Goldman Sachs Forecasts $100 Billion Growth for India AI Market
Goldman Sachs estimates India's listed AI market capitalization could grow by up to $100 billion as private startups transition toward initial public offerings.
Financial services firm Goldman Sachs reports that India's listed artificial intelligence market could increase its market capitalization by $50 billion to $100 billion over the next two to five years. This projected growth stems from the transition of privately held AI companies toward initial public offerings.
The firm identified 84 private Indian companies within the AI value chain with a combined value of $55 billion. Goldman Sachs estimates that 25-50% of the 71 mid-to-late stage companies could go public at an average valuation four times their current value.
Investment in the sector has surged, with private equity funding for Indian AI startups tripling since 2024, rising from $1.6 billion to $5 billion in 2025. By 2026, AI accounted for approximately 20% of all private equity funding in India. While the market is currently concentrated in AI infrastructure, the report suggests future listings will likely expand into enterprise services, conversational AI, and healthcare AI.
