India’s Generative AI Startup Landscape Report, 2023 by Inc42 Media

INDIA’S DIGITAL ECONOMY

GENERATIVE AI STARTUP ECOSYSTEM IN INDIA

INDIA’S STARTUP ECONOMY

LIST OF 30 ACTIVE GENERATIVE AI STARTUPS IN INDIA

GENERATIVE AI MARKET OPPORTUNITY: INDIA & THE WORLD

WHAT IS GENERATIVE AI

GENERATIVE AI APPLICATIONS IN INDIA

ARTIFICIAL INNOVATION LIFECYCLE

KEY CHALLENGES & GROWTH DRIVERS IN INDIA

GENERATIVE AI: INDIAN STARTUP LANDSCAPE

ARTIFICIAL INTELLIGENCE: AT THE CENTRE STAGE OF WORLD’S FIFTH INDUSTRIAL REVOLUTION

India To Have 900 Mn+ Active Internet Users By 2025 By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female 2022 Smartphone users

Internet users

Urban internet users

Rural internet users

931 Mn+

759 Mn+

360 Mn+

399 Mn+

SOURCE: IAMAI, INC42 ANALYSIS

2025 (E)

1.1 Bn+

900 Mn+

396 Mn+

504 Mn+

% Growth (Absolute)

22%

19%

Internet Penetration (Active Users)

5G Enabled Indian Cities/towns

52%

7K+

Urban Internet Penetration (Active Users)

Number Of Male Internet Users

71%

395 Mn

Cost Of 1GB Internet

Number Of Female Internet Users

$0.17

349 Mn

10%

26%

The State Of Indian Startup Economy 3rd

Largest Ecosystem In The World

768K+ Jobs Created In The Past Six Years

68K+ Indian Startups Launched To Date

$143 Bn+ Funding Raised By Indian Startups

111

5.3K+ Funded Startups In India

Indian Startups In The Unicorn Club

9.5K+

Investors Participated In Startup Funding

$500 Bn+

1.2K+

M&A Deals Recorded

24 Listed Indian Internet Companies

Source: Inc42 Note: Funding data is for the period between 2014 and June 2023

Combined Valuation Of Indian Startups

1780

Mass production, Assembly line, Electricity

1900

Source: A research paper by Xiao Chen (Technical University of Denmark), Inc42 Analysis

1970

20 YEARS

Computer and Automation

30 YEARS

70 YEARS

Machinery, Water power, Steam power

120 YEARS

Artificial Intelligence: At The Centre Stage Of World’s Fifth Industrial Revolution

Internet and cyber-physical systems

2000

Human-cyberphysical systems (HCPS)

2020

The fifth industrial revolution will be impacted by techs like artificial intelligence, quantum computing, and Web3.

What Is Generative AI What Is GenAI? GenAI is a form of artificial intelligence designed to create new content by learning from existing data. Leveraging advanced algorithms, it produces unique outcomes that mimic human creativity. What Is Predictive AI? Predictive AI is engineered to forecast outcomes based on the analysis of historical data and existing information. These systems employ machine learning algorithms to identify trends and statistical patterns within large sets of data.

Difference Between Generative AI & Predictive AI Features

Predictive AI

Creates new content

Analyses data

Uses machine learning

Simulated results

Ideal Use Case Soure: Google, GEEKFLARE, Inc42 analysis

Generative AI

Automated Content Generation In Text, Image And Video For Areas Such As — Marketing, Production, Music, Among Others

Market Forecasting, Data Analytics, Consumer Intelligence

Generative AI Vs Predictive AI: What Sets Them Apart

Data

Labels

Predictive ML Model Output

Label

Output

New Content

Learns relationship between data and label

GenAI Model Inputs Unstructured Content Source: Google’s Introduction to Generative AI

Learns patterns on unstructured content

How Generative AI Works

Generate new content

Training code

Foundation Model

Text Generation

Generate new content

Code Generation

Generate new content

Image Generation

Labelled data

Unlabelled data Source: Google’s Introduction to Generative AI

The Generative AI Application Landscape Marketing (Content) Sales (email)

