Indian tech startups secured $4.1 billion from January to June this year, marking a 4 percent rise from $3.96 billion in the latter half of 2023, according to a report released on Thursday. This period also saw the emergence of three unicorns and 17 IPOs.
Globally, India is the fourth-highest in terms of tech startup funding. The United States tops the list, followed by the United Kingdom and China, as per data from Tracxn, a premier market intelligence platform.
April was notable for having the highest monthly funding in the first half of 2024, reaching $862 million.
Bengaluru led in total funds raised, with Mumbai and Hyderabad following.
The report highlighted retail, enterprise applications, and fintech as the leading sectors in H1 2024.
“Despite four consecutive half-year periods of declining funding since H1 2022, we are now showing signs of stabilization, going upward. India’s robust performance as the fourth-highest funded country in the tech startup ecosystem is encouraging,” stated Neha Singh, Co-Founder of Tracxn.
Seed-stage funding grew to $455 million, a 6.5 percent increase from H2 2023. Early-stage startups maintained a steady funding level of $1.3 billion, similar to H2 2023.
Late-stage funding climbed to $2.4 billion, a 3.8 percent rise from H2 2023.
The first half of 2024 saw eight funding rounds exceeding $100 million, including Flipkart’s $350 million round led by Google, Apollo 24|7’s $297 million round, and Meesho’s $275 million round.
Logistics company Porter became the third unicorn of the year, joining AI startup Krutrim and B2B SaaS firm Perfios.
Prominent companies that went public included TBO, TGIF Agribusiness, Radiowalla, and Trust Fintech.
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