The Indian startup ecosystem has had a rough couple of years. Far from the funding boom of 2021, Indian startups have braced through a nearly three-year-long capital drought, which appears to have percolated into 2024 as well.
As per Inc42 data, Indian startups cumulatively raised $5.3 Bn in the first half (H1) of 2024 as against $5.4 Bn raised in the first six months of 2023.
Despite the doom and gloom of the funding winter, the homegrown startup ecosystem is witnessing a revival of sorts. Investors are optimistic and expect the funding numbers to improve in the second half of the year. In an Inc42 survey, over 90% of startup investors said they expect a funding revival in H2 2024.
The funding data itself gives impetus to this claim. Unlike H1 2023, when funding raised by Indian startups cratered 72% year-on-year (YoY), the decline in numbers was a mere 2% YoY in the first six months of the ongoing calendar year.
Also, two startups turned unicorn in H1 2024 (Rapido became the third unicorn of the year in July) whereas the same number of startups (Zepto and InCred) entered the coveted club in the entire 2023. Additionally, the total funding raised by the Indian startup ecosystem since 2014 touched the $150 Bn mark during the first six-month period of 2024.
Download The ReportCatalysing the green shoots of revival in the Indian startup ecosystem are bullish investors, who are currently sitting on dry powder north of $50 Bn and waiting for the right opportunity. While the funding winter has made VCs and PEs wary, the capital drought has not stopped them from chasing “sustainable and profitable” startups and pumping capital in the ventures they believe in.
That begs the question, who are these investors powering the Indian startup ecosystem juggernaut? To answer this question, we, at Inc42, have collated the list of the most active investors in H1 2024. So, let’s take a look at the top 25 investors.
(Note: The rankings are based on data gathered from our survey “India’s Top Startup Investor Ranking H1 2024” and the Inc42 database)
1. Stride Ventures
The New Delhi-based venture debt firm backed about 46 startups in the first half of the year. Some of its most notable investments included participation in LendingKart’s INR 100 Cr round, backing IPO-bound electric vehicle (EV) makers Ola Electric and Ather Energy, among others.
Founded by Ishpreet Singh Gandhi in 2019, Stride claims to have a portfolio of more than 140 startups under its belt, spanning sectors such as fintech, agritech, B2B SaaS, and mobility. The venture debt firm’s portfolio also includes startups like Bira91, BluSmart, BlueStone, Infra.market, Jupiter, among others.
Importantly, the VC firm also marked the final closure of its Stride Ventures India Fund III at $165 Mn in May 2024.
2. ah! Ventures
The Mumbai-based VC firm backed 28 startups in the first six months of 2024, including the likes of agritech startup Agrielectric, alcoholic beverage startup Barbrew Beverages, and sports education and infrastructure startup Push Sports.
Founded in 2009 by Abhijeet Kumar and Harshad Lahoti, the VC firm focuses on backing early-stage startups with ticket sizes below $10 Mn. It claims to have backed 127 startups till date and made 17 exits. Its portfolio also includes the likes of Parksmart, Niki.Ai, LoanAdda, among others.
3. InnoVen Capital
The Mumbai-based venture debt firm became the third most active investor in H1 2024 by backing 25 startups. Some of its notable investments included BharatPe, BlueStone, Rebel Foods.
Founded in 2008 by Ashish Sharma, the firm provides debt capital to early and growth-stage tech startups. It has backed the likes of Swiggy, Zoomcar, OYO, Epigamia, among others, till date.
4. Marwari Catalysts
The Jodhpur-based startup accelerator also backed 25 startups during the period. Some of its notable investments included Insurance Padosi, Revoquant, and One Dose.
Founded in 2019 by Sushil Sharma, Marwari Catalysts backs early-stage startups. Its portfolio includes the likes of Jaipur Watch Company, Zostel, Upsurge, Banksathi, among others.
5. Inflection Point Ventures
The Delhi NCR-based VC firm backed 24 startups in H1, including the likes of Snap-E Cabs, REGRIP, Palette Brands, and Glamplus.
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