Gaming Code generation

Image generation RPA

Support (chat/ email) Code documentation

Consumer/ Social

Text to SQL

Media/ Advertising

Other

Web app builders

Design

Voice Synthesis

Video editng/ scenes

3D Models/ scenes

Biology & Chemistry

TEXT

CODE

IMAGE

SPEECH

VIDEO

OTHER

OpenAi GPT-3

OpenAi Dall-E 2

OpenAi

Microsoft X-CLIP

DreamFusion

Tabnine

Stablr Diffusion

Meta Make -A - Video

NVDIA GET3D

Music

General writing Note taking

OpenAi GPT-3

Audio

DeepMind Gopher Facebook OPT Hugging Face Bloom Cohere Anthropic AI2 Alibaba,Yandex, etc. Source: Sequoia Capital

Stability.ai

Crayon

MDM

Generative Artificial Intelligence (GenAI) Innovation Timeline PRE - 2000

TEXT

CODE

Spam detection Translation Basic Q&A

1- line auto- complete

2000

2022

2023?

2025?

2030?

Basic Copy writing First drafts

Longer form Second drats

Vertical fine tuning gets good ( scientific papers,etc)

Final drafts better than the humon average

Final drafts better than professional writers

Multi-line generation

Longer form Better accuracy

More Languages More Verticals

Text to product (draft)

Text to product (final) better than full-time developers

Mock-ups ( product design, architecture, etc.)

Final drafts (product design, architecture, etc.)

Art Logos Photography

IMAGE

VIDEO / 3D / GAMING

First attempts at 3D/ Video models

Public Launch of ChatGPT 3 (Nov 2022) Source: Sequoia Capital

Large model availability:

Basic / first draft videos and 3D files

First attempts

Second drafts

Almost there

Final drafts better than professional artists, designers, Photographers AI Robolox Video games and movies are personalised dreams Ready to prime time

Key Statistics From Generative AI Startup Ecosystem In India 70+ Native GenAI Startups In India $440 Mn+ Raised By Native GenAI Startups Since 2019 1 In Every 3 Indian GenAI Startup Is Working In Code & Data Segment 81% GenAI Products From India Have Sector-Agnostic (Horizontal) Use Cases Bengaluru Is Home To The Highest Number Of GenAI Startups In India 80+ Indian Institutional Investors Have Backed GenAI Startups 88% Indian GenAI Startups Are In Seed Stage 58% Indian GenAI Startups Are Founded In Or After 2021 Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

India’s GenAI Startup Landscape Audio & Video

Code & Data

Image Generation & 3D Modelling

Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

Text & Chatbots

India’s GenAI Startup Landscape: Native Vs Adopters GenAI Natives

GenAI Adopters

GenAI Natives: Startups that began their business operations offering products or services anchored in transformer LLM models. GenAI Adopters: Startups that initially launched without leveraging transformer-based LLM models in their products or services, but later integrated this technology into their core or supplementary offerings.

Source: Inc42 Note: This is not an exhaustive list

Segment Wise Distribution: GenAI Startups In India Between 2019 and September 2023, Indian generative AI startups secured over $440 Mn in funding Application Layer (Segment)

Code & Data

Audio & Video

Image Generation & 3D Modelling

Text & Chatbots

Total Active Startups

20+

18+

12+

14+

Total Capital Raised

Use Case

$360 Mn+

Code Generation, Text To Sql, Insight Generation, Web/App Development

$33 Mn+

Voice Synthesis, Text To Video, Audio/Video Editing

$17 Mn+

Image Generation, Editing, Digital Marketing Creatives, 3D Modelling

$34 Mn+

Note Making, Email Writing, General Writing, Customer Support

Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

Notable Startups

One In Three Indian GenAI Startups Target The Code And Data Segment

Segment (Output)

Code & Data The Code & Data aspect of GenAI encompasses features such as generating code, crafting documentation, and converting text to SQL.

Audio & Video

A range of modern SaaS startups, from digital marketing to app development and big data, are looking to leverage GenAI to enhance user experience and streamline operations.

