H1 Funding Report - v6

© INC42 MEDIA | NOT FOR DISTRIBUTION / 1
INDIAN TECH
STA RT U P
FUNDING
REPORT
H 1 - 2 0 2 4
Table
India’s Digital Economy
India’s Startup Economy
Of
Indian Startup Funding Overview [H1 2024]
Top 10 Indian AI Startup Funding Rounds In [H1 2024]
Global Startup Funding Comparison H1 2024: India vs USA
Contents Debt vs Equity: Share Of Debt Funding In Total Investments [H1 2024]
Top Five Sectors [H1 2024]
Top Five Hubs [H1 2024]
Milestone Alert: Indian Startup Funding Crosses $150 Bn Mark
Most Active Indian Startup Investors [H1 2024]
Indian Startup Investor Sentiment Survey [H1 2024]

India To Have 900 Mn+ Active Internet Users By 2025

By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female
% Growth
2022 2025 (E) (Absolute)
Smartphone Internet Penetration 5G Enabled Indian

931 Mn+ 1.1 Bn+ 22% (Active Users) Cities/towns
users
52% 7K+
Internet
users
759 Mn+ 900 Mn+ 19%
Urban Internet Penetration Number Of Male
(Active Users) Internet Users
71% 395 Mn
Urban internet
users 360 Mn+ 396 Mn+ 10%
Cost Of 1 GB Number Of Female

Internet Internet Users
Rural internet
users 399 Mn+ 504 Mn+ 26% $0.16 349 Mn
Source: IAMAI, Inc42

State Of Indian Startup Funding: Key Highlights
$151 Bn+ Raised By Indian Startups Ecommerce Secured Max Funding Amount
$7 Bn+ Raised By Indian Startups At Seed Stage Enterprise tech Recorded Max Funding Deals
Lorem ipsum
$37 Bn+ Raised By Indian Startups At Growth Stage 1.3K+ M&As Recorded
$105 Bn+ Raised By Indian Startups At Late Stage

9.5K+ Investors Participated In Funding Deals
Bengaluru Secured Max Funding

31 Listed Indian Startups
Source: Inc42
Note: This analysis is based on Indian startup funding recorded between January 1, 2014 and June 30, 2024
Indian Startup Funding & Deals Half-Yearly Comparison
H1 H1 H1
2024 2023 2022
Total Funding $5.3 Bn+ $5.4 Bn+ $19 Bn+
Total Deals 504+ 470+ 900+
MedianTicket Size $2.8 Mn $3 Mn $4 Mn
Mega Deals ($100 Mn & Above) 7 14 49
No. Of M&As 37+ 67+ 164+
Unicorns Minted 3 0 17
Source: Inc42
Indian Startups Raised $5.3 Bn In H1 2024

Compared to H1 2023, the funding amount was 2% lower
40.0 1000
30.0 750
Funding Amount ($ Bn)
Deal Count
20.0 500
10.0 250
0.0 0
H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023 H1-2024
Funding Amount ($ Bn) Deal Count

Source: Inc42
Startup Funding In H1 2024: India Vs USA
India USA
Total Funding $5.3 Bn+ $93 Bn+
YoY Change (Total Funding) -2% 9%
Seed Stage Median Ticket Size $1 Mn+ $3.1 Mn+
Growth Stage Median Ticket Size $7 Mn+ $5.4 Mn+
Late Stage Median Ticket Size $17 Mn+ $7 Mn+
New Unicorns 3 8
Source: Inc42, Pitchbook & CB Insights

Startup Funding In H1 2024: India Vs USA
Seed
Stage
India India
Growth
Stage
Late
USA USA Stage
-40% -30% -20% -10% 0% 10%
-3% 0% 3% 5% 8% 10% -15% -10% -5% 0% 5% 10% YoY Change (H1 2023 - H1 2024)
YoY Change (H1 2023 - H1 2024) YoY Change (H1 2023 - H1 2024) India USA
Funding Amount Deal Count Median Ticket Size

