India’s tech startup funding declines 51 percent in Q1 2024: Report

Indian tech startup funding witnessed a decline of 51 percent in Q1 2024 (until 15th March) with $1.6 billion raised from $3.2 billion during the same period last year

Indian tech startup funding witnessed a decline of 51% in Q1 2024 (until 15th March) with $1.6 billion raised from $3.2 billion during the same period last year, noted Tracxn’s geo quarterly India tech report.

India received fourth-highest funding, globally, while U.S. bagged the top spot with $19.5 billion, followed by China ($2.8 billion) and U.K. ($2.5 billion).

Out of $1.6 billion, Shadowfax and Credit Saison received the highest funding of over $100 million. Capillary, Rentomojo, and Captain Fresh were also among the top funded companies.

The late-stage funding seen a 46% drop, while the early-stage funding witnessed an increase of 28%.

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Bengaluru received most of the funding with $752 million followed by Mumbai ($166 million) and Noida ($105 million). Gurugram got $97.7 million while Delhi bagged $96.8 million.

Perfios and Ola Krutrim were the two new unicorns in this period in India while globally it was 20.