Environment tech startups raised $2.1 bn in FY23 amid funding winter

Late-stage deals accounted for 55% of total investments at $1.2 billion, early-stage funding made up 39% of the share, with these startups raising $831 million

Indian environment technology startups raised a total of $2.1 billion in funding in the financial year 2023, according to data from Tracxn, a market intelligence platform.

This comes at a time when the startup world is going through a funding slowdown, which largely kicked in during the second half of 2022.

Late-stage deals accounted for 55 per cent of the total investments at $1.2 billion, while early-stage funding made up 39 per cent of the share with these start-ups raising $831 million.

Some of the highest funded companies include Serentica Renewables, which raised a massive $400 million last November. Ampere Vehicles and Greaves Electric Mobility also raised $220 million each during the FY23.

We Founder Circle, an angel investment platform for early-stage founders, emerged as the most active investor, taking bets a total of 11 in companies like BluSmart, Zypp Electric, Oben EV, and EV India, among others. Blume Ventures was the runner up with six investments while Venture Catalysts took the third spot with five.