Indian startup funding declines 3.1% to $2.3 billion in Q1 CY2024 | Begin Ups

Indian startups raised as a lot as $2.3 billion in enterprise capital funding in the course of the first quarter (Q1) of calendar yr (CY) 2024. This was, nevertheless, a 3.1 per cent year-on-year (Y-o-Y) decline in comparison with $2.4 billion in the identical interval final yr, in response to GlobalData — a knowledge analytics firm.

Deal quantity amongst startups slipped 2 per cent year-on-year to 288 offers throughout Q1, down from 294 offers in the course of the year-ago interval.

The nation noticed the creation of two unicorns — corporations valued at over $1 billion — in the course of the quarter, particularly Ola Krutrim and fintech Software program as a Service (SaaS) agency Perfios.

“Although there was a year-on-year decline in deal exercise, there have been some brilliant spots, together with a month-on-month (M-o-M) enchancment in funding worth in Q1 2024. The funding worth registered month-on-month development for 2 straight months, February and March, despite the fact that the quantity pattern remained fluctuating,” stated Aurojyoti Bose, lead analyst at GlobalData.

First Revealed: Apr 25 2024 | 11:33 PM IST