Indian Tech Startup Funding Report 2023

Page 1

INDIAN TECH STARTUP

FUNDING REPORT FUNDING WI

NTER * M&As

S N W O D K R A *M

I W G N I D N U *F

S R O T S * UNICORNS E V N I P O T * * T O S P N I R N V O E C S I T N O U R S * * s E A M & E R M G * I N G S H O U P I B S H * C N E E T W E A G G E TEC A W E N


Table Of Contents

01 Indian Startup Funding: 2023 In Review

10

Startup Funding: Investor Participation Trends

01 The Rise Of India's Digital Economy

Investor Landscape

02 The State If Indian Startup Economy

YoY Trends Stage Wise Trends

03 Indian Startup Landscape

Celebrity Investors Of 2023

04 India Vs US Vs China: A Comparison

Investor Ranking: Top Funds Startup Fund Launches Of 2023

05 Indian Startup Launches 06 Indian Startup Funding Trends

11

The State Of Unicorns & Soonicorns

Year-On-Year Funding Trends

Unicorn Landscape

Mega Deal Trends

The Rise Of Unicorn Club

Average Ticket Size Trends

Unicorn Race: India Vs Others

Sector-Wise Analysis & Trends

Soonicorn Landscape

Stage-Wise Analysis & Trends

Future Unicorns

Geographic Trends

07 Gender Diversity: The State Of Startup Funding

12

The 2023 IPOs

Key Highlights

Public Markets Performance Of New Age Techs

YoY Funding Trends Top Sectors

08 Valuation Markdowns 09 The State Of Startup M&As Year-On-Year M&A Trends Sectoral Analysis & Trends Top 10 Biggest M&A Transactions

The State Of New Age Tech IPOs

Anticipated New Age Tech IPOs In 2024

13

The Pulse Of Tech: Inc42’s Annual Investor & Founders Survey

14

Trends & Predictions For 2024


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Indian Startup Funding: 2023 In Review $10 Bn+

Bengaluru

Total Funding Raised

Hub With Most Funding and M&A deals

897+

Ecommerce

Enterprise Tech Sector With Most M&As

1.5K+

Funding Deals

Sector With Most Deals

Investors Participated In Startup Funding

23

2

$2.2 Mn

Mega Deals

Unicorn Minted

5

123+

New Age Tech Startups Listed

Note: 2023 data is for the period between January 1 and December 25 Source: Inc42

M&A Deals

Median Ticket Size


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India To Have 900 Mn+ Active Internet Users By 2025 By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female 2022 Smartphone users

Internet users

Urban internet users

Rural internet users

931 Mn+

759 Mn+

360 Mn+

399 Mn+

SOURCE: IAMAI, INC42 ANALYSIS

2025 (E)

1.1 Bn+

900 Mn+

396 Mn+

504 Mn+

% Growth (Absolute)

22%

19%

Internet Penetration (Active Users)

5G Enabled Indian Cities/towns

52%

7K+

Urban Internet Penetration (Active Users)

Number Of Male Internet Users

71%

395 Mn

Cost Of 1GB Internet

Number Of Female Internet Users

$0.16

349 Mn

10%

26%


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The State Of Indian Startup Economy 3rd

Largest Ecosystem In The World

768K+ Jobs Created In The Past Six Years

68K+ Indian Startups Launched To Date

$146 Bn+ Funding Raised By Indian Startups

112 Indian Startups In The Unicorn Club

5.6K+ Funded Startups In India

9.7K+ Investors Participated In Startup Funding

$350 Bn+ Combined Valuation Of Indian Unicorns

1.3K+ M&A Deals Recorded

25

Note: Funding & M&A data is for the period between January 1, 2014 and December 25, 2023 Source: Inc42

Listed Indian Internet Companies


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Note: This is not a exhaustive list

SOONICORNS

UNICORNS

Indian Startup Landscape


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Global Startup Ecosystem Comparison: India vs The USA vs China India

China

USA

Total Funding (2014 to 2023)

$146 Bn+

$793 Bn+

$2.7 Tn+

Funding CAGR (2014 to 2023)

7%

35%

38%

No. Of Unicorns

112

172+

650+

Total Internet Users

759 Mn+

1.1 Bn+

311 Mn+

Internet Penetration*

64%

76%

92%

Source: Inc42, CB Insights, Crunchbase, Global Times Note: *The internet penetration for India mentioned here is based on total number of subscribers rather than active users


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1.8L Tech Startups In India By 2030 The total number of tech startups in India will grow 2.6x from 68K (2023) to 1.8L (2030)

Cumulative Number Of Startups Launched (In Lakhs)

2.0

+2.6x

$146 Bn+ Total Funding Raised Since 2014

1.5

112 Unicorns In India 1.0

1.3K+ Exits Through M&As 0.5

9.7K+ Active Startup Investors 0.0

Source: Inc42

2023

2025

2030


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Funding Trends [2014 to 2023]

Year-On-Year Funding Trends

Average Ticket Size Trends

Stage-Wise Analysis & Trends

Mega Deal Trends

Sector-Wise Analysis & Trends

Geographic Trends


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Indian Startup Economy: The State Of Funding & Exits 2023

2022

2021

2020

Total Funding

$10 Bn+

$25 Bn+

$42 Bn+

$12 Bn+

Deal Count

897+

1.9K+

1.6K+

953+

Median Ticket Size

$2.2 Mn+

$3.5 Mn+

$3.5 Mn+

$2.8 Mn+

Total Unique Investors

1.5K+

2.4K+

2.4K+

1.1K+

Unicorns Minted

2

22

45

12

Number Of M&As

123+

240+

210+

82+

No. Of New Age Tech IPOs

5

3

11

0

Note: 2023 data is as of December 25 Source: Inc42


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$146 Bn+ Raised By Indian Startups Since 2014 150

10,000

100

5,000

50 2,500

0

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn) Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2020

Deal Count

2021

2022

2023

0

Deal Count

Funding Amount ($ Bn)

7,500


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Indian Startup Funding Takes A Hit: $10 Bn Raised In 2023, A 60% YoY Decline 2,000

50

40

30 1,000 20

500 10

0

2014

2015

2016

2017

2018 Funding Amount

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2019

2020 Deal Count

2021

2022

2023

0

Deal Count

Funding Amount ($ Bn)

1,500


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At $2.2 Mn, Indian Startup Funding Median Ticket Size Lowest Since 2019

Median Ticket Size Of Funding ($ Mn)

4.0

3.0

2.0

1.0

0.0

2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


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Mega Deal Count Hits Six-Year Low In 2023 125

Mega Deal Count ($100 Mn or above)

100

75

50

25

0 2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


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Top 10 Biggest Funding Rounds Of 2023 Sector

Funding Stage

Round Size

Notable Investors

Fintech

Late Stage

$850 Mn*

General Atlantic, Walmart, Tiger Global

Ecommerce

Late Stage

$600 Mn*

Abu Dhabi Investment Authority

Ecommerce

Late Stage

$600 Mn

Walmart

Fintech

Late Stage

$400 Mn

Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Financial Group

Cleantech

Late Stage

$384 Mn

Temasek Holdings, SBI

Ecommerce

Late Stage

$340 Mn

Lightspeed Venture Partners, DST Global

Enterprisetech

Late Stage

$250 Mn

ICONIQ Capital, Jungle Ventures,Insight Partners, QIA

Consumer Services

Late Stage

$231 Mn*

Nexus Venture Partners, Glade Brook Capital Partners, Lachy Groom, StepStone

Fintech

Late Stage

$229 Mn

Kedaara Capital

Fintech

Growth Stage

$210 Mn*

Investcorp, Avataar Venture Partners, LeapFrog Investments, TVS Capital Funds

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25 | *Raised in multiple tranches


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10 Most Funded Sectors Of 2023 Fintech

Ecommerce

Ecommerce

Enterprisetech

Enterprisetech

Fintech

Cleantech Top 10 Sectors (2023)

Top 10 Sectors (2023)

Deeptech Healthtech Cleantech Edtech Media & Entertainment Consumer Services

Deeptech Consumer Services Logistics Media & Entertainment Edtech

Logistics

Healthtech 0

50

100 Deal Count

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

150

200

0.00

1.00

2.00

3.00

Funding Amount ($ Bn)

4.00


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Indian Startup Funding: Sector Overview 2023

2022

2021

Funding Amount

Deal Count

Funding Amount

Deal Count

Funding Amount

Deal Count

Fintech

$3 Bn+

129+

$4.8 Bn+

262+

$8 Bn+

290+

Ecommerce

$2.6 Bn+

192+

$3.8 Bn+

300+

$11 Bn+

288+

Enterprisetech

$1.3 Bn+

157+

$4 Bn+

292+

$3.7 Bn+

248+

Cleantech

$861 Mn+

57+

$1.1 Bn+

81+

$567 Mn+

58+

Deeptech

$496 Mn+

61+

$397 Mn+

52+

$242 Mn+

52+

Consumer Services

$385 Mn+

39+

$1.5 Bn+

54+

$3 Bn+

68+

Logistics

$368 Mn+

32+

$918 Mn+

36+

$1.5 Bn+

54+

Media & Entertainment

$285 Mn+

44+

$2.2 Bn+

87+

$3.6 Bn+

106+

Edtech

$283 Mn+

47+

$2.4 Bn+

95+

$4.8 Bn+

172+

Healthtech

$233 Mn+

57+

$1.4 Bn+

119+

$2.1 Bn+

125+

Travel Tech

$209 Mn+

25+

$374 Mn+

33+

$2,2 Bn+

45+

Agritech

$208 Mn+

28+

$817 Mn+

60+

$724 Mn+

48+

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Fintech Startup Investments In 2023

