion mobile users?
- Can India speak to machines in its languages?
- Can cutting-edge cancer detection be non-invasive, affordable, and scalable?
- And finally, can India own the AI stack, from chips to models?
Their approaches are bold, their technologies are deep, and their ambition is global. Yes, the revenue numbers are still small compared to global giants, but that misses the point. Deep tech grows differently. It builds slowly, compounds fast, and when it clicks, it creates defensible, nation-building outcomes.
The data shared here, powered by PrivateCircle, gives us a first look at the financial green shoots of this sector. It proves that India’s AI narrative is not just press releases and promises; its revenue, impact, and infrastructure are taking root.
As India pushes ahead with policies like the IndiaAI Mission, builds compute infrastructure, and nurtures public-private collaboration, these companies are already laying the foundation. They are not just riding the AI wave. They are helping define its direction.
In the decade ahead, India won’t just consume AI, it will create it, train it, deploy it, and export it.
The world is watching. And India is building.