Indian startups have raised nearly $10 billion in funding as of October, on track to surpass the total funding of $10.5 billion raised throughout last year. This uptick signals renewed optimism in the startup ecosystem, which has faced a prolonged funding squeeze over the past two years.
According to Tracxn data, startups secured funding across 1,220 rounds by October, including 18 rounds exceeding $100 million, matching the total number of such large deals recorded in all of 2023. This surge in $100+ million deals suggests a potential end to the “funding winter” that had gripped the sector.
In the same period last year, startups completed 1,837 rounds but raised only about $8.8 billion, as investors leaned toward smaller deal sizes. Funding in 2023 hit a five-year low after a record-breaking $42 billion in 2021 and around $25 billion in 2022.
June marked the peak funding month this year, with startups raising $1.57 billion across 131 rounds. The first half of 2024 contributed to nearly 70% of total funding rounds and more than half of the year’s total funds raised. October saw fewer rounds, with just 60 deals recorded, raising about $616 million.
Despite a drop in the number of rounds in the latter half of the year, deal sizes grew larger. In both August and September, startups raised $1.3 billion, spread across just 94 and 96 rounds, respectively. Notable large deals included Zepto’s $340 million Series G round, following its $665 million Series F raised earlier in the year.
Other major funding rounds in August and September included a $334 million Series E for DMI Finance, a $210 million Series B for Physics Wallah, and a $125 million Series E for Whatfix. Investor interest remains concentrated in the consumer and retail sectors, with significant attention also directed toward enterprise applications.