Indian startup funding dips 7% to $7.6 billion in first nine months of 2024

Funding among Indian startups declined by a marginal 7 per cent in the first nine months of 2024 to $7.6 billion from $8.2 billion during the same period last year.

Funding rounds declined to 1,036 from 1,579 during the same period, according to data from market intelligence platform Tracxn’s India Tech 9M 2024 report.

To put the funding in perspective, startups in India received around one-tenth of the funding secured by US-based startups ($86.2 billion). However, this figure was comparable to China’s $8.2 billion during the same period.

In comparison to 9M 2024’s funding performance, Indian startups had secured $4.1 billion in funding across 540 rounds by the end of the first half of 2024 (H1 2024).

In 9M 2024, India’s startup ecosystem saw the emergence of six new unicorns and 29 initial public offerings (IPOs).

Quick commerce platform Zepto raised around $1 billion, making it the only company that raised a fund value of more than $500 million this year.

The tech ecosystem saw 12 funding rounds valued at more than $100 million each in 2024.

The fintech space was the second most funded sector on a year-to-date (YTD) basis in 2024. It received $1.49 billion in funding in 2024, a 39 per cent decline from $2.46 billion during the same time in 2023.