Deep Tech

India’s startup boom was fueled by consumer tech. Is deeptech the next frontier?

Nikhil Patwardhan

January 20, 2025 | 14 Min Read

Despite being the world’s third-largest, India’s startup and venture capital ecosystems have a relatively small footprint in the deeptech sector. But can this decade be dominated by deeptech companies?

Kaushik Mudda cuts a frustrated figure. “There are barely any funds in India that haven’t passed on Ethereal in the past,” says Mudda, co-founder, and CEO of Ethereal Machines, speaking candidly about the struggles of fundraising as an Indian deeptech startup.

“We used to write investment theses and give them to investors, only to hear that the material was great but they wanted further information to be given from third party market studies/surveys/reports. These reports are usually expensive and not something startups can afford to buy,” Mudda recounts.

Founded over a decade ago by engineering graduates Mudda and Navin Jain, Ethereal Machines claims to be an innovator in 5-Axis CNC machining technology in India. CNC, or Computer Numerical Control, machines are widely used across industries to manufacture precise parts and components, with 5-Axis CNC machines able to do so with maximum precision and minimal manual intervention.

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