Indian startups raised $7.5 billion in 780 venture capital deals during the January-August 2024 period, growing by 53.1 per cent from $4.9 billion raised across 742 VC deals during the same period last year, indicating funding winter abating in the Indian startup ecosystem. Data from analytics and consulting firm GlobalData on Wednesday also showed a surge in deal volume by 5.1 per cent during the January-August period this year vis-a-vis last year’s period.
Among the top VC deals during the January-August period were $665 million and $340 million raised by Zepto in two separate funding rounds, $300 million raised by Meesho, $216 million raised by PharmEasy, $173.5 million raised by OYO, $150 million raised by Radiance, among others.
Speaking on the data, Aurojyoti Bose, Lead Analyst, GlobalData, said, “The marked increase in venture funding value highlights the burgeoning investor confidence in India’s startup ecosystem. India’s performance signals a promising landscape in the VC funding market.”
Importantly, India was also among the top five markets globally for VC funding both in terms of deal volume and value during the review period apart from being the top VC investment destination in the Asia-Pacific (APAC) region after China.
India had a 7.3 per cent share in the total number of VC deals announced globally and a 4.6 per cent share in deal value during January-August 2024. Moreover, the country also saw improvement in the number of high-value VC deals valued at $100 million or more. From nine such deals during the review period last year, the number was increased to 13 this year’s January-August period.
Meanwhile, during the first half (January-June) of 2024, funding for tech startups had declined by 13 per cent to $4.1 billion from $4.8 billion raised during the January-June period 2023, according to the data from Tracxn, FE had reported in June this year. Deal volume also dropped 54 per cent to 540 during the period from 989 in the first half of last year.