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Wipro 399.70↑2.05(0.52%)

No thaw seen in start-up funding winter despite 231 deals this year

India-focused VCs sitting on dry powder worth $12.88 bn, highest in 7 years

Aryaman Gupta New Delhi

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Photo: Pexels

4 min read Last Updated : Mar 22 2023 | 11:19 PM IST

For a segment that thrives on promise more than performance, the country’s start-up ecosystem is refusing to get carried away by the funding this calendar year. This has created the highest level of uninvested venture capital in seven years as investors wait for corrections in the working and — more importantly — valuation of start-ups while looking for cockroaches instead of unicorns.

“Investors are now keen to invest in companies that have good top and bottom lines. This has made valuations more realistic,” says Padmaja Ruparel, co-founder of Indian Angel Network, India’s largest network of angel investors.

There have been 231 funding deals worth $2.14 billion for start-ups this year, between January 1 and March 21, according to data from Tracxn, a market intelligence platform.