Text & Chatbots

Image Generation & 3D Modelling

10%

20%

30%

% of total GenAI startups Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

40%

Mapping The States: The Geographic Spread Of India's GenAI Startups Karnataka hosts 44% of India's generative AI startups Indian States

Total Capital Raised

Active GenAI Startups

Karnataka

$401 Mn+

31+

Delhi NCR

18 Mn+

13+

Maharashtra

$10 Mn+

10+

Telangana

$380K+

Gujarat

$9 Mn+

Notable Active Startups

Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

88% Of India's GenAI Startups Are In Early Stage Total Capital Raised

Seed Stage

$50 Mn+ Growth Stage

Growth Stage

$58 Mn+ Late Stage

Late Stage

$338 Mn+ 0%

25%

50%

75%

% of total GenAi startups Source: Inc42 Note: We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023

100%

Investors Backing GenAI Startups In India Number Of Startups Backed

Notable Funded Startups

Kroop AI, Metabrix, Vitra.ai, Vodex

DhiWise, Spyne, dubdub.ai

Floworks, Garvik AI, Orbo

Spyne, Scalenut

Hexo AI

NeuroPixel.AI, REZO

DhiWise, hyperagro.ai

Source: Inc42 Note: This is not an exhaustive list | We have only included native GenAI startups for this analysis | Funding data is for the period between 2019 and Q3 2023 | Only publicly disclosed deals have been considered for this analysis

Number Of Startups Backed

Notable Funded Startups

Aspiro, Beatoven.ai, NeuroPixel.AI, syncsense

Pixis, Unsqript, Visualdub

DentalDost, Expertia AI, LimeChat

hypergro.ai, NeuroPixel.AI

Dubverse, Zocket

Observe.AI, WorkHack

Alltius, kombai.com, Unscript

Contlo, Scalenut

Observe.AI, Baselit, Play.ht

A List Of Generative AI Startups In India Company Name

Total Funding

Notable Investors

Bengaluru

$2.4 Mn

Stellaris Venture Partner, Gemba Capital, peercheque

Seed Stage

Bengaluru

$0.2 Mn

Indian Angel Network

Code & Data

Seed Stage

Bengaluru

$0.5 Mn

Y Combinator

Audio & Video

Seed Stage

Bengaluru

$1.1 Mn

Entrepreneur First, Redstart Labs

Image Generation & Editing

Seed Stage

Bengaluru

$3.1 Mn

Surge Ventures, Surge, PointOne Capital

Text & Chatbots

Seed Stage

USA/ Bengaluru

$4.3 Mn

Titan Capital, Better Capital, Arjun Vaidya, Varun Alagh, Kae Capital

Code & Data

Growth Stage

Surat

$10 Mn

Accel, India Quotient, Dholakia Ventures

Audio & Video

Seed Stage

Bengaluru

$1.8 Mn

Waveform Ventures, Accel Atoms, Forward Capital Fund, Force Ventures

Audio & Video

Seed Stage

Delhi NCR

$0.3 Mn

Venture Catalysts, Anicut Angel Fund, First Cheque

Audio & Video

Seed Stage

Delhi NCR

$0.8 Mn

Kalaari Capital

Segment

Funding Stage

Text & Chatbots

Seed Stage

Code & Data

Source: Inc42, Secondary Sources Note: This is not an exhaustive list nor a ranking of any kind | We have only included native GenAI startups in this list

Company Name

Total Funding

Notable Investors

$1.1 Mn

Chiratae Ventures, Endiya Partners, Google, Entrepreneur First

Bengaluru

$1.5 Mn

SenseAI Ventures, Y Combinator, Entrepreneur First, AWS

Seed Stage

Bengaluru

N/A

AWS

Text & Chatbots

Seed Stage

Bengaluru

$1.5 Mn

Chiratae Ventures, AWS, MassChallenge, FortyTwo VC

Image Generation & Editing

Seed Stage

Bengaluru

$0.3 Mn

Antler India

Audio & Video

Seed Stage

Bengaluru

$0.9 Mn

Dholakia Ventures, Huddle, TDV Partners, Silverneedle Ventures

Text & Chatbots

Seed Stage

Delhi NCR

N/A

Image Generation & Editing

Seed Stage

Delhi NCR

$0.3 Mn

Inflection Point Ventures

Code & Data

Seed Stage

USA/Pune

$4.5 Mn

Foundation Capital, Stellaris Venture Partners

Text & Chatbots

Seed Stage

Delhi NCR

$5 Mn

Stellaris Venture Partners, Google, IFC, Pi Ventures

Segment

Funding Stage

Code & Data

Seed Stage

Bengaluru

Code & Data

Seed Stage

Code & Data

Source: Inc42, Secondary Sources Note: This is not an exhaustive list nor a ranking of any kind | We have only included native GenAI startups in this list

