| Company | Value | Change | %Change |
|---|
According to Tracxn’s ‘Geo Annual Report – India Tech – 2024’, India was the third-most funded country, just behind the US & the UK. While the total funding in 2024 was 6% higher compared to 2023, it was still 56% lower compared to 2022, when global economic uncertainties triggered the ‘funding winter’.
| YEAR | TOTAL FUNDING |
|---|---|
| 2022 | $25.4 billion |
| 2023 | $10.7 billion |
| 2024 | $11.3 billion |
Source: Tracxn’s ‘Geo Annual Report – India Tech – 2024’
2024 was a better year for tech startups on other funding metrics too. Late-stage funding grew 12.09% YoY to reach $7.13 billion, while early-stage funding saw a margin rise of 2.09% to take the total to $3.16 billion. The tech ecosystem also saw 20 instances of $100 million+ funding rounds compared to 18 in 2023 and 53 in 2022. Nevertheless, overall funding was lower compared to 2022.
| Stage of Funding | 2022 | 2023 | 2024 |
|---|---|---|---|
| Late-Stage | $16.6 billion | $6.36 billion | $7.13 billion |
| Early-Stage | $6.93 billion | $3.09 billion | $3.16 billion |
| Seed-Stage | $1.87 billion | $1.25 billion | $0.97 billion |
Startups like Zepto, TI Clean Mobility, Flipkart, Mechanic Pro, and DMI Finance managed to raise funds above $100 million in 2024. A major part of these $100 million+ funding rounds were seen in the Retail, Gig Economy and Food Tech sectors.
In terms of overall funding, Retail was the top-performing sector in 2024, raising $2.6 billion. However, this was a drop of 13% when compared to $3 billion raised in 2023. India’s Gig Economy, which is growing at a CAGR of 17% as per the Forum for Progressive Gig Workers, was the biggest winner in 2024. The sector gained $2.2B in funding, which was a massive 414% increase compared to 2023.
| TOP BUSINESSES | TOTAL FUNDING |
|---|---|
| Online Grocery | $1.4 billion |
| Alternative Lending | $929 million |
| Electric Vehicles | $798 million |
| Horizontal E-Commerce | $625 million |
| Healthcare Booking Platforms | $555 million |
With 91 main board IPOs raising Rs 1.59 lakh crores, 2024 was a record-breaking year for public offerings. Interestingly, 37 tech startups constituted 40% of the total main board IPOs. In 2023, only 21 tech startups went public. C2C Advanced Systems, BlackBuck, Niva Bupa, and Swiggy were some of the tech companies that went public in 2024.
Bengaluru continued to be the startup capital of India in 2024. All six tech startups that turned unicorn in 2024 were from the city. Moreover, the city grabbed $3.4 billion in funds, accounting for 30.28% of the total tech funding in India. Mumbai was a close second at 27.07% while Gurugram was a distant third.
