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

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

  *Time period: Between 2022 and 2024