Source: Inc42, Pitchbook & CB Insights
Top 10 Indian Startup Funding Rounds In H1 2024

Startup Name Sector Funding Stage Round Size Notable Investors
Consumer Services Late Stage $665 Mn Glade Brook Capital, Nexus, StepStone Group, Goodwater
Healthtech Late Stage $216 Mn Goldman Sachs, Temasek Holdings, Prosus, EvolutionX Debt Capital
Enterprise Tech Growth Stage $200 Mn NIIF
Fintech Late Stage $120 Mn Mubadala, Avendus Fund
Enterprise Tech Late Stage $105 Mn Salesforce Ventures, GIC, Peak XV Partners
Media & Entertainment Late Stage $103 Mn StepStone Group, Lightspeed
Logistics Late Stage $100 Mn Trifecta Capital, TPG, Qualcomm Ventures, NGP Capital
Fintech Late Stage $80 Mn Teachers’ Venture Growth
Fintech Growth Stage $75 Mn Undisclosed
Fintech Late Stage $67 Mn TPG, Norwest Partners, Eight Roads Ventures, Chiratae Ventures
Source: Inc42
Top 10 Indian AI Startup Funding Rounds In H1 2024

Startup Name Solution Funding Stage Round Size Notable Investors
AI Infrastructure Growth Stage $50 Mn Matrix Partners
Business Application Late Stage $40 Mn Sageview Capital, Vistara Growth
Business Application Growth Stage $29 Mn Y Combinator, Elevation Capital, Accel
Consumer Application Growth Stage $20 Mn JSW Ventures, Khosla Ventures, Sharrp Ventures, Healthquad
AI Infrastructure Growth Stage $5.3 Mn Zephyrus Capital, Spicy Capital, Momentum 6
Business Application Seed Stage $5.3 Mn Nexus Venture Partners
Consumer Application Growth Stage $4.5 Mn Affle
Business Application Growth Stage $4.5 Mn 100Unicorns, Inventus Capital, Twin Ventures, Turbostart
Consumer Application Seed Stage $4 Mn Enam Holdings
Business Application Growth Stage $4 Mn Arya.ag
Source: Inc42
Indian Startups Go For Debt: Share Of Debt Funding In Total Investments

Doubles In H1 2024
In the first half of 2024, total debt investments in Indian startups was $576 Mn, more than double the amount
raised the previous year ($285 Mn)
Debt Funding Debt Funding

10.9% 5.2% 0.2
0.5
$5.3 Bn $5.4 Bn
Total Funding Total Funding
(H1 2024) (H1 2023)
5.2
4.7 Equity Funding Equity Funding
89.1% 94.8%
Source: Inc42
Ecommerce & Fintech Emerged As The Most Funded Sectors In H1 2024

D2C brands and lending tech startups were the most funded sub-sectors in ecommerce and fintech, respectively
Ecommerce Fintech
Top Five Sectors (H1 2024)

Top Five Sectors (H1 2024)
Enterprise Tech Enterprise Tech
Consumer
Fintech Services
Healthtech Ecommerce
Cleantech
Cleantech
0 25 50 75 100 125 0 250 500 750 1,000 1,250
Deal Count Funding Amount ($ Mn)

Source: Inc42
Top Five Sectors [H1 2024]: Median Ticket Size Of Startup Investments
Cleantech, driven by investments in EV startups, is the only sector among the top five to have a positive increase in
median ticket size this year
H1 2024 H1 2023 YoY Change
Ecommerce $1.6 Mn $1.9 Mn -16%
Enterprise Tech $2 Mn $2.5 Mn -20%
Fintech $5 Mn $5 Mn No Change
Healthtech $2 Mn $2 Mn No Change
Cleantech $4.6 Mn $4 Mn 15%
Source: Inc42
Bengaluru Emerged As The Most Funded Startup Hub In H1 2024

Mumbai overtook Delhi NCR as the leading startup hub in H1 2024, boosted by Zepto’s $665 Mn round
Bengaluru Bengaluru
Top Five Startup Hubs (H1 2024)
Top Five Startup Hubs (H1 2024)