Lending Tech Remain Investor Favourite

Indian Fintech Startup Funding Witnessed A 37% Drop 300

6.0 200 4.0 100

314

348

2014

2015

2016

2017

2018

Funding Amount

Funding Raised Since 2014

2019

2020

2021

2022

2023

0

11 11

$28 Bn+

Funded Startups Since 2014

726+

Mega Deals In 2023

12

M&As In 2023

21

Top Funded Startup Of 2023

PhonePe

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Banking 32.1%

971

Insurtech 8.5% Banking 8.5%

Deal Count

Lending Tech 39.2%

Funding Amount ($ Mn)

Fintech SaaS 11.5%

2.0

0.0

Insurtech 10.4%

1,185

96 107

Investment Tech 3.6% Deal Count

Funding Amount ($ Bn)

8.0

Others 3.2%

44 Payments 10.9%

Investment Tech 14.7%

14

Lending Tech 34.1%

129 Deals 19 30

FIntech SaaS 23.3%


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Fintech Startup Funding Deals Cut To Nearly Half Across Stages 125

Deal Count

100 75 50 25 0 2014

2016

2018 Late Stage

Growth Stage

2020

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$176 Mn+

$384 Mn+

-54%

61+

114+

-46%

Growth Stage

$1.1 Bn+

$1.6 Bn+

-33%

30+

68+

-56%

Late Stage

$1.7 Bn+

$2.6 Bn+

-36%

24+

49+

-51%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Fintech Funding: Seed Stage Median Ticket Size Worst Hit In 2023 2.0

Seed Stage 40.0 1.5

30.0 1.0 20.0

0.5 10.0

0.0

0.0 2019

2020

2021

Seed Stage (RHS) Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Growth Stage

2022

2023 Late Stage

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late Stage

50.0

-30% YoY % Change Growth Stage

-17% YoY % Change Late Stage

-10%

YoY % Change


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Ecommerce Startup Investments In 2023

D2C Brands Dominated Ecommerce Funding in 2023

Indian Ecommerce Startup Funding Witnessed A 32% Drop 300

B2C Ecommerce 25.9%

10.0 8.0

200

6.0 100

4.0 2.0 0.0

91

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

2020

2021

2022

2023

0

Funding Amount ($ Mn) B2B Ecommerce 17.0%

1,415

D2C 53.7%

448

Deal Count

$34 Bn+

Others 4.2%

Funded Startups Since 2014

886+

B2C Ecommerce 12.5%

Mega Deals In 2023

5

Funding Raised Since 2014

682

Deal Count

Funding Amount ($ Bn)

12.0

Others 3.5%

M&As In 2023

25

Top Funded Startup Of 2023

Lenskart

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

B2B Ecommerce 13.0%

8 24

192 Deals 25

135 D2C 70.3%


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Seed & Growth Stage Ecommerce Funding Worst Impacted In 2023

Deal Count

150

100

50

0 2014

2016

2018 Late Stage

2020 Growth Stage

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$89 Mn+

$252 Mn

-65%

107

142

-25%

Growth Stage

$543 Mn+

$949 Mn

-43%

39

71

-45%

Late Stage

$1.9 Bn+

$2.5 Bn+

-24%

16

41

-63%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Ecommerce Funding: Seed Stage Median Ticket Size Worst Hit In 2023 80

1.0

60

0.8

40

0.5

20

0.3

0

0.0 2015

2016

2017

2018

Seed Stage (RHS)

2019

2020

Growth Stage

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2021

2022 Late Stage

2023

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late

Seed Stage

-67% YoY % Change Growth Stage

No change YoY % Change Late Stage

-63%

YoY % Change


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Enterprise Tech Startup Investments In 2023 Indian Enterprise Tech Startup Funding Witnessed A 68% Drop 5.0

Funding Raised Since 2014

$15 Bn+

Funded Startups Since 2014

1.1K+

Mega Deals In 2023

4

M&As In 2023

33

Top Funded Startup Of 2023

Builder.ai

300

200 3.0

Deal Count

Funding Amount ($ Bn)

4.0

2.0 100 1.0

0.0

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

2020 2021 Deal Count

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2022 2023

0


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Late Stage Startups Worst Impacted In Indian Enterprise Tech Sector In 2023 200

Deal Count

150

100

50

0 2014

2016

2018 Late Stage

Growth Stage

2020

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$143 Mn+

$824 Mn+

-83%

94

169

-44%

Growth Stage

$489 Mn+

$1.1 Bn+

-55%

34

66

-48%

Late Stage

$602 Mn+

$2 Bn+

-71%

11

22

-50%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Median Ticket Size For Late Stage Indian Enterprise Tech Startup Deals Plummets 1.5

Seed Stage 75 1.0

50

0.5 25

0

2014

2015

2016

2017

Seed Stage (RHS)

2018

2019

Growth Stage

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2020

2021

Late Stage

2022

2023

0.0

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late Stage

100

-43% YoY % Change Growth Stage

-37% YoY % Change Late Stage

-61% YoY % Change


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Edtech Startup Investments In 2023

Skill Development Gains Investor Momentum In 2023

Indian Edtech Startup Funding Witnessed A 88% Drop 200

4,000

100 2,000

Online Certification 15.9%

Funding Amount ($ Mn)

45

64

50

1,000

2015

2016

2017

2018

2019

Funding Amount ($ Mn)

2020

2021

Deal Count

Funding Raised Since 2014

$11 Bn+

Funded Startups Since 2014

430+

M&As In 2023 Top Funded Startup Of 2023

2022

13 Xylem Learning

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2023

Test Preparation 22.6%

55

Online Discovery 19.2% 2014

Skill Development 25.3%

72

Edtech SaaS 15.3%

150

3,000

5 43

Deal Count

Funding Amount ($ Mn)

5,000

0

Others 1.6%

0

Others 17.0%

Online Certification 10.6%

Online Discovery 10.6% Edtech SaaS 12.8%

8 17 5

Skill Development 36.2%

47 Deals 5 6

6

Test Preparation 12.8%


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Post-Covid Aftermath — Edtech Funding Worst Impacted Across Stages 100

Deal Count

75

50

25

0

2016

2018

2020 Late Stage

Growth Stage

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$40 Mn+

$53 Mn+

-25%

24

48

-50%

Growth Stage

$123 Mn+

$784 Mn+

-84%

9

19

-53%

Late Stage

$96 Mn+

$1.5 Bn+

-94%

3

11

-73%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Worst Hit: Median Ticket Size Shrinks For Edtech Growth Stage Investments 1.0

Seed Stage 75.0

0.8

50.0

0.5

25.0

0.3

2.6 0.0

2015

2016

2017

Seed Stage

2018

2019

2020

Growth Stage

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2021

2022

Late Stage

2023

0.0

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late Stage

100.0

No Change YoY % Change Growth Stage

-81% YoY % Change Late Stage

-36% YoY % Change


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Consumer Services Startup Investments In 2023

Hyperlocal Services Bagged More Deals Than Delivery Hyperlocal Services

3.00

150

2.00

100

1.00

50

12.5%

48

Funding Amount ($ Mn)

Deal Count

Funding Amount ($ Bn)

Indian Consumer Services Startup Funding Witnessed A 75% Drop

337 0.00

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

2020

2021

2022

2023

Hyperlocal Delivery

0

87.5%

Deal Count

Funding Raised Since 2014

$11 Bn+

Funded Startups Since 2014

369+

Mega Deals In 2023

1

M&As In 2023

3

Top Funded Startup Of 2023

Zepto

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Hyperlocal Delivery 43.6%

17

39 Deals

22

Hyperlocal Services 56.4%


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Late-Stage Funding Takes A Toll On Consumer Services Startups In India In 2023 100

Deal Count

75 50 25 0 2014

2016

2018 Late Stage

Growth Stage

2020

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$13 Mn+

$34 Mn+

-63%

20

26

-23%

Growth Stage

$49 Mn+

$26 Mn+

+92%

6

8

-25%

Late Stage

$311 Mn+

$1.4 Bn+

-78%

5

10

-50%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Median Ticket Size For Growth Stage Consumer Services Startups Show Recovery, But Late Stage Cut To Half In 2023 1.00

Seed Stage 0.75 100

0.50

50 0.25

0

2014

2015

2016

2017

Seed Stage (RHS)

2018

2019

2020

Growth Stage

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2021 Late Stage

2022

2023

0.00

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late Stage

150

-18% YoY % Change Growth Stage

34% YoY % Change Late Stage

-56% YoY % Change


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Media & Entertainment Startup Investments In 2023

