A 75% decline in funding for Indian startups; no new unicorns are minted in the first quarter of 2023
- ByStartupStory | April 12, 2023
As a result of muted investor sentiment due to rising inflation, higher interest rates, and a protracted path to profitability, startup funding decreased by about 75% to $2.8 billion, or Rs 22,934 crore, in the first quarter of 2023 as compared to $11.6 billion, or Rs 95,262 crore, in the same period the previous year. According to data made available by Tracxn Technologies, there were also no new unicorns created in the first quarter of this year as opposed to 14 during the same period in 2022.
India reported the second-highest funding level after the United States in Q1 2023 despite the declining trend. Bengaluru led all Indian cities in terms of total funds raised during the quarter, with Delhi and Mumbai coming in second and third, respectively.
The top investors in Q1 2023 included 100X.VC, the Centre for Innovation and Entrepreneurship at IIIT, Hyderabad, and Accel. The top late-stage investors were Chiratae Ventures, Elevation Capital, and Premji Invest, which is supported by the Azim Premji Foundation.
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