Delhi NCR Mumbai
Mumbai Delhi NCR
Hyderabad Chennai
Pune Pune
0 50 100 150 0.00 0.50 1.00 1.50 2.00
Deal Count Funding Amount ($ Bn)
Source: Inc42
Indian Startup Funding: Mega Deals Plummet 50% In H1 2024

H1 2024 recorded seven mega-deals, which is half of the 14 deals reported in H1 2023
80
Mega Deal Count ($100 Mn or above)
60
40
20
0
H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023 H1 2024
Source: Inc42
Median Ticket Size Stood At $2.8 Mn For Indian Startups In H1 2024

Compared to H1 2023, the median ticket size was 8% lower
4.0
3.0
Median Ticket Size ($ Mn)
2.0
1.0
0.0
H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023 H1 2024
Source: Inc42
Indian Startup Funding: Stagewise Outlook [H1 2024]
Funding Amount YoY Change Deal Count YoY Change Median Ticket Size YoY Change
Seed Stage $589 Mn+ +23% 229 -2% $1 Mn No Change
Growth Stage $1.7 Bn+ +21% 135 34% $7 Mn -36%
Late Stage $2.7 Bn+ -18% 72 47% $17 Mn -37%
Source: Inc42
Most Funded Indian Startup Sectors [H1 2024]
Ecommerce
Top Five Sectors: Growth Stage

Enterprise Tech Fintech
Top Five Sectors: Seed Stage
Top Five Sectors: Late Stage

Ecommerce Fintech Ecommerce
Fintech Cleantech
Healthtech
Healthtech Healthtech
Enterprise Tech
Deeptech Enterprise Tech Consumer

Services
0 20 40 60 0 10 20 30 0 10 20 30
Deal Count Deal Count Deal Count
Top Five Sectors: Growth Stage

Ecommerce Enterprise Tech Consumer
Top Five Sectors: Seed Stage
Services
Top Five Sectors: Late Stage

Enterprise Tech Cleantech Fintech
Fintech Ecommerce Healthtech
Deeptech Fintech Enterprise Tech
Cleantech Deeptech Media &

Entertainment
0 50 100 150 200
0 100 200 300 400 0 200 400 600 800
Funding Amount ($ Mn)
Funding Amount ($ Mn) Funding Amount ($ Mn)
Seed Stage Growth Stage Late Stage

Source: Inc42
The M&As Slow Down: Indian Startup M&As Return To 2020 Levels In H1 2024
Compared to H1 2023, the M&A deal count was 45% lower this year
200
150
M&A Count
100
50
0
H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023 H1-2024
Source: Inc42
Media & Entertainment Usurped Enterprise Tech As The Sector With Most
M&As In H1 2024
1Verse and NODWIN Gaming acquired six of the nine Indian media and entertainment startups that were acquired
Others
10.8%
4
Media & Entertainment
24.3%
9
Ecommerce
10.8% 4
37
Healthtech
M&A Deal Count
10.8%
4 (H1 2024)
8 Enterprisetech
21.6%
8
Fintech
21.6%
Source: Inc42
Notable M&As From Indian Startup Ecosystem [H1 2024]

Acquired Organisation Sector Acquisition Amount Acquired By Sector
Media & Entertainment $6 Mn Media & Entertainment
Fintech $45 Mn Financial Services
Enterprise Tech $230 Mn Enterprise Tech
Enterprise Services $160 Mn Financial Services
Fintech $5.6 Mn Fintech
Media & Entertainment $3.6 Mn Media & Entertainment
Education $45 Mn Edtech
Source: Inc42
Note: This is not an exhaustive list and includes transactions where either the acquirer or the acquiree is an Indian startup
915+ Investors Participated In Indian Startup Funding In H1 2024

Compared to H1 2023, the unique investor count was 4% lower this year
2,500
2,000
Unique Investor Count
1,500
1,000
500
0
H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023 H1-2024
Source: Inc42
Women-Led Indian Startups See 81% Surge In Capital Inflow In H1 2024

