Indian startups raised US$ 9.2 billion through 984 venture capital (VC) deals between January and October 2024, marking a significant 44.4% increase in deal value and a 5.8% rise in deal volume compared to US$ 6.4 billion across 930 deals in the same period in 2023, according to data from analytics firm GlobalData. This growth highlights a revival in investor confidence and positions India among the few key markets globally to record improvements in both deal volume and value during this period.
India accounted for 4.2% of global VC deal value and 7.1% of global deal volume from January to October 2024. Aurojyoti Bose, Lead Analyst at GlobalData, attributed this improvement to India’s resilience and growing appeal as a VC destination. “India continues to remain among the top five markets globally for VC funding activity in terms of deal volume as well as value,” he said.
Some of the notable deals in 2024 included Zepto’s US$ 665 million funding round in June followed by an additional US$ 340 million in August, Meesho’s US$ 300 million, PharmEasy’s US$ 216 million, PhysicsWallah’s US$ 210 million, and Purplle’s US$ 178.4 million.
The venture funding landscape in India has seen significant evolution since its peak of US$ 38 billion in 2021. While funding levels declined during the global downturn in 2022 and 2023, the ecosystem has shown resilience and adaptability. A report from Bessemer Venture Partners in August 2024 projected a 25% year-on-year increase in startup funding, signaling recovery and maturity in the sector. Approximately US$ 1 billion in new venture capital was injected into Indian startups during 2024.
This resurgence reflects both investor adaptation to the post-boom landscape and startups’ focus on profitability and governance. Indian startups are increasingly reshaping investment narratives by demonstrating operational resilience and aligning with sustainable growth strategies.
India’s long-term appeal for VC investors remains robust, underpinned by strong economic fundamentals such as vast consumer potential, a stable fiscal and monetary framework, strategic geopolitical positioning, and the rapid expansion of its digital infrastructure. These factors, combined with a maturing startup ecosystem, suggest a promising trajectory for the country’s venture capital landscape in the coming years.
The signs of recovery in 2024 reinforce India’s stature as a global hub for innovation and investment.
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