Despite Regulatory Hurdles, Gaming Startups Captured Major Chunk In Funding

Indian Media & Entertainment Startup Funding Witnessed A 87% Drop

Social Media & Chat

125

30

OTT 16.1%

46

Funding Amount ($ Mn)

100

3.0

75 2.0 50

Deal Count

Funding Amount ($ Bn)

4.0

10.5%

209

Gaming 73.3%

1.0

25

OTT 0.0

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

Funding Raised Since 2014 Funded Startups Since 2014

2020

2021

2022

2023

0

11.4%

5

Deal Count

$9.5 Bn+ 419+

Social Media & Chat 38.6%

M&As In 2023

7

Top Funded Startup Of 2023

Nazara Technologies

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

17

44 Deals

22

Gaming 50.0%


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Media & Entertainment Startups Witness Funding Decline Across Stages 80

Deal Count

60

40

20

2

0 2014

2016

2018 Late Stage

Growth Stage

2020

2022

Seed Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$46 Mn+

$99 Mn+

-54%

27

43

-37%

Growth Stage

$126 Mn+

$696 Mn+

-82%

10

24

-58%

Late Stage

$77 Mn+

$1.4 Bn+

-95%

2

8

-75%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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71% Decline In Median Funding Amount For Late Stage Funding In Media & Entertainment Sector 1.3

Seed Stage 1.0 100 0.8

0.5 50 0.3

0

2014

2015

2016

2017

Seed Stage (RHS)

2018

2019

2020

Growth Stage

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2021

2022

Late Stage

2023

0.0

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth & Late Stage

150

-31% YoY % Change Growth Stage

-13% YoY % Change Late Stage

-71% YoY % Change


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Deeptech Startup Investments In 2023

Startups Across Deeptech Segment Bag Big Bucks

Indian Deeptech Startup Funding Jumps 9% In 2023 500

Others

60

2.0% Dronetech 6.8%

400

300

200

29

34.1%

Funding Amount ($ Mn)

Hardware & IoT 28.4%

Robotics Process Automation (RPA)

9

40 Deal Count

Funding Amount ($ Mn)

147

123

124

20

Spacetech 28.7%

100

0

2014

2015

2016

2017

2018

Funding Amount ($ Mn)

2019

2020

2021

Deal Count

2022

2023

0

Others 7.3% Robotics Process Automation (RPA)

$1.5 Bn+

Funded Startups Since 2014

243+

M&As In 2023

1

Top Funded Startup Of 2023

GreyOrange

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

4

7.3%

AR/VR 9.1%

Funding Raised Since 2014

4

Dronetech 14.5%

Spacetech 20.0%

5

55 Deals 8

11

23

Hardware & IoT 41.8%


© INC42 MEDIA | NOT FOR DISTRIBUTION / 37

Deeptech Startup Growth Stage Deals On The Rise, Seed Stage Retreating 50

Deal Count

40 30 20 10 0 2014

2016

2018 Seed Stage

2020

2022

Growth Stage

Funding Amount

Deal Count

2023

2022

% YoY Change

2023

2022

% YoY Change

Seed Stage

$27 Mn+

$44 Mn+

-38%

22

31

-29%

Growth Stage

$209 Mn+

$203 Mn+

3%

16

9

78%

Late Stage

$145 Mn+

$110 Mn+

32%

3

2

50%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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Median Ticket Size Shrinks For Seed & Growth Stage In Deeptech Startups 25.0

1.3

20.0

1.0

15.0

0.8

10.0

0.5

5.0

0.3

0.0

2016

2018 Seed Stage (RHS)

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2020 Growth Stage

2022

0.0

Median Ticket Size ($ Mn): Seed Stage

Median Ticket Size ($ Mn): Growth Stage

Seed Stage

-40% YoY % Change Growth Stage

-54% YoY % Change Late Stage

N/A YoY % Change


© INC42 MEDIA | NOT FOR DISTRIBUTION / 39

Early Stage Funding Takes The Biggest Hit In 2023 Funding Stage

Funding Amount

YoY Change

Deal Count

YoY Change

Seed Stage

$681 Mn+

-72%

467+

-37%

Growth Stage

$2.9 Bn+

-60%

192+

-46%

Late Stage

$5.6 Bn+

-60%

83+

-57%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


© INC42 MEDIA | NOT FOR DISTRIBUTION / 40

Seed Stage Funding In 2023: An Overview Seed Stage Funding Reports 72% YoY Decline In 2023 800

2,500

Enterprise Tech & Ecommerce Record Max Seed Stage Funding In 2023 Enterprise Tech

Others 22.8%

600

1,500 400 1,000 200

500

0

Deal Count

Funding Amount ($ Mn)

2,000

21.1%

143

155

Media & Entertainment 6.7%

Funding Amount ($ Mn)

46 51

Deeptech 7.5%

2014

2015

2016

2017

2018

2019

Funding Amount ($ Mn)

2020

2021

Deal Count

2022

2023

57

Cleantech

89

$6 Bn+

Funded Startups Since 2014

4K+

Others 15.0%

70

Median Ticket Size In 2023 Active Investors In 2023

$823K 905+

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Ecommerce 22.9%

107

24

Edtech 5.1%

24

Media & Entertainment 5.8%

27

Healthtech 6.2% Cleantech 6.9%

Ecommerce 13.1%

Deeptech 5.1%

Funding Raised Since 2014

Fintech 20.5%

8.4% 0

139

467 Deals 94

29 32 60

Enterprise Tech 20.1% Fintech 12.8%


© INC42 MEDIA | NOT FOR DISTRIBUTION / 41

31% Decline In Median Ticket Size For Seed Stage Investments In Indian Startups

Median Ticket Size ($ Mn): Seed Stage

1.3

1.0

0.8

0.5

0.3

0.0

2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


© INC42 MEDIA | NOT FOR DISTRIBUTION / 42

Growth Stage Funding In 2023: An Overview Indian Startups Witness A 60% Correction In Growth Stage Funding 10.0

200 4.0

2.0

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

2020

2021

Deal Count

2022

2023

Deal Count

Funding Amount ($ Bn)

300

6.0

0.0

Others 20.0%

400

8.0

Fintech & Ecommerce Emerge As The Most Funded Sectors At Growth Stage In 2023

190

Logistics 6.8%

200

100

0

Others

$35 Bn+

5.2%

Funded Startups Since 2014 Median Ticket Size In 2023 Active Investors In 2023

1.5K+ $10 Mn 461+

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

543

209

Logistics 5.2% Media & Entertainment 5.2% Deeptech 8.9%

Ecommerce 18.5%

489

16.7%

5.2% Healthtech

24.5%

721

Funding Amount ($ Mn)

Enterprise Tech 16.6%

Cleantech

Funding Raised Since 2014

587

Cleantech 6.5%

Deeptech 7.1%

Fintech

32

Ecommerce 20.3%

39

10

192 Deals

10 10

34

Enterprise Tech 17.7%

10 17

30

Fintech 15.6%


© INC42 MEDIA | NOT FOR DISTRIBUTION / 43

20% Decrease In Median Ticket Size For Growth Stage Investments In Indian Startups

Median Ticket Size ($ Mn): Growth Stage

15.0

10.0

5.0

0.0

2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


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Late Stage Funding In 2023: An Overview Indian Startup Ecosystem Report 60% YoY Drop In Late Stage Funding In 2023

150 20.0 100 10.0

Deal Count

Funding Amount ($ Bn)

200

30.0

0.0

Others 9.9% Deeptech 2.6% Consumer Services 5.5%

250

40.0

Fintech & Ecommerce Emerge As The Most Funded Sectors At Late Stage In 2023

Cleantech 10.1%

0.6 0.1 0.3

Funding Amount ($ Mn)

0.6

0.6

Enterprise Tech 10.7%

1.3

50

2014

2015

2016

2017

2018

2019

Funding Amount ($ Bn)

2020

2021

Deal Count

Funding Raised Since 2014

$102 Bn+

Funded Startups Since 2014 Median Ticket Size In 2023 Active Investors In 2023

2022

2023

0

Others 18.1%

25

Healthtech 3.6%

3 3

426+

Consumer Services 6.0%

5

$30 Mn

Cleantech 7.2%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Enterprise Tech 13.3%

Ecommerce 23.8%

15

Logistics 3.6%

168+

2.1

Fintech 37.3%

Fintech 30.1%

83 Deal Count 6 15 11

Ecommerce 18.1%


© INC42 MEDIA | NOT FOR DISTRIBUTION / 45

Indian Startup Late Stage Investments Experience 35% Drop In Median Ticket Size

Median Ticket Size ($ Mn): Late Stage

60

40

20

0

2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


© INC42 MEDIA | NOT FOR DISTRIBUTION / 46

Bengaluru

Bengaluru

Delhi NCR

Delhi NCR

2023's Most Funded Indian Startup Hubs

2023's Most Funded Indian Startup Hubs

Top 10 Funded Hubs In 2023

Mumbai Chennai Pune Hyderabad Ahmedabad Kolkata Jaipur

Mumbai Chennai Pune Hyderabad Ahmedabad Kolkata Jaipur Surat

Surat 0

50

100

150

Deal Count Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

200

250

0

1,000

2,000

3,000

Funding Amount ($ Mn)

