Indian tech startups raised $4.1 billion in the first half of this year (January-June), up 4% from $3.96 billion in the second half of 2023, a report said on Thursday. India saw three unicorns and 17 IPOs in the period.
India remains the fourth most funded country in the world when it comes to tech startups, with the US leading the way in terms of total funding, followed by the UK and China, according to leading market intelligence platform Tracxn.
April marked the highest monthly fundraising volume in the first half of 2024 ($862 million).
In terms of total raised, Bengaluru topped the list, followed by Mumbai and Hyderabad.
Retail, enterprise applications and fintech were the best-performing sectors in this area in the first half of 2024, according to the report.
“Despite four consecutive years of decline in funding since the first half of 2022, we are now seeing signs of stabilising and trending upwards. India’s robust performance as the fourth highest funded country in the tech startup ecosystem is encouraging,” said Neha Singh, co-founder, Tracxn.
Seed-stage funding increased to $455 million, up 6.5% from 2H 2023. Early-stage startups maintained stable funding at $1.3 billion, the same level as 2H 2023.
Late-stage funding totaled $2.4 billion, up 3.8% from the second half of 2023.
In the first half of 2024, there were eight funding rounds above $100 million, including Flipkart’s $350 million funding round led by Google, Apollo 24|7’s $297 million funding round, and Meesho’s $275 million funding round.
Logistics company Porter became the third unicorn in the first half of the year, following AI startup Krutrim and B2B SaaS company Perfios.
Top companies that have gone public include TBO, TGIF Agribusiness, Radiowalla and Trust Fintech.
