85% dip in top venture capital funding in 2023; hopes up for 2024

Over the past two years, prominent global VC firms have also divested from some of their investments

Investments from major foreign venture capital (VC) firms, including Tiger Global, Peak XV Partners, Accel, and SoftBank, in India witnessed a major decline of over 85 per cent in 2023, amid the startup ecosystem facing a funding winter.

Over the past two years, these prominent global VC firms have also divested from some of their investments.

Peak XV Partners (formerly Sequoia India), a prominent investor in India, saw an 87 per cent year-on-year (Y-o-Y) decrease in investments, amounting to $197.5 million across 23 deals in 2023, down from $1.5 billion across 38 deals in 2022, according to Tracxn — a