4,000


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2023 Downturn: India's Leading Startup Hubs Experience Sharp Funding Decline 25.0

Funding In 2023 Bengaluru

Funding Amount ($ Bn)

20.0

$4.2 Bn -61% YoY Change

15.0

Delhi NCR

$2.7 Bn

10.0

-51% YoY Change 5.0

0.0 2014

Mumbai

$1.5 Bn 2016

Bengaluru Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2018

Delhi NCR

2020

Mumbai

2022

-62% YoY Change


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Mumbai & Bengaluru's Startup Funding Deal Activity Most Impacted In 2023 600

Deal Count In 2023 Bengaluru

249 -48% YoY Change

Deal Count

400

Delhi NCR

241

200

-39% YoY Change Mumbai

0 2014

160 2016

2018

Bengaluru

Delhi NCR

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2020

Mumbai

2022

-36% YoY Change


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How Did Emerging Indian Startup Hubs Performed In 2023? 80

Ahmedabad

-15%

YoY Change (Deal Count)

60

Pune

Deal Count

-41%

YoY Change (Deal Count) 40

Chennai

-48%

YoY Change (Deal Count)

Hyderabad

20

-54%

YoY Change (Deal Count) 0 2014

Jaipur 2016

2018 Pune

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Chennai

2020 Hyderabad

2022 Ahmedabad

Jaipur

-56%

YoY Change (Deal Count)


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How Emerging Hubs Stack Up Against Each Other Rank

Startup Hub

Funding Amount

Deal Count

Notable Investors

1

Pune

$4.7 Bn

355

SoftBank, InnoVen Capital, Elevation Capital, Accel

2

Chennai

$3.7 Bn

346

Peak XV, Accel, Chiratae Ventures, Iron Pillar

3

Hyderabad

$2.7 Bn

336

Hyderabad Angels, 3one4 Capital, T-Hub, Peak XV

4

Ahmedabad

$839 Mn

141

Alteria Capital, Lightspeed Venture Partners, Alkeon Capital, Ah Ventures

5

Jaipur

$1.2 Bn

92

CapitalG, Indian Angel Network, Peak XV, Rajasthan Venture Capital Fund

6

Kolkata

$178 Mn

83

Anicut Capital, Tiger Global Management, Accel, Indian Angel Network

7

Indore

$87 Mn

37

Info Edge, Sixth Sense Ventures, Venture Catalyst, Better Capital

8

Kochi

$26 Mn

32

KSUM, Prime Venture Partners, IAN, Ah Ventures

9

Chandigarh (Tricity)

$225 Mn

36

Kalaari Capital, Chandigarh Angels Network, Anicut Capital, Paytm

10

Vadodara

$85 Mn

19

DSG Consumer Partners, Mumbai Angels, IAN, Venture Catalyst

Source: Inc42 Note: Based on funding deals reported between 2014 and December 25, 2023 | Placed in order of number of deals | Tricity includes (Chandigarh + Mohali + Panchkula)


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The State Of Startup Funding Key Highlights

YOY Funding Trends

Top Sectors


© INC42 MEDIA | NOT FOR DISTRIBUTION / 52

Gender Diversity: The State Of Startup Funding In 2023

$475 Mn+

109

$56 Mn+

Total Funding Raised By Women Led Startups In 2023

Unique Women Led Startups Funded In 2023

Raised In Seed Stage

$198 Mn+

$189 Mn+

5%

Raised In Growth Stage

Raised In Late Stage

Share Of Women-Led Startups In Overall Funding In 2023, Lower Than 9.6% In The Previous Yea

Delhi NCR

Ecommerce & Enteprise Tech

Hub With The Most Women Led Startups Funded In 2023

Reported Most Funding In Women-Led Ventures

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


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2023 Sees A Dramatic 80% Drop In Funding For Women-Led Indian Startups 300

5

200 3

Deal Count

Funding Amount ($ Bn)

4

2 100 1

0

2021

2022 Funding Amount ($ Bn)

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2023 Deal Count

0


© INC42 MEDIA | NOT FOR DISTRIBUTION / 54

Women-Led Startups — Ecommerce And Enterprise Tech Sectors Emerged As Most Funded In 2023

Others 22.9%

27 42

Fintech 5.1% Healthtech 5.1% Consumer Services 5.9% Edtech

Ecommerce 35.6%

118 Deal Count

6

Others 7.5% Cleantech 4.0% Logistics 5.4% Travel Tech 6.1%

Edtech 9.2%

6

35 19 25 29

157

Enterprisetech 33.0%

$475 Mn Funding Amount

44

7 12

18

10.2%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Enterprisetech 15.3%

Fintech 11.0%

52 114

Ecommerce 23.9%


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Valuation Adjustments: Indian Unicorns Face Valuation Markdown Headwinds Current Valuation

Source: Reports, Investor Filings

Investor Who Slashed The Valuation

Markdown Percentage

Valuation Post Markdown

$22 Bn

50%

$11 Bn

$22 Bn

62.00%

$8.3 Bn

$22 Bn

72.80%

$5.98 Bn

$22 Bn

76.80%

$5.1 Bn

$10.7 Bn

25%

$8 Bn

$10.7 Bn

48.50%

$5.5 Bn

$10.7 Bn

32%

$7.3 Bn

$10.7 Bn

39.25%

$6.5 Bn

$5.6 Bn

21.40%

$4.4 Bn

$5.6 Bn

50%

$2.8 Bn

$5.6 Bn

52%

$2.7 Bn


© INC42 MEDIA | NOT FOR DISTRIBUTION / 56

Current Valuation

Source: Reports, Investor Filings

Investor Who Slashed The Valuation

Markdown Percentage

Valuation Post Markdown

$5 Bn

38%

$3.1 Bn

$7.4 Bn

35%

$4.8 Bn

$3.2 Bn

8.56%

$2.9 Bn

$4.9 Bn

9.70%

$4.4 Bn

$9.6 Bn

71.8%

$2.7 Bn

$1.4 Bn

31.60%

$957.6 Mn


© INC42 MEDIA | NOT FOR DISTRIBUTION / 57

Startup M&As Year-On-Year M&A Trends

Sectoral Analysis & Trends

Top 10 Biggest M&A Transactions


© INC42 MEDIA | NOT FOR DISTRIBUTION / 58

Indian Startup M&As Cut To Half In 2023 Compared To 2022 250

M&A Deal Count

200

150

100

50

0

2015

2016

2017

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2018

2019

2020

2021

2022

2023


© INC42 MEDIA | NOT FOR DISTRIBUTION / 59

Nearly One-Third Of The Indian Startup M&As Were In Enterprise Tech Sector In 2023 Others 8.1%

10

Logistics 4.9%

6

Media and Entertainment 5.7%

Healthtech 6.5%

Edtech 10.6%

33

7 8

Enterprisetech 26.8%

M&A Deal Count

13 25 21

Fintech 17.1% Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Ecommerce 20.3%


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Top 10 Startup Acquisitions Of 2023 Acquired Startup

Sector

Founding Year

HQ

Ecommerce

2018

Delhi NCR

$67 Mn

Ecommerce

2020

Mumbai

$44 Mn

Logistics

2015

Chennai

$39 Mn

Fintech

2016

Delhi NCR

$30 Mn

Media & Entertainment

2013

Mumbai

$21 Mn

Enterprise Tech

2009

USA

$16 Mn

Fintech

2017

Mumbai

$15 Mn

Consumer Services

2017

Vadodara

$10 Mn

Ecommerce

1997

Bengaluru

$10 Mn

Fintech

2015

Mumbai

$10 Mn

Note: This ranking is done based on the deals recorded in our internal database and the annual investor ranking survey.