Compared to H1 2023, the funding amount and deal count went up by 81% and 21%, respectively
H1 2024 H1 2023 H1 2022 H1 2021
No. Of Deals 75+ 62+ 140+ 95+
% Of Deals 15% 13% 17% 16%
Total Capital Inflow $523 Mn+ $289 Mn+ $2.4 Bn+ $1.4 Bn+
% Total Capital Inflow 10% 5% 13% 14%
Top Funded Sector Ecommerce Ecommerce Ecommerce Ecommerce
Top Startup Hub Delhi NCR Delhi NCR Bengaluru Delhi NCR
Source: Inc42
Funding Imbalance: Only 15% Of Funded Indian Startups In H1 2024 Were

Women-Led
Out of the 480+ funded startups only 15% of them had at least one woman founder
At Least One Woman Founder
15.0%
71
Total Funded
Startups
418 No Woman Founder
85.0%
Source: Inc42
Women-Led Startups In India: Ecommerce & Fintech Received Highest

Funding In H1 2024
Ecommerce Fintech
Women Led Startups: Top 5 Sectors
Women Led Startups: Top 5 Sectors

Fintech Enterprise Tech
Enterprise Tech Ecommerce
Cleantech Healthtech
Healthtech Logistics
0 10 20 30 0 50 100 150 200 250

Source: Inc42
Delhi NCR Leads As Premier Hub For Funding Of Women-Led Startups In H1 2024
Delhi NCR Delhi NCR

Women Led Startups: Top 5 Hubs
Women Led Startups: Top 5 Hubs

Mumbai Chennai
Bengaluru Mumbai
Hyderabad Bengaluru
Chennai Ahmedaba
d
0 5 10 15 20 25 0 50 100 150 200

Source: Inc42
Milestone Alert: Indian Startup Funding Crosses $150 Bn Mark

200 12,500
10,000
150
7,500
Deal Count
100
5,000
50
2,500
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Funding Amount ($ Bn) Deal Count
Source: Inc42
Indian Startups' Unstoppable Momentum: $50 Bn In Five Years, $100 Bn In

Another Five
$50 Bn+
Cumulative Indian Startup Funding
$100 Bn+
$150 Bn+
0 1 2 3 4 5
Time Taken (Years)
Source: Inc42
Note: 2024 data is for the period between January 1, 2024 and June 30, 2024 | The base year for this analysis was calendar year 2014
Ecommerce Accounted For One-Fourth Of The Funding Raised By Indian

Startups Since 2014
The top three sectors (ecommerce, fintech, and enterprise tech) accounted for 52% of the total investment
poured into Indian startups
150
100
50
0
52%
Ecommerce Fintech Enterprise Tech Travel Tech Consumer Services Edtech Others Total
Funding Amount Total
Source: Inc42
Startup Capital: Bengaluru Accounts For Almost 50% Of Total Indian Startup
Funding Since 2014
The top three hubs (Bengaluru, Delhi NCR, and Mumbai) accounted for 89% of the total investment
150
89%
100
50
0
Bengaluru Delhi NCR Mumbai Pune Chennai Hyderabad Jaipur Others Total
Funding Amount Total

