Diksha Mittal
30 Sept 2024
In 2024, Indian startups made a strong comeback, raising $8.7 billion by Q3, up 20% from 2023. Major deals, including Zepto’s $1.05 billion raise, drove momentum, while 10 startups went public, and six new unicorns emerged, signaling renewed investor confidence and growth in the startup ecosystem.
The year 2024 has been a remarkable turnaround for India’s startup ecosystem, which had been battling a tough funding winter for some time. As the clouds of uncertainty began to part, Indian startups not only survived but thrived, raising over $8.7 billion in the first nine months of the year—up 20% from 2023. The journey wasn’t without challenges, as the year started slow, with only $2.2 billion raised in Q1. However, resilience paid off in the second quarter, when funding surged to $3.1 billion, and by Q3, the momentum was unstoppable. Indian startups secured a staggering $3.4 billion, double what was raised in the same quarter last year.
This funding comeback was powered by 10 mega deals, led by Zepto’s $1.05 billion raise, signaling renewed confidence from investors. Alongside these headline-grabbing deals, smaller ventures also had their moment, with a 47% rise in mid-sized funding rounds, showing that innovation is flourishing at all levels.
The excitement didn’t stop there. Indian startups boldly stepped onto the public stage, with 10 companies—including Ola Electric and FirstCry—making their IPO debuts. Six new unicorns, like AI startup Krutrim, emerged, taking India’s total to 118. While still short of the 2021 unicorn boom, the signs are clear: Indian startups are poised for an exciting new chapter, with innovation, ambition, and global attention at an all-time high.
Source: INC42