Acquired By

Transaction Amount


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Investor Participation Trends Investor Landscape

Stage Wise Trends

India’s Top Startup Investors

YoY Trends

Celebrity Investors Of 2023

Startup Fund Launches Of 2023


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India’s Startup Investor Landscape VCs & PEs

Corporates & CVCs

Accelerators & Incubators

Angel Networks & Syndicates

NOTE: THIS IS NOT A COMPREHENSIVE LANDSCAPE

Family Funds & Offices

Falguni and SanjayNayar Office Anand Mahindra’s family office

Godrej family office

Kris Gopalkrishnan’s family office

Ananth Narayanan Family Office

Haldiram's family office

Three Sisters Institutional Office

Falguni and SanjayNayar Office

Rajiv Dadlani Group

Dragonfly

Venture Debts


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Amidst Global Economic Uncertainty, The Number Of Investors Backing Indian Startups Falls By 36% 2,500

Total Unique Investors

2,000

1,500

1,000

500

0

2014

2015

2016

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

2017

2018

2019

2020

2021

2022

2023


© INC42 MEDIA | NOT FOR DISTRIBUTION / 64

Investor Participation Declines Across All Funding Stages, Late Stage Hardest Hit Funding Stage

2023

2022

YoY Change

Seed Stage

905

1,653

-45%

Growth Stage

461

814

-43%

Late Stage

168

373

-55%

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25


© INC42 MEDIA | NOT FOR DISTRIBUTION / 65

Film Industry Celebs And Their Startup Investments In 2023

AKSHAY KUMAR

ALIA BHATT

DEEPIKA PADUKONE

KAREENA KAPOOR KHAN

SUNIEL SHETTY

LUCKY ALI

PARINEETI CHOPRA

SANJAY DUTT

SHILPA SHETTY KUNDRA

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

DIA MIRZA

EKTA KAPOOR

KAJAL AGGARWAL

MALAIKA ARORA

MASABA GUPTA

NAYANTHARA

SUKHBIR SINGH


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Sportsmen Who Backed Startups In 2023

AJINKYA RAHANE

HARDIK PANDYA

MS DHONI

SOURAV GANGULY

NEERAJ CHOPRA

SACHIN TENDULKAR

SHIKHAR DHAWAN

VIRENDER SEHWAG

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

YUVRAJ SINGH


© INC42 MEDIA | NOT FOR DISTRIBUTION / 67

India's Top Startup Investors [2023] Investor Name

Investor Type

Deal Count (2023)

Startups Funded

AngelList India

Angel Network/ Platform

180

Alt Carbon, CareFi, Dressfolk, Magma

LetsVenture

Angel Network/ Platform

159

BotLabs Dynamics, Log9, Power Gummies, Sanfe

Stride Ventures

Venture Debt

110

SUGAR Cosmetics, Slice, Agrostar, BlueStone, The Good Glamm Group

Alteria Capital

Venture Debt

107

Giva, Kissht, Onecard, Bluestone, Ather, Perfora, Blissclub

We Founder Circle

VC

103

University Living, BluSmart, Garuda, Rooter, PeeSafe

100X.VC

VC

62

50Fin, BreatheESG, abCoffee, Aliste Technoligies, Arthum

ah! Ventures Group

VC

55

Sapio Analytics, Twyn, Flexifyme, CarEasy, Sugar Watchers

Mumbai Angels

Angel Network/ Platform

50

Blu Smart, Chargezone, Burger Singh, Bambrew, Gegadyne

Marwari Catalysts

Accelerator/ Incubator

45

Jaipur Watch Company, U R Turms, Bank Sathi

IAN Group

Angel Network/ Platform

38

Manastu Space, Seringen, Adya.ai, Evolve

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


© INC42 MEDIA | NOT FOR DISTRIBUTION / 68

Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Trifecta Capital

Venture Debt

37

Ace Turtle, Rooter, Atomberg Technologies, Entropik

Faad Network

Angel Network/ Platform

37

Navadhan Capital, Castler, BluWheelz, BluSmart

SucSEED Indovation Fund

VC

32

Lissun, Nesa, GameEon, Endimension, We360, Funngro

InnoVen Capital

Venture Debt

30

Servify, Niro, Captain Fresh, Gradright, Betterplace

Blume Ventures

VC

28

AtomicWorks, Freakins, Pico Express, Mysa, DPDZero

India Accelerator

VC

27

HouseEzy, Inc42, Advanced Mobility, Optimizers, Matter

Gruhas

VC

25

EMO Energy, Ossus Biorenewables, Basic Home Loans, 1% Club

IVY Growth Associates

Angel Network/ Platform

25

Emotorad, Zypp Electric, Skippi Ice Pops, EnParadigm, Cleardekho

All In Capital

VC

25

Hectar, Reint, Mannjal, Slick, Fantail, Salty

Venture Catalysts

Accelerator/ Incubator

24

STAGE, Zypp Electric, Optimized Electrotech, Tagz Foods

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

3one4 Capital

VC

23

Exponent Energy, Fasal, Dozee, HighXP

Antler

VC

22

HouseEazy, Figr, Chainrisk, Bitsila, Mysa, Plotch, Covrzy

Titan Capital

VC

22

P-Tal, Magma, Stable Money, Solar Ladder, Green Fortune, DevDham

Inflection Point Ventures

Angel Network/ Platform

22

STAGE, BankSathi, Raaho, SuperCluster Pi, LoanKuber

Axilor Ventures

VC

21

BoxPay, Solar Ladder, Doppelio, Fluxgen, LeRemitt, Oorja Energy

Harmony Lifestyles Group

Family Office/Fund

20

Metafin, Biryani By Kilo, Agnikul, Lenden, Daalchini

Neon Fund

VC

20

Profit.co, Atomicwork, GTMBuddy, Fincent, Crux, Mysa

Peak XV + SURGE

VC & Accelerator

20

Sarvam AI, abCoffee, Plotch.ai, Digantara

The Chennai Angels

Angel Network/ Platform

19

Batterypool, Sugar Watchers, Flutrr, Proost, Nutrizoe, Cultyvate

PIPER SERICA ANGEL FUND

VC

17

Pantherun, Kisan Vikas Fintech, Castler Escrow Slutions

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


© INC42 MEDIA | NOT FOR DISTRIBUTION / 70

Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Matrix Partners

VC

17

Toddle, Park+, Polytrade, Stable Money, Wootz.work

Accel

VC

16

Captain Fresh, Innovist, Fundly.ai

India Quotient

VC

16

Pop Club, DpdZero, General Autonomy, Reo.dev, Intoglo

Lightspeed Venture Partners

VC

16

Sarvam AI, Pixxel, Bluelearn, Udaan, Exponent Energy

Rainmatter Capital

CVC

15

Gytree, Emoha Elder Care, PeeSafe, MProfit

Sauce.vc

VC

15

Hocco Ice Creams, Mokobara, Whole Truth Foods, Perfora, Supertails

Huddle Ventures

VC

15

Litestore, Hyergro, Perfora, Mykare health, Efeed

Elevation Capital

VC

14

SarvaGram, Rigi, Bluelearn, Mintifi

Eight Road Ventures

VC

14

Exponent Energy, Enzene Biosciences, Safe Security, Bicara Therapeutics

Anicut Capital

VC

13

Blue Tokai Coffe, CapGrid, XYXX, Uravu Labs

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Nexus Venture Partners

VC

13

Smartstaff, Wootz.work, Zepto, Giga ML

JITO Angel Network

Angel Network/ Platform

13

Store My Goods, Uravu Labs, Hair Originals

ITI Growth Opportunities Fund VC

11

Cureskin, faasal, Coffeee.io,Redwing Labs, Brweed Leaf

Hyderabad Angels

Angel Network/ Platform

11

Livo.ai, Skyair, wickedgud, BreathESG , ImmersiveLabs

First Cheque

VC

11

ofScale, Blitz

Better Capital

VC

11

STAGE, Toddle, Turns, Gullak, HYPD Store

GVFL Limited

VC

11

Zujo Tech Private Limited,GhostKitchen, Evify Logistics, Lets Dress Up

Evolvex Accelerator

Accelerator/Incubator

10

getplus.in, UcliQ, Car Easy, Rupid

Kaalari Capital

VC

10

HerKey, Digantara, Zluri, Eloelo

Gemba Capital

VC

10

Volt Money, Mannjal, Navadhan, FairDeal, Luru

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Omnivore Ventures

VC

9

BharatAgri, Fibmold, DGV, Farmley

Kalaari Capital

VC

9

Digantara, Studio Sirah, AuditCue, EloElo

InfoEdge

CVC

9

Gramophone, Transitry, AvatarLife, BrainSightAI

Silverneedle Ventures

VC

9

Hypergro, Dhruva Space, Onfinance, Mainstreet Marketplace, Disprz

Unicorn India Ventures

VC

8

Aurasure, HIWI, Isgoingonline, Esmito, DaalChini

Pentathlon Ventures

VC

8

ExtraaEdge , Cutting Edge Digital, Actionable Science Inc

Y Combinator

Accelerator/Incubator

8

Oneistox, Shaktimaan.ai, Clinkally, Giga ML

Fireside Ventures

VC

8

Ripplr, Pilgrim, Gynoveda, Inito

IvyCap Ventures

VC

7

Celcius, ZestIoT, Agraga, Expertrons

Chiratae Ventures

VC

7

Curefoods, Pando, Pixis, Ergos

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Prime Ventures

VC

7

Dozee, HighXP, ZuAI, Bolt Earth

Avataar Ventures

VC

7

InsuranceDekho, Chalo, Capillary Technologies, HealthPlix

Endiya Partners

VC

7

Nkure, Zluri, Sugar.fit, Scrut Automation

2amvc

VC

7

ONWO, Bluelearn

Bluehill Capital

VC

7

Raptee, EtherealX, Skillveri, AutoNXT, Claritrics

Stellaris Venture Partners

VC

7

Rigi, Turno, Zouk, Cirkla

Kettleborough VC

VC

7

Sumosave, Finhaat, InPrime, VS Mani, Gigafun

She Capital

VC

7

Trezi, Amana, SuperHire

Athera Venture Partners

VC

6

Ati, Terra, Pixxel, Euler, PlayShifu, BluArmor

Blacksoil

Venture Debt

6

Cellecor, CredRight, Kenko

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Artha Ventures

VC

6

GetWork, KarmaLife, Agnikul, Natch

GSF

Accelerator/Incubator

6

Humblx, Legistify, Petmojo, Zekardo

Seafund

VC

6

Redwings, Bestdoc, Docker Vision, Swapp Design, Simmatricals

Speciale Invest

VC

6

StepChange, Newtrace, Agnikul, QNu Labs

Adept Ventures

VC

5

Finsire, Clairco, Third Wave Coffee, Redcliffe Lifesciences

Temasek

Sovereign Wealth Fund

5

Ola Electric, Atomberg Technologies, UpGrad, SarvaGram, Skyroot

Startup Movers

Angel Network/ Platform

5

Ptal, pep.live, Krya Innovation

Redcliffe Capital

Family Office/Fund

5

Revfin, Nona Lifestyle, Yobee Research, Stockal, AlphaaAI

TVS Capital

CVC

5

SarvaGram, InsuranceDekho, PhonePe

BEENEXT

VC

5

StepChange, CoverSelf, Phi Commerce, Scimplifi

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Cornerstone Venture Partner Fund

