Indian tech startups secure $1.6 billion in funding during Q1 2024; retail and fintech industries at the forefront
New Delhi, March 26 (IANS) The Indian tech startup ecosystem has seen a significant boost in funding, with a total of $1.6 billion raised in the first quarter of this year. The country has become the fourth-highest nation globally in terms of funding during this period, according to a report by Tracxn.
Retail, fintech, and enterprise applications were the top-performing sectors, with fintech experiencing a 48 per cent growth from the previous quarter. This growth is attributed to the rapid adoption of smartphones and favorable regulatory policies in the country.
Neha Singh, Co-Founder of Tracxn, stated, “Despite the funding slowdown and economic fluctuations, India’s tech startup ecosystem continues to thrive globally.” She also mentioned that India’s strong tech ecosystem and demographic advantages position it as a global tech leader.
Some of the top-funded companies in the quarter include Shadowfax, Credit Saison, Capillary, Rentomojo, and Captain Fresh. The period also saw the rise of two new unicorns – Perfios and Ola Krutrim, showcasing the resilience and potential of India’s tech landscape.
In addition to the funding, there was a surge in IPO numbers, with eight tech companies going public, reflecting investor confidence in the sector. The report also highlighted a total of 20 acquisitions during the quarter, showing a decrease from the previous quarter.
Bengaluru emerged as the leader in total funds raised during Q1 2024, followed closely by Mumbai and Noida. This reaffirms the significance of these tech hubs in India’s startup landscape, as per the findings of the report.