Company Name

Segment

Funding Stage

Total Funding

Notable Investors

Audio & Video

Growth Stage

USA/ Bengaluru

$12 Mn

Matrix Partners, Elevation Capital

Image Generation & Editing

Seed Stage

Bangalore

$1.3 Mn

Inflection Point Ventures, Entrepreneur First, Huddle, Flipkart Ventures, Dexter Angels

Code & Data

Late Stage

USA/ Bengaluru

$214 Mn

Zoom, Bossanova Investimentos, Y Combinator, Menlo Ventures

Image Generation & Editing

Seed Stage

Mumbai

$1.5 Mn

Venture Catalysts, YourNest Venture Capital, AWS, Founders Factory, GenNext Ventures

Code & Data

Late Stage

USA/ Bengaluru

$124 Mn

General Atlantic, Celesta Capital, Chiratae Ventures, SoftBank Vision Fund

Audio & Video

Growth Stage

USA/ Bengaluru

$12 Mn

Techstars, Silver Lake, 8VC, Red Ventures, AV8 Ventures

Text & Chatbots

Seed Stage

Delhi NCR

$0.3 Mn

Indvest Ventures, Dexter Angels, Modulor Capital

Text & Chatbots

Seed Stage

Delhi NCR

$3.5 Mn

Titan Capital, Saama Capital, AngelList India, Amit Singhal, First Principles

Code & Data

Seed Stage

Bengaluru

$1.2 Mn

All In Capital, Paradigm Shift Capital, WEH Ventures, 100x Entreprenuer

Text & Chatbots

Growth Stage

Bengaluru

$16 Mn

Tenity, Fractal Analytics

Source: Inc42, Secondary Sources Note: This is not an exhaustive list nor a ranking of any kind | We have only included native GenAI startups in this list

Company Name

Segment

Funding Stage

Image Generation & Editing

Growth Stage

Delhi NCR

Code & Data

Seed Stage

USA/ Bengaluru

Total Funding

Notable Investors

$7.0 Mn

Accel, AngelList India, Storm Ventures, Abhishek Deo, Pentathlon Ventures

$2.3 Mn

Peak XV Partners, Trajectory Ventures, Eniac Ventures

$1.3 Mn

Stellaris Venture Partners, Ghazal Alagh, Exfinity Venture Partners, Entreprenuer First

Audio & Video

Seed Stage

USA/ Bengaluru

Audio & Video

Seed Stage

Bengaluru

$1.5 Mn

Exfinity Venture Partners, RAAY Global Investments

Text & Chatbots

Seed Stage

Bengaluru

$0.5 Mn

100X.VC, Inflexor, 2AM VC

Audio & Video

Seed Stage

Bengaluru

$0.3 Mn

100X.VC

Code & Data

Growth Stage

Mumbai

$2.0 Mn

Alpha Wave Global, CIIE.CO, Artha Group, Bharat Innovation Fund, Target Accelerator

Code & Data

Seed Stage

USA

$1.5 Mn

Untapped Capital, Pack Ventures, SeaChange, Array Ventures, Upsparks

Code & Data

Seed Stage

Bengaluru

$1.5 Mn

Nexus Venture Partners, Together Fund

Image Generation & Editing

Seed Stage

Bangalore

$3.0 Mn

Kalaari Capital, Kettleborough VC, Jasminder Gulati

Source: Inc42, Secondary Sources Note: This is not an exhaustive list nor a ranking of any kind | We have only included native GenAI startups in this list If you are an Indian GenAI startup and want to be included in our coverage. Please reach out to us at editor@inc42.com

Generative AI Market Opportunity: India & The World

Key Statistics From The Global Generative AI Market

$4.4 Tn+

400+

GenAI’s Global Economic Impact

GenAI Startups In The World

Marketing And Advertising

$552 Bn+

Top Sector Using GenAI in 2023

GenAI’ Global Market Size By 2030

$897 Bn+

10%

Estimated Revenue Generation By GenAI Players By 2030 Source: Mckinsey, Bloomberg, Other Secondary Sources

Share Of GenAI Products And Services In Corporate IT Spend By 2030

Generative Artificial Intelligence (GenAI) Value Chain Hardware & Cloud Platforms

Computer hardware/ infrastructure providers such as — CPU, GPU, CSP etc.

