Even though Indian startup funding zoomed 43% month-on-month in February, there hardly seems any revival on the anvil from the erratic chills of the unending funding winter.
According to Inc42’s ‘Indian Tech Startup Funding Report Q1 2024’, the overall funding in the world’s third-largest startup ecosystem declined 33% Year-on-Year (YoY) in the first quarter of 2024 (Q1 2024) to $2 Bn, registering a seven-year low.
The number of deals also fell 6% YoY to 214 from 229 in Q1 2023. However, the same was marginally up from 206 deals in Q4 2023. Sequentially, funding slipped 20% from $2.5 Bn in Q4 2023.
Further, it is pertinent to note that mega deals ($100 Mn and above) have been on a downward trajectory for the past few quarters, with Q1 2024 further adding to Indian founders’ chagrin.
The quarter under review could only register three mega deals, a 58% decline from seven deals harnessed in the same quarter a year ago. The mega deal count was at its seven-year high in Q1 2022, with 30 startups raking in over $100 Mn.
Download The ReportNow, before we move forward with our key findings of the report, it is imperative to mention that Avanse Financial, PocketFM and........