Source: Inc42
50 Most Active Indian Startup Investors [H1 2024]
Organisation Name Investor Type Deal Count Notable Startup Investments
Stride Ventures Venture Debt Firm 46 LendingKart, Ather Energy, Ola Electric, Zyod, Solar Square
AH Ventures Group VC/PE Firm 28 Agrielectric, Barneys, Push Sports
InnoVen Capital Venture Debt Firm 25 BharatPe, Bluestone, Rebel Foods
Marwari Catalysts VC/PE Firm 25 Insurance Padosi, Revoquant, One Dose
Inflection Point Ventures VC/PE Firm 24 Snap-E Cabs, REGRIP, Palette Brands, Glamplus
Faad Network Angel Network/Platform 22 Grip, Just Deliveries, SnapE Cabs, Ayna
Venture Catalysts Accelerator/Incubator 20 SmartJoules, Skye Air Mobility, Butterfly Learnings, ControlZ
Blume Ventures VC/PE Firm 17 Battery Smart, Ultrahuman, Euler Motors, Sprinto
All In Capital VC/PE Firm 15 Tractor Factory, MagicStudio, Everyday
IVY Growth Associates Angel Network/Platform 15 Recur Club, Nojoto, Regrip, CricHeroes, Wyld, Dharaksha Ecosolutions
Source: Inc42
Note: This table is based on data gathered from our survey "India's Top Startup Investor Ranking H1 2024" and the Inc42 database
Matrix Partners India VC/PE Firm 14 Ola Krutrim, Foxtale, Rocketlane, Neysa
SIDBI Venture Capital Government Bodies 13 NewSpace Research & Technologies, GPS Renewables
Antler India VC/PE Firm 12 Cautio, Kubo, SuperReps, Meine, Insurance Padosi
Alteria Capital Venture Debt Firm 11 StanPlus, Zyod, OneCard, Rebel Foods
3one4 Capital VC/PE Firm 10 Vidyut Tech and others (not public yet)
Huddle Ventures VC/PE Firm 10 Prosparity, Litestore, Asaya, The Pant Project
Info Edge Ventures VC/PE Firm 10 Buyeazzy, Bluestone, Aftershoot
Peak XV Partners VC/PE Firm 10 Atlan, Lyskraft, Ethereal Machines, Stanza Living
SucSEED Indovation Fund VC/PE Firm 10 Beyobo, Suraasa, Amealio, Kruu,
India Accelerator VC/PE Firm 9 Hippo, Clean Motion, Zulu, SunFox
Source: Inc42
Elevation Capital VC/PE Firm 8 Nanonets, Sprinto, UnifyApps, Wishlink
Indian Angel Network Angel Network/Platform 8 Dhruva Space, Fyllo, Noccarc, LetsDressUp
Piper Serica Angel Fund VC/PE Firm 8 OTPLess, Pantherun, Evify, Freed, ClearTrust, Flashaid, KiVi Agritech
Rainmatter Capital VC/PE Firm 8 Kushal's, Two Brothers Organic Farm, SolarSquare, Fittr
Trifecta Capital Venture Debt Firm 8 Fibe, Zyod, Metalbook, RING
Unicorn India Ventures VC/PE Firm 8 Piscium, Vodex, Finsall
Lightspeed Ventures VC/PE Firm 8 Zepto, Pocket FM, ShareChat, Zyod
Anicut Capital VC/PE Firm 7 The Ayurveda Experience, Grip Invest, Zingavita
British International Investment Government Bodies 7 Battery Smart, Altum Credo, Captain Fresh, Euler Motors
Fireside Ventures VC/PE Firm 7 Rozana.in, Supertails, Inner Hour, Newme
Source: Inc42
IIMA Ventures Accelerator/Incubator 7 Butterfly Learnings, Morphing Machines, Curelo, Eternz
The Chennai Angels Angel Network/Platform 7 Jollee, Letsdressup and KNP Arise
Titan Capital VC/PE Firm 7 InPrime Finserv, Neodocs, Boba Bhai, LetsDressUp
Anikarth Ventures Family Office 6 Sisir Radr, Fiona Diamonds, CoulombTech
Blueorchard Finance S A VC/PE Firm 6 Kinara Capital, FinAGG, Varthana, Lendingkart
Chiratae Ventures VC/PE Firm 6 Fibe, Rentomojo, MyScoot, ClaimBuddy
GVFL VC/PE Firm 6 Ghost Kitchens, Neemans & Evify
Nexus Venture Partners VC/PE Firm 6 Zepto, Ultrahuman, Rocketlane, Neysa
Omnivore VC/PE Firm 6 TartanSense, Sid's Farm, Optimo Loan, Varaha
Athera Venture Partners VC/PE Firm 5 Hyprbots, Ati Motors, ClickPost
Source: Inc42
Inuka Capital VC/PE Firm 5 Pico Xpress, Leher Farms, Peach
Merak Ventures VC/PE Firm 5 FarmTheory, Rupyz, AtomGrid, Helium, AbleCredit
Saama Capital VC/PE Firm 5 Supertails, AutoNxt Automation, MyMuse, DaMENSCH
We Founder Circle VC/PE Firm 5 Settl, EcoRatings, Bharatsure, Kyari
Y Combinator Accelerator/Incubator 5 Nanonets, SuperKalam, Neodocs, Clueso
RTP Global VC/PE Firm 5 International Battery Company, Zyod, Varaha, Dexif
Gruhas VC/PE Firm 5 SolarSquare, Matel, Settl, Bummer
Axilor Ventures VC/PE Firm 5 Metalbook, Wiz Freight, Alyve Health, Nopo Nanotechnologies
Accel VC/PE Firm 5 Nanonets, Sprinto, Stanza Living, Testsigma
100Unicrons Accelerator/Incubator 5 OTO Capital, Butterfly Learnings, ControlZ, Neodocs
Source: Inc42
The Indian Unicorn & Soonicorn Landscape
115 Unicorns 116 Soonicorns

