Startup Funding landscape for the first half of 2024

19 July 2024

Indian Startup Funding: H1 2024 Sees Stability and Emerging Growth Trends. Despite a challenging backdrop of consecutive declines in funding since H1 2022, the first half of 2024 has shown signs of stabilization and an upward trend in the Indian startup ecosystem. India has maintained its robust performance as the fourth-highest funded country globally, with startups raising investments worth $5.3 billion in H1 2024, a slight 1.8% decrease from the $5.4 billion raised in H1 2023.

Top Funding Rounds

Late-stage companies like Zepto, Flipkart, PharmEasy,  and Lenskartsecured significant funding.

Lenskart raised $200 million(~₹1,633 Cr) in funding as a pure secondary transaction play. while Zepto, a late-stage startup, secured an impressive $665 million(~₹5,559 Cr) at $3.6 Bn valuation in funding during the first half of 2024. 

Other startups in the top 10 list raised more than $100 million each during H1 2024. Notable names include Rare Rabbit secured ₹150 Cr, and Bira 91 received ₹250 million (₹25 crore) in Series D funding during 2024.

Early-Stage Funding Leaders

Purplle group raised ₹1,000 Cr at a $1.25 Bn valuation, Two Brothers Organic Farms secured ₹58 Cr in funding during 2024.  Libas raised an impressive ₹150 crore in funding in May 2024.

In the finance sector, AbleCredit received ₹12 crore (approximately $1,203,154) in seed funding in June 2024. Another finance and investing startup, Wealthy, secured ₹45 crore (~5.4 Mn) in funding in June 2024. 

Unicorn Emergence

In H1 2024, two startups achieved unicorn status: Perfios and Krutrim.  This contrasts with 2022 and 2021, which saw the emergence of 26 and  44 unicorns, respectively.