In the face of funding challenges, Indian startups successfully secured more than $11 billion in 2023, as per a report by startup data intelligence platform TheKredible. The report indicates the participation of 980 startups in this funding endeavor, with $8.8 billion raised through 181 growth stage deals, and $2.5 billion through 656 early stage startups. Notably, deal sizes were undisclosed for 147 startups. The year also marked the emergence of two new unicorns, Zepto and InCred.
The report highlights a decline in startup funding from $25 billion in 2022 and $38 billion in 2021 to $11 billion in 2023. The number of deals also decreased from 1,625 in 2021 to 1,556 in 2022 and 984 in 2023. Nevertheless, the funding quantum in 2023 remains comparable to 2020.
Bengaluru led city-wise funding, with 433 startups raising over $6.2 billion, constituting 55% of the total funding. The report covers top 10 growth and early stage deals, mergers and acquisitions, ESOP buybacks, and city and segment-wise funding distribution.
The challenging year witnessed over 24,000 layoffs, with edtech firm Byju’s at the forefront. Additionally, more than 15 startups announced closures, including ZestMoney, Anar, Akudo, Striker by MPL, and Quizy.
The report outlines trends in 2023, spotlighting the impact on fintech and gaming startups, a surge in tech IPOs, and the occurrence of secondary deals amid the challenging environment.
Wow, that’s quite a comprehensive report on the funding landscape for Indian startups in 2023! Despite facing funding challenges, it’s impressive to see that they managed to secure over $11 billion. Sending my best wishes to all the startups .
~ Dr Shishir said Gupta founder & CEO of StartupLanes
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