Indian Startups See Big Boost in Funding in 2024, Says GlobalData Report
New Delhi [India], September 25: The Indian startup funding surged by 53.1% in the first eight months of 2024 compared to the previous year, according to a research report by GlobalData. From January to August 2024, Indian startups raised USD 7.5 billion through venture capital funding, up from USD 4.9 billion during the same period last year.
The report highlighted that the value of venture capital (VC) deals in 2024 was higher than the previous year. A total of 780 VC deals were completed between January and August 2024, bringing in USD 7.5 billion, compared to 742 deals worth USD 4.9 billion in the same period last year.
“A total of 780 venture capital (VC) deals with disclosed funding value worth USD 7.5 billion were announced in India during January to August 2024, marking a year-on-year (YoY) improvement of 5.1% in terms of volume and a significant 53.1% increase in funding value compared to the same period in the previous year,” said the report.
India was noted as the top destination for venture capital investment in the Asia-Pacific (APAC) region, second only to China. The country also ranked among the top five global markets for venture capital funding in terms of both deal volume and value.
“The marked increase in venture funding value highlights the burgeoning investor confidence in India’s startup ecosystem. India’s performance signals a promising landscape in the VC funding market,” said Aurojyoti Bose, Lead Analyst at GlobalData.
The report added that India accounted for 7.3% of the total number of VC deals globally from January to August 2024, while its share of the total funding value stood at 4.6%. The country also saw an increase in high-value VC deals, defined as those worth USD 100 million or more.
Notable funding rounds during this period included Zepto, which raised USD 665 million and USD 340 million in two separate rounds, Meesho securing USD 300 million, PharmEasy raising USD 216 million, OYO attracting USD 173.5 million, and Radiance receiving USD 150 million in VC funding. These deals illustrate the strong momentum in India’s startup ecosystem.
Doubts Revealed
GlobalData Report -: GlobalData is a company that provides data and analysis on various industries. They help businesses understand market trends and make decisions.
startup -: A startup is a new company that is just beginning to develop. Startups often focus on innovative products or services.
venture capital -: Venture capital is money that investors give to startups and small businesses that they believe have long-term growth potential.
Asia-Pacific region -: The Asia-Pacific region includes countries in Asia and the Pacific Ocean, like India, China, Japan, and Australia.
Zepto -: Zepto is a startup company in India that delivers groceries very quickly, often within 10 minutes.
Meesho -: Meesho is an Indian online shopping platform that helps small businesses and individuals sell products through social media.
PharmEasy -: PharmEasy is an Indian online pharmacy that delivers medicines and healthcare products to people’s homes.
OYO -: OYO is an Indian company that provides affordable hotel rooms and other accommodations around the world.
Radiance -: Radiance is a startup company in India, but the summary does not provide more details about what they do.