There is finally some good news for the Indian startup ecosystem. After receiving funding for four consecutive half-years since 2022, the sector has received more funding in the first half of 2024 than in the second half of 2023.
Tracxn’s India Tech Semi-Annual Funding Report said that Indian tech startups raised $4.1 billion in the first half of 2024, up 4 per cent from the $3.96 billion raised in the second half of 2023.
However, funding declined by 13 percent compared to the $4.8 billion raised in the first half of 2023. In the tech startup landscape, India remained at the fourth position in terms of raising funds globally. However, China has overtaken it in terms of raising more funds.
China raised a total of $6.2 billion in the first half of calendar year 2024 and became the third largest fund-raiser. In the first half of 2023, India surpassed China to become the third largest fund-raiser globally.
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Though China raised more money, the total fundraising rounds during this period was 327, lower than India’s 540 rounds. Also, the number of first-time companies in India was 168, higher than China’s 159. The US continued to lead in total fundraising, followed by the UK.
Neha Singh, Co-Founder, Tracxn, said, “Despite four consecutive half-yearly periods of decline in funding since H1 2022, we are now seeing signs of stability with an upward trend. India’s strong performance as the fourth most funded country in the tech startup ecosystem is encouraging. From the growth seen in retail and enterprise applications to leading advances in fintech, Indian startups are transforming industries and driving economic growth.”
The outlook for different stages of funding showed different trends – seed-stage funding increased to $455 million, up 6.5 percent compared to H2 2023 but down 17.3 percent compared to H1 2023.
Early-stage startups maintained a steady funding amount of $1.3 billion, in line with H2 2023, but down 28 percent from H1 2023.
Late-stage funding increased to $2.4 billion, representing a 3.8 per cent increase over H2 2023. However, it saw a marginal decline of 1.3 per cent compared to H1 2023.
First Published – June 20, 2024 | 9:58 PM IST
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