VC

5

THB, Mystifly, Blubirch

Sony Innovation Fund

CVC

5

Tricog, Lokal, ToonSutra, Zyla, Woovly

Flipkart Ventures

CVC

5

Castler, FlexifyMe, Algomage

Jungle Ventures

VC

4

Builder.ai, Atomberg Technologies, NIC, Showroom B2B

Westbridge Capital

VC

4

Credgenics, Third Wave Coffee, Design Cafe, TrackWizz

Agility Ventures

VC

4

Earkart, Proost69, TagZ Foods, ZEVO

Campus Fund

VC

4

Formi, Digantara, D-Nome, Plutus

Fluid Ventures

VC

4

Koparo Clean, Redesyn, Eske, Beautywise

IFC

Financial Institution

4

Mintifi, Bizongo, Kuku FM, Onsurity

Orios Venture Partners

VC

4

NxtWave, HYPD Store, Unnati

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Tiger Global Management

VC

4

PhonePe, Infinite Uptime, Battery Smart, Captain Fresh

Steadview Capital

VC

4

Zetwerk, Atomberg Technologies, Aequs Group, Mayhem Studios

Multiply Ventures

VC

3

BharatX, Superfoods & Fundly

PeerCapital

VC

3

Bidso, Flash, Vaaree

Leo Capital

VC

3

BuyStars, QuickReply.ai, TradingLeagues

NB Ventures

VC

3

ElectricPe, Sorted, STAGE

Aavishkaar Capital

VC

3

Ergos, Newtrace, INI Farms

Java Capital

VC

3

Frigate, Oorja Development Solutions, AuditCue

A91 Ventures

VC

3

GIVA, Blue Tokai Coffe, Kaar Tech

V3 Ventures

VC

3

Kuku FM (follow on), Entri, Dil Foods and Go Zero

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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Investor Name

Investor Type

Deal Count (2023)

Startups Funded

Kae Capital

VC

3

ONWO, Hippo Video, Disprz

Elevar Equity

VC

3

SarvaGram, Niro, Peepul Tree

Pi Ventures

VC

3

Zero Cow Factory, SwitchOn, Agnikul

Note: This ranking is based on data consolidated from Inc42’s Investor Ranking & Sentiment Surveys [2023, H1 2023 & Q3 2023], and deals recorded in the Inc42 database.


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69% Decline In Funds For Startups Announced In 2023 Fund Launches In 2023: A Stagewise Outlook

20

18

No. Of Funds

Capital

Early Stage

31

$1.8 Bn+

Early To Growth

14

$1 Bn+

Growth Stage

5

$331 Mn+

Growth To Late Stage

7

$1.7 Bn+

Late Stage

2

$161 Mn+

Agnostic

5

$496 Mn+

Total Fund Corpus ($ Bn)

15

10

5

0

6

2021

5.6

2022

2023

Source: Inc42 Note: Includes funds announced for Indian startups. Announcement includes — launch announcements, first close and full fund closures. Based on the data for the period between January 1 and December 25, 2023


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Funds Worth $5.6 Bn+ Announced For Indian Startups In 2023 Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

3one4 Capital (Fund IV)

VC Fund

$200 Mn

Early Stage

Consumer Internet, SaaS, Fintech

AdvantEdge (Fund III)

VC Fund

$100 Mn

Early Stage

EV

Aeravti Ventures

VC Fund

$12.1 Mn

Early & Growth Stage

Deeptech, Biosciences, Agritech, Climate, Enterprise Tech

Agri-Focused Accelerator Fund

Govt Fund

Undisclosed

Stage Agnostic

Agritech

Airavat Global Technology Fund R

VC Fund

$40 Mn

Late Stage

Consumer, Financial Services, Technology & Pharma

Antler India (Fund I)

VC Fund

$75 Mn

Early Stage

SaaS, Fintech, Generative AI

Arkam Ventures

VC Fund

$180 Mn

Early & Growth Stage

Financial Services, Food & Agri, Healthcare, Logistics

Asha Ventures (I)***

VC Fund

$100 Mn

Early Stage

Financial Services, Healthcare, Education, Climate

Avaana Capital

VC Fund

$70 Mn

Early & Growth Stage

Energy Transition & Resource Management

B Capital (Growth Fund III)*

VC Fund

$2.1 Bn

Early Stage

Enterprise Tech, Fintech, Healthtech, SaaS, Cybersecurity

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

B Capital (Healthcare Fund I)*

VC Fund

$500 Mn

Early To Late Stage

Digital Health, Biotech

Blume Continuity Fund

VC Fund

$24.4 Mn

Growth Stage

Consumer Internet, SMB Marketplaces, SaaS

BoldCap

VC Fund

$25 Mn

Early Stage

SaaS

CapFort Ventures

VC Fund

$24.3 Mn

Early Stage

Deeptech, Cleantech, B2B Tech, Logistics, Healthtech

Capria Ventures*

VC Fund

$100 Mn

Early & Growth Stage

AI, Climate Tech

CarTrade Ventures

CVC

$91.3 Mn

Stage Agnostic

Automotive

Chanakya Opportunities Fund I

VC Fund

$12.5 Mn

Early Stage

Sector Agnostic

Chiratae Ventures(Growth Fund I)

VC Fund

$122 Mn

Growth Stage

Sector Agnostic

Courtside Ventures (Fund III)

VC Fund

$100 Mn

Early Stage

Sports, Online Gaming & Lifestyle

Creaegis (Fund I)

PE Fund

$75 Mn

Growth & Late Stage

Sector Agnostic

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

Dallas Venture Capital

VC Fund

$42.6 Mn

Stage Agnostic

Enterprise Tech

Early Spring

VC Fund

$12.2 Mn

Early Stage

Home & Personal Care, Health & Wellness

Elev8 Venture Partners

VC Fund

$67 Mn

Growth Stage

Consumer Tech, Enterprise Software, Fintech, Healthtech

Epiq Capital (Fund II)

VC Fund

$235 Mn

Growth & Late Stage

Tech, Tech Enabled

Good Capital

VC Fund

$50 Mn

Early Stage

AI

gradCapital

VC Fund

$6 Mn

Early Stage

Sector Agnostic

Grayscale Ventures

VC Fund

$20 Mn

Early Stage

AI, SaaS, Dev-Infra

GrowthCap Ventures

VC Fund

$6 Mn

Early Stage

Fintech, SaaS, Deeptech

IAN Alpha Fund (II)***

VC Fund

$119 Mn

Early Stage

Cleantech, Healthtech, Fintech, Deeptech, Spacetech

Incubate Fund Asia (Fund III)*

VC Fund

$50 Mn

Pre-Seed & Seed

Sector Agnostic

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

Iron Pillar (Fund II)

VC Fund

$129 Mn

Growth & Late Stage

SaaS

Java Capital

VC Fund

$6 Mn

Early Stage

Deeptech, Climate Tech, B2B

Kae Capital (KWF II)

VC Fund

$50 Mn

Growth Stage

Sector Agnostic

Lighthouse Canton

Debt Fund

$67.3 Mn

Growth Stage

Sector Agnostic

Lighthouse Canton's LC Nueva AIF

VC Fund

$42 Mn

Early & Growth Stage

Sector Agnostic

Lumikai

VC Fund

$50 Mn

Early & Growth Stage

Gaming, Interactive Media

MIXI Global Investments

CVC

$50 Mn

Early & Growth Stage

Entertainment, Consumer Services

Multiples PE (Fund IV)

PE Fund

$640 Mn

Growth & Late Stage

Sector Agnostic

Nexus Ventures (Fund VII)*

VC Fund

$700 Mn

Stage-Agnostic

AI, SaaS, Fintech & Commerce

Omnivore (Fund III)

VC Fund

$150 Mn

Early & Growth Stage

Agritech, Climate Sustainability

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type Fund Size

Stage Focus

Sector Focus

Pantomath's India Inflection Opportunity Fund (IIOF) -

$60 Mn

Growth & Late

-

PeerCapital***

VC Fund

$75 Mn

Early & Growth Stage

Fintech, Healthtech, Enterprise Tech, Climate Tech

Pentathlon Ventures (Fund II)

