India’s IoT started out slow, but it’s time to pick up pace
India’s IoT journey is only about five to seven years old, but has been suffering from being stuck in long sales cycles and generating little revenue. Of the 40 Indian IoT companies surveyed by YS Research, three had annual revenue in excess of Rs 5 crore as of FY2017. All the 40 companies have raised money, with 28 of having raised $67.68 million in venture capital funding.
“There are several new-age entrepreneurs using their software knowledge to extract data from digital devices on a real-time basis and create AI and Machine Learning platforms on top to make human-machine interaction better,” says Prabhu Ramachandra, founder of Facilio.