Home » Indian Startup Funding Sees a 3.1% Dip to $2.3 Billion in Q1 CY2024

Indian Startup Funding Sees a 3.1% Dip to $2.3 Billion in Q1 CY2024


Venture capital investment in Indian startups reached $2.3 billion in the first quarter (Q1) of calendar year (CY) 2024, marking a 3.1% year-on-year (Y-o-Y) decline from the $2.4 billion recorded in the corresponding period last year. This data, sourced from GlobalData, a leading data analytics company, reflects the evolving landscape of entrepreneurship in India.

Despite the slight dip in funding, the startup ecosystem remained dynamic, with deal volume experiencing a marginal 2% Y-o-Y decrease, totaling 288 deals in Q1, compared to 294 deals in the previous year.

A notable highlight of the quarter was the emergence of two new unicorns—companies valued at over $1 billion—further enriching India’s tech landscape. Ola Krutrim, a significant player in the mobility sector, and Perfios, a fintech Software as a Service (SaaS) firm, ascended to unicorn status, attesting to the continued growth and innovation within the Indian startup ecosystem.

Aurojyoti Bose, lead analyst at GlobalData, commented on the trends observed during the quarter, stating, “Despite the year-on-year decline in deal activity, there were some bright spots, including a month-on-month (M-o-M) improvement in funding value in Q1 2024. The funding value registered month-on-month growth for two straight months, February and March, even though the volume trend remained fluctuating.”

As India’s startup landscape continues to evolve, with sectors like fintech, e-commerce, and health-tech witnessing substantial growth, the funding dynamics and emergence of unicorns underscore the resilience and potential of the country’s entrepreneurial ecosystem.

With investors eyeing promising opportunities and startups innovating across various sectors, the journey of Indian entrepreneurship unfolds with anticipation and optimism, poised for further growth and transformation in the months ahead.


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