India’s startup ecosystem is finally seeing a much-needed revival after a prolonged funding slump. Startup funding has increased by 10% year-on-year so far in 2024 and this is highly promising. Tracxn reveals that Indian startups have already raised $9.78 billion compared to $8.88 billion during the same period last year.
This resurgence can be credited to strong public markets India. IPO-bound startups are inspiring confidence among investors as they are now offering viable exit opportunities and this is a crucial factor in reviving interest. Anirudh A Damani, managing partner at Artha Venture Fund, aptly summed it up saying that the funding winter is coming to an end.
The encouraging part is that the pace of funding activity is picking up is gaining rapidly. Indian startups raised more than $182 million this week and this is a significant jump from the $138 million raised last week. Deals were diverse equipped with three being in the growth stage and 19 in the early stage.
Rural-focused platform SarvaGram emerged as a big winner this week and raised ₹565 crore (around $67 million) in Series D funding led by Peak XV Partners. The total funding of the startup has reached ₹950 crore and the plan is to use it to manage a loan portfolio worth ₹1,200 crore.
Secure and transparent data sharing platform Equal caught the spotlight this week by successfully securing $10 million in a Series A round led by Prosus Ventures and Tomales Bay Capital. Its value has not reached to $80 million.
The ePlane Company is working on electric vertical takeoff and landing (eVTOL) aircraft. It raised $14 million to support development and certification efforts. Its innovation-focused venture showcases the potential of Indian startups to lead in futuristic technologies.
Nearly $10 billion was raised till October and Indian startups are on track to surpass the total funding of $10.5 billion of 2023.
