The Indian tech startup ecosystem saw a decline in venture capital funding during the first three months of 2024, reversing the moderate growth in funding over the previous three quarters. According to data from market intelligence platform Tracxn, Indian tech startups raised $2 billion in the March-ended quarter, down from $2.3 billion in the previous quarter. The number of funding rounds also dropped to a three-year low.
However, the quarter gave two new unicorns, after a dull 2023: Perfios and Ola Krutrim.
Once again, Bengaluru-based startups took the lead in total funding raised in the March quarter, securing nearly $1 billion, with startups from Delhi-NCR and Mumbai closely vying for the second spot in the funding race.
Globally, startups raised about $46.9 billion in the quarter ended March. The US dominated the funding landscape, accounting for about 55% of the total. Meanwhile, India maintained its position among the top five funded countries for the quarter, though its contribution was relatively modest at 3.8%.