Foundation Model

Developers of API and foundation GenAI models on which applications are built

Model Development & Fine Tuning Tools and software used in development and fine tuning LLM models and DBs

Application Layer (Text/Image/Code/Audio & Video)

Source: Inc42 Note: This representation includes both international and domestic organisations | This is not an exhaustive list of all the players in the ecosystem

Infrastructure Layer

Global GenAI Market Size To Cross $550 Bn+ By 2030 The overall market size (revenue generation) is estimated to grow at a CAGR of 40% between 2023 and 2030

GenAI Revenue ($ Bn)

600

552

377

400 263 187

200

135 54

2023

2024

2025

Business Services

IT Services

2026

2027

2028

Advertising

Gaming

Software (SaaS)

2029 Hardware

Source: Bloomberg Intelligence, Inc42 Analysis Note: The projected market size in this scenario is based on the anticipated percentage of total tech spending devoted to GenAI products and services in the years to come.

2030

Key Business Domains Where GenAI Can Deliver Significant Value Represent ~75% of total annual impact of generative AI 500

Sales

Marketing

Approximately 75% of the total value generated by adopting GenAI in business operations is expected to originate from these domains.

Software engineering(for corporate IT)

Software engineering (for product development)

400

Customer operations

Impact, $ billon

Product R&D 300

Supply chain 200 Finance Manufacturing

100

Risk and compliance

Talent and organization Legal Corparate IT Strategy Pricing 10

Procurement management

Impact as a percentage of unctional spend,% Source: Mckinsey, Inc42 Analysis

Generative Al: Opportunities In Al Tooling Opportunity

Description

LLM fine-tuning services

Fine-tune pre-trained LLMs for domain-specific language and industry applications.

Model-optimization services

Optimize Al models to reduce training, storage, and deployment costs.

Custom Al model development

Design and train Al models for specific business use-cases and applications.

Al model management & monitoring

Manage and monitor Al models with version control, performance tracking, and bias detection.

Al Produced TDaaS (Training Data as a Service)

Massive amount of training data is needed for LLMs and Al models - this data may be generated by existing Al models as a TDaaS product.

Al-powered data labeling

Provide high-quality pre-processed and labeled data using Al for training Al models.

LLMaaS (LLM as a Service) platform

Offer subscription-based access to LLMs, tools, and technologies.

Al education and training

Train and educate businesses on leveraging Altechnologies for their operations.

Al-powered process automation

Develop Al-driven solutions for automating routine tasks and processes.

Al model security & compliance

Ensure Al models are secure and compliant with industry regulations and ethical guidelines.

Al model consulting

Guide businesses on strategizing and identifying impactful Al implementation use-cases.

Source: All in Capital

India's Generative AI Market To Surpass $17 Bn By 2030 India's share in the global GenAI market is expected to increase from 2% in 2023 to 3% in 2030. 20

$17 Bn

Market Size ($ Bn)

+48% CAGR 10

$1.1 Bn 0

2023

2030

Source: Inc42 Analysis, Gartner Note: The estimated market size is calculated using India's proportionate share of global software product sales for the years 2023 and 2030.