$351 Bn+ Combined Valuation $35 Bn+ Combined Valuation
$100 Bn+ Total Capital Raised $17 Bn+ Total Capital Raised
36 Fintech
25 Ecommerce
Top Sectors
19 Ecommerce
Top Sectors
25 Fintech
13 Enterprise Tech
23 Enterprise Tech
43 Bengaluru 49 Bengaluru
Top Hubs
Top Hubs
38 Delhi NCR 27 Mumbai
18 Mumbai 24 Delhi NCR
Source: Inc42
Note:The list includes Indian startups that have ever entered the unicorn club | Some unicorns have lost the $1 Bn valuation over the time | Out of the total 115 unicorns, 7 have been acquired, 2 are bootstrapped,
and 14 are listed
Six Months, New Heights: India Minted More Unicorns In H1 2024 Than All of 2023
Ola Krutrim, Perfios, and Rategain are the startups that became unicorns in the first half of 2024
50
40
30
Unicorn Count
20
10
0
Up to 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024
Source: Inc42
Notable Secondary Transactions In Indian Startups [H1 2024]
Company Name Deal Value Date Announced
$95 Mn February 2024
$24 Mn June 2024
$22 Mn June 2024
$13 Mn March 2024
* $8.3 Mn April 2024
Undisclosed May 2024
$300K April 2024
$25 Mn May 2024
$150 Mn April 2024
$26 Mn April 2024
Source: Inc42 Analysis, Secondary Sources

Note: This is not an exhaustive list | * ESOP buyback transaction
A Look At The Performance Of Listed Indian Startups

Share Price During Listing Last Traded Price
Organisation Name IPO Year % Change
(INR/USD) (INR/USD)
2024 402 555 38%
2021 1,501 841 -44%
2022 541 399 -26%
2024 300 343 14%
2022 107 150 40%
2021 52 42 -19%
2021 448 310 -31%
2021 $46 $12 -74%
2023 1,294 815 -37%
2019 662 2,696 307%
Source: Inc42 Analysis

Note: The last traded prices of the mentioned stocks are as of July 4, 2024.

Organisation Name IPO Year % Change
(INR/USD) (INR/USD)
2016 11 29 164%
2006 145 6,762 4563%
2024 169 163 -4%
2013 646 1,033 60%
2010 $25 $88 252%
2023 317 502 58%
2021 1,430 2,423 69%
2017 821 634 -23%
2021 835 914 9%
2021 393 172 -56%


Organisation Name IPO Year (INR/USD) (INR/USD) % Change
2021 1,560 412 -74%
2021 1,332 1,418 6%
2021 340 802 136%
2024 519 525 1%
2024 1,451 1,869 29%
2022 91 97 7%
2016 $9.9 $1.2 -88%
2024 208 65 -69%
2023 158 293 85%
2021 126 207 64%
2022 $10 $0.18 -98%

