Monday, April 15, 2024
Outlook.com
Outlook India
Outlook Business

Tracxn

As the winter chill tightened its grip on India's startup ecosystem in 2023, resulting in the lowest count of startups, entrepreneurs, and investors suggest that the decline cannot be solely attributed to the funding downturn

Funding in India's tech start-up ecosystem in 2023 has been the lowest in the last five years, with a total of $7 billion received, dropping India's global ranking from 4th to 5th place

The other investors who participated in this funding round for the debt collection SaaS platform included Westbridge and Accel.

Investors are pulling out all stops to ensure that their portfolio start-ups utilise the capital to its fullest potential while practising fiscal responsibility to avoid excessive burn rates 

The report reveals that the Indian start-up ecosystem faced a challenging first half of 2023 as funding experienced a significant decline

According to Tracxn’s ‘Q3’22 India Quarterly Start-Up Report’ late-stage funding was impacted the most, with an 88 per cent decline from Q3 2021 and a 64 per cent drop from Q2 2022