VC Fund

$54 Mn

Early Stage

B2B SaaS

Physis Capital

VC Fund

$50 Mn

Early Stage

Sector Agnostic

Pi Ventures (Fund II)**

VC Fund

$85 Mn

Early Stage

AI, Deeptech, Blockchain, Spacetech, Biotech

Piper Serica

Angel Fund

$9.1 Mn

Early Stage

Technology

Prath Ventures

VC Fund

$6.1 Mn

Early & Growth Stage

Consumer Services

RealTech Fund

-

$6 Mn

Early Stage

Proptech

Rockstud Capital (Investment Fund II)

Angel Fund

$36.4 Mn

Early & Growth Stage

Digitalisation, ESG, Fintech, Consumer Services

RTP Global

VC Fund

$1 Bn

Early Stage To Growth Stage

AI & ML, B2B SaaS, DevOps, Fintech,

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

SenseAI (I)

VC Fund

$25 Mn

Early Stage

AI

Singularity Growth Opportunities Fund (II)*** PE Fund

$180 Mn

Growth & Late Stage

Consumer, Manufacturing, Enterprise Software

Soonicorn Ventures

VC Fund

$30 Mn

Early Stage

Drone Tech, Electric Vehicles, Fintech

Sorin Investments**

VC Fund

$156 Mn

Early Stage

Fintech, Edtech, SaaS, Logistics, Cleantech, D2C Products

Speciale Invest (Growth Fund I)

VC Fund

$24.4 Mn

Early Stage

Spacetech, Green Hydrogen, Robotics, Green Mobility

Sprout Venture Partners (II)***

VC Fund

$15 Mn

Early Stage

Sector Agnostic

Stride Ventures (Fund III)

Debt Fund

$100 Mn

Stage Agnostic

Sector Agnostic

The Neon Fund

VC Fund

$25 Mn

Early Stage

B2B SaaS

Together Fund (II)

VC Fund

$150 Mn

Early & Growth Stage

SaaS, AI

Trifecta Capital (Fund III)

Debt Fund

$213 Mn

Stage Agnostic

B2B, Consumer Services, Consumer Brands, Ecommerce

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type Fund Size

Stage Focus

Sector Focus

Unicorn India Ventures (Fund III)

VC Fund

$120 Mn

Early Stage

SaaS, Digital Platforms, Climate Tech, Agritech

Unitus Ventures (Fund I and Fund II)

VC Fund

$40 Mn

Early Stage

AI, Climate Tech

V3 Ventures*

VC Fund

$109.5 Mn

Early Stage

Digital, Consumer Business

ValuAble

Debt Fund

$100 Mn

Early & Growth Stage

Sector Agnostic

Varanium Capital

Debt Fund

$30.2 Mn

Early Stage

D2C, SaaS, B2B Ecommerce, Fintech

Veda VC

VC Fund

$30 Mn

Early Stage

SaaS, Consumer Services, Fintech, Deeptech

Vertex Master Fund III*

VC Fund

$900 Mn

Early & Growth Stage

Consumer, Enterprise, Fintech, Sustainability, Healthtech

Vertex Ventures Southeast Asia & India (Fund IV)*

VC Fund

$541 Mn

Early Stage

Enterprise Tech, Fintech, Consumer Internet, Healthtech

VQ Scale Fund

PE Fund

$121 Mn

Late Stage

Sector Agnostic

WinZO (Game Developer Fund)

CVC

$50 Mn

Stage Agnostic

Online Gaming

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Fund Name

Fund Type

Fund Size

Stage Focus

Sector Focus

Women Entrepreneurs Early Growth Fund I

VC Fund

$15 Mn

Early & Growth Stage

Climate Tech, Agritech, Healthtech, Edtech, Fintech

Xponentia Capital (Fund II)

PE Fund

$120 Mn

Growth & Mid-Market

Consumer Internet, Healthcare, Financial Services

Z3Partners

VC Fund

$67.3 Mn

Early & Growth Stage

Digital & Technology

Zero To One

VC Fund

$36.5 Mn

Early Stage

Edtech, Healthtech, Agritech, Medtech, Cleantech

Note: Includes funds, investment corpus announcements between January 1 and December 26, 2023 | The funds have been placed in alphabetical order *Funds which have India as one of the focus markets | **Announced in multiple tranches | ***Announced first close


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Key Sectors In Focus For Funds Announced In 2023

SaaS & Enterprisetech

Sector Agnostic

Cleantech & Climate

16

13

B2B

Deeptech

6

8

19 AI

8

Consumer

Ecommerce & Consumer/ D2C Brands

5

12 Fintech Health

16

16

Source: Inc42 Note: 2023 funding data is for the period between January 1 and December 25

Agritech

10

Spacetech

4


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Unicorns & Soonicorns Unicorn Landscape

Unicorn Race: India Vs Others

The Rise Of Unicorn Club

Soonicorn Landscape

Future Unicorns


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India’s Unicorn Landscape ECOMMERCE

FINTECH

ENTERPRISETECH

CONSUMER SERVICES

MEDIA & ENTERTAINMENT

LOGISTICS

HEALTHTECH

EDTECH

OTHERS

Source: Inc42 Note: The number of unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above.


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Indian Startup Ecosystem Minted Only Two Unicorn In 2023, Lowest In Six Years 50

Total Unicorn Count

40

30

20

10

0 Up to 2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Source: Inc42 Note: Unicorns refers to the number of Indian startups that have ever touched $1 Bn valuation. In some cases, the startups might not be valued at $1 Bn or above | Zoho is not included in the representation

2023


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India Ranks Third Globally In Unicorn Count Rank

Country

Unicorn Count

1

USA

650+

2

China

172+

3

India

112

4

Israel

94

5

United Kingdom

52

6

Germany

30

7

France

25

8

Canada

21

9

Singapore

16

10

Brazil

16

Source: Inc42 (India), TechAviv (Israel), CB Insights (all others)


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India’s Soonicorn Landscape FINTECH

TRAVEL TECH

ECOMMERCE

CONSUMER SERVICES

ENTERPRISETECH

MEDIA & ENTERTAINMENT

EDTECH

OTHERS Source: Inc42 Note: Soonicorn refers to the number of Indian startups that are valued at or above $200 Mn.

LOGISTICS


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Fintech Poised To Generate The Largest Number Of Future Unicorns In India Others 19.1%

22

Fintech

37 Travel Tech 6.1%

Edtech 6.1%

Media & Entertainment

7

32.2%

Indian Soonicorns

7 7 18

6.1%

Enterprisetech 14.8% Source: Inc42 Note: Soonicorn refers to the number of Indian startups that are valued at or above $200 Mn.

17

Ecommerce 15.7%


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New Age Tech IPOS The 2023 IPOS

Public Markets Performance Of New Age Techs

Anticipated New Age Tech IPOS In 2024


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5 Indian Tech Startups Got Listed In 2023 IPO Subscription Breakup Retail

QIBs

HNIs/NIIs

Listing Price

Listing At Premium/ Discount To Issue Price

Valuation At The Time Of IPO

~94% Premium

$336 Mn

85.20X

125.81X

80.58X

INR 1,300 (NSE) INR 1,305.1 (BSE)

1.35X

11.5X

4.02X

INR 330 (NSE) INR 324 (BSE)

~2% Premium

$1.25 Bn

8% - 10% Discount

$270 Mn

2.11X

2.05X

0.42X

INR 127.5 (NSE) INR 130 (BSE)

6.4X

2.81X

3.8X

INR 185 (NSE SME)

12% Premium

$167 Mn

8.85X

INR 164 (NSE) INR 162 (BSE)

~1% discount

$240 Mn

5.94X

16.73X


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Anticipated New Age Tech IPOs In 2024 Company Name

DRHP Status

IPO Size

Bottomline

Filed

INR 160 Cr+

INR 46.64 Cr (FY23)

Filed

INR 1,816 Cr+

INR 486 Cr (FY23)

To Be Filed

NA

INR 3.9 Cr (FY23)

Refiled

INR 3,500 Cr

INR 295.8 Cr (FY22)

To Be Filed

NA

INR 5 Cr (Q2 FY24)

Filed

INR 5,500 Cr

INR 1,472 Cr (FY23)

Pre-filed

INR 3,286 Cr - INR 4,929 Cr

INR 1,286 Cr (FY23)

To Be Refiled

INR 1,500 Cr (previous DRHP)

INR 55.7 Cr (FY23)

To Be Filed

NA

INR 126 Cr (Standalone FY22)

Approval Received

INR 1,000 Cr

INR 53.8 Cr (standalone FY22)

To Be Filed

NA

INR 3,629 Cr (FY22)

To Be Filed

NA

INR 6.4 Cr (FY23)

Red: Loss | Green: Profit Source: Company Filings, DRHPs, Media Reports


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Indian Startups In The Public Markets Company Name

2 Jan' 23

27 Dec'23

YTD % Change

292

741

154%

60

127

110%

1,049

2,024

93%

452

782

73%

475

727

53%

614

859

40%

143

189

32%

3,912

5,154

32%

601

788

31%

Source: NSE, Inc42 Analysis Note: YTD data is from 2 Jan’23 to 27 Dec’23 | Mamaearth, IdeaForge, Zaggle, Yatra & Yudiz are not included here.