The IPO Powerhouse Of India: Delhi NCR Startup Ecosystem Leads The Charge With Most Listings
Headquarter Listing Count Startups That Went Public
Delhi NCR 14
Mumbai 7
Bengaluru 2
Pune 2 45% of all

listed Indian
Chennai 2 startups are
headquartered
Ahmedabad 2 in Delhi NCR
Mohali 1
Hyderabad 1
Source: Inc42 | Note: This analysis is based on the sample set of 31 listed Indian startups which are falls into Inc42 coverage.
The Capital Connection: Delhi NCR Startups Drive 78% Of India's Listed Startup
Market Value
Top Five Most Valued Listed
4.5% Indian Startups
15.0% Name Headquarter Market Capitalisation
Delhi NCR $23 Bn

$89 Bn+
Market
Delhi NCR $11 Bn
Capitalisation
Delhi NCR $9.4 Bn
78.1%
Delhi NCR $8.1 Bn
Mumbai $6.1Bn
Delhi NCR Mumbai Chennai Others
Source: Inc42
Note: This analysis is based on the sample set of 31 listed Indian startups which are recognised by Inc42. | The market capitalisation is as on July 4, 2024, USD to INR conversion rate is 80
India’s Top Upcoming New-Age Tech Startup IPO’s
Startup Name Status Fresh Issue Size Startup Name Status
Received SEBI Nod INR 1,816 Cr+ Filed
To Be Filed NA Filed
Filed INR 700 Cr To Be Filed
Received SEBI Nod INR 5,500+ Filed
To Be Filed INR 4,100 Cr Filed
To Be Refiled NA
To Be Refiled INR 1,500 Cr (previous DRHP)
To Be Filed NA
To Be Filed INR 10,000 Cr+**
Received SEBI Nod NA***
Source: Inc42 Analysis, Secondary Sources

Note: Unicommerce IPO is solely Offer for Sale (OFS)
Indian Startup Fintech Voted Investor Favourite
Investor
Pune Most Promising Emerging
Startup Hub
Sentiment 93% Of Investors Foresee 2024 As A

Year Of Recovery
Survey Healthcare The Sector To Benefit
[H1 2024] The Most From Public-Private

Partnerships
Swiggy The Indian Startup IPO

Investor Are Most Bullish On
Source: India's Top Startup Investor Ranking H1 2024 Survey

Note: Based on survey of 50+ Indian startup investors.
Fintech Reigns Supreme: Investors Flock to Sector, Over GenAI In H1 2024
1 2 3 4 5
Fintech Cleantech Artificial Deeptech Enterprise Tech

Intelligence (SaaS)
/GenAI
Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024]
$1 BN+ $494 MN+ $201 MN+ $260 Mn+ $813 MN+

Question asked: Which among the following was your most preferred startup sector in H1 2024 (Jan to June’24)?
Investors Bet Big On Pune: The Rising Star Of India's Startup Scene
1 2 3 4 5
Pune Hyderabad Chennai Jaipur Ahmedabad
Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024] Total Funding [H1 2024]
$241 Mn+ $210 Mn+ $250 Mn+ $47 Mn+ $62 Mn+

Question asked: Which of the following emerging startup hubs do you believe will have the most potential for growth in 2024?
93% of Investors See 2024 As A Turnaround Year For Indian Startups
No
7.1%
Indian
Startup
Investors
Yes
92.9%

Question asked: Do you believe that 2024 will be a year of resurgence for Indian startup funding following the previous two years' correction?
National Election Results Boost Confidence in Indian Startups:

Investor Optimism Soars
Increased Confidence
No Impact
Wait and Watch
Sector-specific impact
0% 10% 20% 30% 40% 50%
% Of Total Respondents
Question asked: How do you think the results of the Indian Lok Shabha election in 2024 have affected overall venture capital investments in Indian enterprises in the ecosystem?
Public-Private Partnerships Set To Boost Healthcare The Most: Indian Startup

Investors Top Pic
Healthcare
Clean Energy
Financial Inclusion
Waste Management
Education
0% 10% 20% 30% 40%
% Of Total Respondents

