Sunday, July 14, 2024

Indian startups raised nearly $7 billion in first half of 2024


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Shillong, July 3: Indian startups have raised nearly $7 billion in funding during the first half (H1) of 2024, more than the $5.92 billion raised in H1 2023.


However, the figures are still far less than $20 billion in H1 2022, according to data compiled by TheKredible.


The $7 billion funding included 182 growth or late-stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion. About 99 were undisclosed deals, reports Entrackr.


During H1, Indian startups produced a couple of unicorns — Perfios and Krutrim SI Designs. Last year, only two startups managed to cross the unicorn valuation while 2022 and 2021 witnessed the emergence of 26 and 44 unicorns, respectively.


When it comes to month-on-month trends, June witnessed nearly $2 billion in funding which is more than double the average of $1 billion monthly funding until May this year, the report mentioned.


Late-stage companies such as Zepto, Flipkart, PharmEasy and Lenskart topped with $665 million, $350 million, $216 million, and $200 million funding, respectively.


Moreover, H1 2024 saw 55 mergers and acquisitions, which is lower when compared to 2023. The year 2021 witnessed over 250 mergers and acquisitions which dropped to 204 in 2022 and further reduced to 145 in 2023.


Segment-wise, e-commerce topped the list with 124 startups raising more than $1.87 billion. Fintech, healthtech, SaaS and EV startups were next on the list. Amount-wise, EV startups secured more funding than SaaS and healthtech. Agritech, foodtech, edtech and proptech saw a decline in funding during H1 2024. (IANS)


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