Indian startups secured $9.2 billion in venture capital (VC) funding in 984 deals between January and October 2024, marking a 44.4 per cent increase in funding value from the year before, according to data analytics firm GlobalData.
Deal volumes rose 5.8 per cent during the same period, indicating a renewed investor confidence in the market. The same period in 2023 saw 930 VC deals worth $6.4 billion.
According to Aurojyoti Bose, lead analyst at GlobalData, "Investor confidence seems to be reviving as India demonstrates significant improvement in VC funding activity during the year compared to peer countries.
In fact, it was among the few key markets that witnessed an improvement in both deal volume and value during January-October 2024," added Bose. "India continues to remain among the top five markets globally for VC funding activity in terms of both deal volume as well as value."
India accounted for 7.1 per cent of the global VC deal volumes and 4.2 per cent of disclosed funding value in the first 10 months of 2024. Key funding rounds included Zepto at $665 million in June, followed by an additional $340 million in August; Meesho's $300 million, PharmEasy's $216 million, PhysicsWallah's $210 million and Purplle's $178.4 million.
The number of high-value announcements (above $100 million) increased to 16 from 11 in the same period previous year, up by a whopping 45%.
As Bose put it, "With strong funding rounds and a marked increase in activities, India is poised very well to remain one of the top global destinations for venture capitals, reflective of the dynamics of the entrepreneurial ecosystem with the potential for sustained growth within the country."
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