Question asked: Which of the following social sectors do you believe would benefit from increased public-private collaboration fostered by the Indian government?
Indian Startup Investors Most Bullish On Swiggy IPO
1 2 3 4 5
IPO SIZE IPO SIZE IPO SIZE IPO SIZE IPO SIZE
$1.2 Bn $500 Mn $688 Mn $227 Mn N/A

Question asked:Which future Indian startup IPO are you bullish about in 2024?
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India’s Startup Economy

Top 10 Indian AI Startup Funding Rounds In [H1 2024]

Global Startup Funding Comparison H1 2024: India vs USA

Top Five Sectors [H1 2024]

Top Five Hubs [H1 2024]

Milestone Alert: Indian Startup Funding Crosses $150 Bn Mark

Most Active Indian Startup Investors [H1 2024]

Indian Startup Investor Sentiment Survey [H1 2024]

India To Have 900 Mn+ Active Internet Users By 2025

Smartphone Internet Penetration 5G Enabled Indian

Cost Of 1 GB Number Of Female

Source: IAMAI, Inc42

State Of Indian Startup Funding: Key Highlights

$105 Bn+ Raised By Indian Startups At Late Stage

Bengaluru Secured Max Funding

Indian Startup Funding & Deals Half-Yearly Comparison

Total Funding $5.3 Bn+ $5.4 Bn+ $19 Bn+

Total Deals 504+ 470+ 900+

MedianTicket Size $2.8 Mn $3 Mn $4 Mn

Mega Deals ($100 Mn & Above) 7 14 49

No. Of M&As 37+ 67+ 164+

Indian Startups Raised $5.3 Bn In H1 2024

Funding Amount ($ Bn) Deal Count

Startup Funding In H1 2024: India Vs USA

Total Funding $5.3 Bn+ $93 Bn+

YoY Change (Total Funding) -2% 9%

Seed Stage Median Ticket Size $1 Mn+ $3.1 Mn+

Growth Stage Median Ticket Size $7 Mn+ $5.4 Mn+

Late Stage Median Ticket Size $17 Mn+ $7 Mn+

Source: Inc42, Pitchbook & CB Insights

Startup Funding In H1 2024: India Vs USA

-40% -30% -20% -10% 0% 10%

Funding Amount Deal Count Median Ticket Size

Top 10 Indian Startup Funding Rounds In H1 2024

Enterprise Tech Growth Stage $200 Mn NIIF

Fintech Late Stage $120 Mn Mubadala, Avendus Fund

Media & Entertainment Late Stage $103 Mn StepStone Group, Lightspeed

Fintech Late Stage $80 Mn Teachers’ Venture Growth

Fintech Growth Stage $75 Mn Undisclosed

Top 10 Indian AI Startup Funding Rounds In H1 2024

AI Infrastructure Growth Stage $50 Mn Matrix Partners

Business Application Late Stage $40 Mn Sageview Capital, Vistara Growth

Business Application Growth Stage $29 Mn Y Combinator, Elevation Capital, Accel

AI Infrastructure Growth Stage $5.3 Mn Zephyrus Capital, Spicy Capital, Momentum 6

Business Application Seed Stage $5.3 Mn Nexus Venture Partners

Consumer Application Growth Stage $4.5 Mn Affle

Consumer Application Seed Stage $4 Mn Enam Holdings

Business Application Growth Stage $4 Mn Arya.ag

Indian Startups Go For Debt: Share Of Debt Funding In Total Investments

Debt Funding Debt Funding

Ecommerce & Fintech Emerged As The Most Funded Sectors In H1 2024

Top Five Sectors (H1 2024)

Enterprise Tech Enterprise Tech

0 25 50 75 100 125 0 250 500 750 1,000 1,250

Deal Count Funding Amount ($ Mn)

H1 2024 H1 2023 YoY Change

Ecommerce $1.6 Mn $1.9 Mn -16%

Enterprise Tech $2 Mn $2.5 Mn -20%