The first half of 2024 has seen an increase in funding for Indian tech startups. Tracxn’s India Tech Semi-Annual Funding Report states that in H1 2024, these startups raised a total of $4.1 billion. This represents a 13% drop from the $4.8 billion raised during the same period last year, but it represents a 4% increase from the $3.96 billion raised in the second half of 2023.
After the US, the UK, and China, India continues to be the nation with the fourth-highest funding for tech startups worldwide. The cities with the highest amount of money raised were Bengaluru, Hyderabad, and Mumbai.
In H1 2024, Retail, Enterprise Applications, and FinTech emerged as the top industries. The funding breakdown by stage is as follows:- Funding for the seed stage increased to $455 million.
– Funding for the early stages: Stopped at $1.3 billion.
-Advanced financing: increased to $2.4 billion
There were eight funding rounds over $100 million in spite of difficulties. Notably, Google led a $350 million Series J round that Flipkart was able to secure. 33 businesses joined the Soonicorn club, signifying they are close to becoming unicorns, and three new unicorns were born.
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