Sectors Where GenAI Will Have The Most Impact In India Sector

GenAI Use Case

Marketing & Advertising

Ad Copy Text Generation, Branding Creatives, Email Marketing, Customer Targeting/Personalisation, Custom Client Campaign Report Generation, No-Code Website/App Development

Ecommerce/Retail

Customer Support, Customer Targeting/Personalisation, No-Code Website/App Development, Product Image/ Video Generation, Marketing And Advertising

Education

AI Tutor, Customised Learning Materials, Automated Assignment Review, Automated Note Making, Customer Support, Marketing And Sales, No-Code Website/App Development

Finance

Personalised Invested Recommendation, Customer Support, Marketing And Advertising, Marketing And Sales, Custom Market Performance Report Generation, No-Code Website/App Development

Healthcare

Drug Discovery/ R&D, Customer Support, Lab Test Report Generation, Marketing And Advertising, No-Code Website/App Development, Personalised Health Recommendation Based On Patients Medical History.

Media & Entertainment

Text Content Generation/Editing, Image Generation/Editing, Video Generation/Editing, Ai News Anchors, No-Code Website/App Development, Customer Support, Marketing And Advertising

SaaS & Software Development

Software Product/Application Testing, No-Code 3rd Party Integration, No-Code Website/App Development, Customer Support, Marketing And Sales, Custom Client Report Generation

Source: Inc42, multiple secondary sources Note: The sectors and GenAI use cases highlighted in this report are not exhaustive but have been selectively chosen based on the significance indicated during our research

Five Key Growth Drivers Of GenAI In India Digitalisation & Cloud Computing: With more than 759 Mn active internet users, India ranks as the world's second-largest internet user base. Cloud computing in India is estimated to account for 8% of India’s GDP by 2026, with a potential to add $310 Bn to $380 Bn to the country’s GDP.

Demand For Creative Content: India's significant consumer base for tech giants like Google, Meta, and Snapchat creates a lucrative marketplace for digital marketing, leading to increased demand for digital creatives today and in the future.

Access To Structured Data: The internet has produced enormous volumes of user and business data worldwide, totalling 329 Mn terabytes (TB) each day. Enhanced access to organised data will significantly enhance AI adoption in the nation, resulting in heightened output accuracy.

New Developments In AI Models: Just as the 2017 breakthrough in transformer ML models by Google scientists paved the way for the development of today's popular Generative AI models like ChatGPT and BARD, future innovations in this technology have the potential to broaden its applications across various domains and industries.

Workflow Automation: As India aims for a $5 Tn economy by 2030, automation in business operations will play a key role. The adoption of Chatbots in leading Indian startups and corporations has already disrupted customer support roles, and this trend is likely to continue and expand in areas such as digital marketing, sales, software development and client servicing.

Five Critical Hurdles Facing India's GenAI Ecosystem Lack Of Startups In GenAI Foundation Models: Among the 50+ Indian GenAI startups we identified for this report, all focus on the application layer, primarily developing apps using models like ChatGPT, with none involved in creating GenAI foundation models.

High Expense Of GenAI Model Training: The hardware and infrastructure costs for training large language models are prohibitively high, as exemplified by the need for 285K CPUs and 10K Nvidia GPUs to train GPT-3.

Issues Of Bias and Inaccuracy: Biases inherent in the data can be passed on to models trained on large datasets. A major challenge lies in ensuring the fairness and reduction of bias in the content generated.

Legal And Regulatory Challenges: In recent years, the Indian government has been regulating emerging tech sectors like fintech, social media, and online pharmacies. Regulations concerning intellectual property, privacy, and content generation rights are likely to be enacted.

Concerns Over Deepfake And Misinformation: Deepfakes, which are convincingly realistic forgeries generated by models, present ethical issues related to misinformation, privacy, and potential malevolent uses.

www.inc42.com Inc42 is India’s largest tech media & information platform on a mission to build & serve India’s tech, startup & internet economy. From breaking the latest news to discovering the hottest startups, from spotting upcoming trends to simplifying complex concepts, we cover everything tech in India’s internet economy. Born in January 2015, Inc42 has become the leading source for news & analysis on India’s rapidly growing tech, startup & internet economy. Inc42, with over 35,000+ published stories, 80+ research reports, 120+ conferences & events & having featured 1000s of entrepreneurs, now reaches over 25 Mn+ tech leaders & professionals every month.

Contact: editor@inc42.com

CREDITS ANALYST SANDEEP SINGH

DESIGN SABITH

ADDRESS Inc42 Media, 59/16, 4th Floor, Jujhar Tower, RD Marg, Kalkaji, New Delhi, Delhi 110019

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