Operator-led startups outpace peers in funding speed and deal size
A Tracxn report commissioned by RTP Global finds operator-led startups outperform others in funding speed, size and Seed-stage success across 2022-24 in India
 "Operator-led startups outpace peers in funding speed and deal size")
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There is a rising momentum of operator-led companies in India’s startup ecosystem, as 238 former operators transitioned from scaling businesses to founding their ventures between 2022 and 2024.
Tracxn data, commissioned by early-stage startup investor RTP Global, reveals that operator-led startups outperform their peers in terms of funding speed, size, and success rates.
As of March 20, 2025, 11.2 per cent of operator-led startups founded in 2022 had reached the Seed stage, compared to 4.4 per cent across the broader ecosystem. The momentum continued for operator-led startups founded in 2023 (12.6 per cent vs 2.7 per cent) and 2024 (8.1 per cent vs 1.5 per cent).
The report adds that the surge is likely driven by a blend of factors, including liquidity from ESOP buybacks, a desire for fresh challenges, returning US talent, and the impact of mass layoffs.
OPERATOR-LED STARTUPS
| 2024 |
2023
Total Investment
$101 Mn
$29 Mn
Overall Startup Funding
11.5%
6%
OPERATOR-LED STARTUPS V/s REST OF INDIA TECH
| Operator-led Startups |
Broader Tech Ecosystem
Raising In Seed Round
Within 12 Months
Within 14 Months
Seed Round Funding (Avg)
$1.56 Mn
$1.34 Mn
Seed Round Valuations
$4.98 Mn
$4.48 Mn
Series A Funding (Avg)
$8.2 Mn
$9.6 Mn
Series A Valuations
$38.5 Mn
$21.8 Mn
*Data as of 20 Mar 2025
Time period: Between 2022 and 2024
FUNDING RACE: OPERATOR-LED STARTUPS
| Year |
Stage
Operator-led Startups
Broader Tech Ecosystem
2022
Funding
19.4%
7.4%
2022
Seed Stage
11.2%
4.4%
2022
Series A
7.1%
0.3%
| Year |
Stage
Operator-led Startups
Broader Tech Ecosystem
2023
Funding
13.6%
4.9%
2023
Seed Stage
12.6%
2.7%
2023
Series A
1%
0.2%
| Year |
Stage
Operator-led Startups
Broader Tech Ecosystem
2024
Funding
13.5%
2.3%
2024
Seed Stage
8.1%
1.5%
2024
Series A
5.4%
0.1%
OPERATOR-LED STARTUPS: SECTOR BREAKUP
| Sector |
% of Startups
Fintech & Insurtech
16.4%
E-commerce & Retail-tech
11.3%
Edtech & Learning
8.8%
Enterprise Saas
7.1%
Healthcare & Life Sciences
6.7%
OPERATOR-LED STARTUPS: FUNDING HOTSPOTS
| Sector |
Total Funding Amount
Fintech & Insurtech
$89 Mn
Energy & Sustainability
$40.3 Mn
Supply Chain & Logistics
$30 Mn
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