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Fund Name

2 Jan' 23

27 Dec'23

YTD % Change

17

22

29%

2,164

2,777

28%

88.3

111

26%

532

635

19%

332

384

16%

155

173

12%

250

261

5%

595

566

-5%

54

39

-28%

Source: NSE, Inc42 Analysis Note: YTD data is from 2 Jan’23 to 27 Dec’23 | Mamaearth, IdeaForge, Zaggle, Yatra & Yudiz are not included here.


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Inc42’s Annual Investor & Founders Survey


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Indian Startup Founders Vs Investors: Key Metrics For 2024 Investors

Founders

Key Focus Metric: Early Stage

Top-Line Growth

Customer Acquisition

Key Focus Metric: Growth Stage

Operating Profit

Top-Line Growth

FY25: The Right Time For IPOs

Yes (95%)

Yes (69%)

Conservative Market Sentiment In 2024

Yes (54%)

Yes (88%)

Source: Inc42’s Annual Founder & Investor Sentiment Survey, 2023 Note: Based on a survey of 400+ Indian startup founders and 75+ Indian startup investors


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The State Of Indian Startup Ecosystem: Decoding The Investor Sentiment

Seed Stage

Late Stage

38%

Voted As Most Preferred Funding Stage In 2023

Voted As Least Preferred Funding Stage In 2023

Of Investors Failed To Deploy Even 50% Of Their Allocated Budget In Startups In FY24

56%

34%

Indian Investors Recorded Portfolio Exits In 2023

95%

Of Indian Startup Investors Recorded 2X-5X Returns On Exits In 2023

Of Indian Investors Believe 2024 Will Be A Good Time For Startups To IPO

55%

Operating Profit

Total Revenue

Of Indian Startup Investors Believe 2024 Will Be A Good Time For Exits

Key Metric To Focus For Growth Stage Startups In FY25

Key Metric To Focus For Early Stage Startups In FY25

Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off.


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Seed Stage Startups Was The Preferred Choice Of Investors In 2023 Yet, the seed stage witnessed 72% and 37% YoY drop in funding and amount in 2023 Rank

Funding Stage

% Of Total Respondents

1

Seed Stage

78%

2

Growth Stage

19%

3

Late Stage

3%

Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off. Question: What was your preferred stage for funding Indian startups during the calendar year 2023?


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Unfinished Business: Over A Third Of Investors Failed To Deploy Even 50% Of Their Allocated Budget In Startups In FY24 70 to 100%

50 to 70%

1 to 30%

30 to 50%

More than 100% 0%

10%

20% % of total respondents

Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off. Question: How much of your intended investment budget for FY24 have you utilised to date?

30%

40%


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54% Of Indian Startup Investors Expect Continued Conservative Investment Sentiment In 2024

46%

Indian Startup Investors

Yes

54%

No

Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off. Question: Do you anticipate a continuation of conservative investor sentiment towards Indian startup investments in the upcoming calendar year 2024?


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Investors Take: What Should Be The Priorities For Early & Growth Stage Startups In FY25? Top-line revenue growth

Operating profit

Operating profit

Market expansion

Low cash burn

Low cash burn

New customer acquisition

Top-line revenue growth

Market expansion

New customer acquisition

0%

5%

10%

15%

20%

25%

% of total respondents Question: What, in your view, should be the primary metric for early stage startups to focus on in FY25? Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off.

0%

20%

40%

60%

% of total respondents Question: What, in your view, should be the primary metric for growth stage startups to focus on in FY25?

80%


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The State Of Startup Exits 56% Indian Investors Recorded Exits In Portfolio Startups In 2023

More Than One-Third Of Indian Startup Investors Recorded 2X-5X Returns On Exits In 2023

2X to 5X

44%

Indian Startup Investors

56%

% of total respondents

6X to 10X 11X to 20X 21X to 30X Less than 2X More than 51X 30X to 50X 0%

Yes

No

Question: Have you recorded any exits in the calendar year 2023? Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off.

10%

20% % of total respondents

Question: What was the total return from your exits in the calendar year 2023?

30%

40%


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Investors View: The State Of Startup Exits & IPOs 55% Of Indian Startup Investors Believe 2024 Will Be A Good Time For Exits

95% Of Indian Investors Believe 2024 Will Be A Good Time For Startups To IPO

16% Yes

29%

Indian Startup Investors

55% No

0% Yes

Maybe

No

Question: Do you think the calendar year 2024 will be a good time for exits? Source: Inc42’s Indian Startup Investor Ranking & Sentiment Survey, 2023 Note: Based on survey of 75+ Indian startup investors. The percentage numbers are rounded off.

25%

50%

75%

% of total respondents Question: Do you think FY25 is an opportune year for Indian startups to pursue IPOs?

100%


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Inc42's Indian Startup Founder Survey 2023

84%

Low Ad Spend

Indian Startups Encountered

Voted As The Most Popular

High Difficulty In Raising

Cash Conservation

Funds This Year

Strategy In FY24

Top-Line Growth To Remain Top Priority For Startups In FY25

69% Indian Founders Believe FY23 Is The Ideal Time For Startup IPOs

90%

A Third

76%

Of Indian Startup Founders Aiming

Of Founders To Opt For Appraisals

Indian Startup Founders Are Eager

For Team Expansion In FY25

Below 20% In FY25

To Ramp Up Ad Spend In FY25

74%

40%

More Than Half

Indian Startups Are Eager To

Of Founders Say Layoffs Dampen Job Seeker

Of Indian Founders Expect 50% Or More

Ramp Up IT Spends In FY25

Enthusiasm For Joining Startups

Increase In Revenue In FY25

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders


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How Did Indian Startup Founders Conserve Cash In FY24? 40%

% of total respondents

30%

20%

10%

0%

No cash conversation

Low Ad spend

Conservative market expansion

Reduction in new Salary cuts: Senior hires Management

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: In your view, which cash conservation strategy was most effective for your company in the current financial year (FY24)?

Low IT spend

Salary cuts: Comapany-wide


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Indian Startups To Focus On Doubling Revenue & Customer Base In FY25 Top-line revenue growth New customer acquisition

Operating profit

Market expansion

Low cash burn

0%

10%

20% % of total respondents

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: What will be your company’s primary guiding metric for the upcoming financial year (FY25)?

30%

40%


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More Than 80% Founders Faced High Difficulty In Raising Funds In 2023

10%

Indian Startup Founders

62%

Raising capital in 2023

28%

High difficulty

Low difficulty

Moderate

Did not raise capital in 2023

Yes

0%

No

25%

50%

75%

% of total respondents Question: Was raising capital more challenging for you in this calendar year (2023) compared to the previous year (2022)?

Question: Please rate, on a scale of 1 to 10, the level of difficulty you faced in raising venture capital funding during the calendar year 2023.

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off.

100%


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Indian Startup Founders Expect Positive Shift In Funding Scenario In 2024 Majority Of Startup Founders Plan To Raise Funds In 2024

Majority Of Startup Founders Expect Positive Investor Sentiment In 2024

12% 28%

Indian Startup Founders

Indian Startup Founders 72% 88%

Yes

No

Question: Are you planning to raise venture capital in the calendar year 2024? Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off.

Yes

No

Question: Do you anticipate a positive shift in investor sentiment towards Indian startups in the calendar year 2024?


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Could FY25 Be The Right Time For Startup IPOs? 80%

% of total respondents

60%

40%

20%

0%

Yes

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: Is FY25 the ideal time for Indian startups to consider initial public offerings (IPOs)?

No


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Did Funding Winter Put A Speed Bump On Startup Hiring? 34% Of Indian Startups Expanded Teams By More Than 30% In FY24

Team Expansion On 90% Of Startup F ounders’ FY25 Agenda 100%

% of total respondents

10 to 30%

1 to 10% More than 50% 30 to 40%

75%

50%

25% 40 to 50% 0%

10%

20% 30% % of total respondents

Question: By what percentage have you increased your team size in FY24 so far? Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off.

40%

0%

Yes

Question: Are you planning to expand your team in FY25?

No


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Funding Winter Effect? More Than A Third Of Founders To Opt For Appraisals Below 20% In FY25 10 to 20% 20 to 30% 1 to 10% 30 to 40% More than 50% 40 to 50% 0%

10%

20% % of total respondents

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: What is the average/median appraisal that you intend to offer your employees in the coming financial year (FY25)?

30%

40%


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Startups Losing Appeal For Job Seekers? 43% Of Founders Say Layoffs Dampen Job Seeker Enthusiasm For Joining Startups

14%

43%

Indian Startup Founders

43%

Yes

Maybe

No

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: Following the mass layoffs in 2022 and 2023, do you think employees will still consider startups as a secure career choice?


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ESOPs Maintain Charm Among Startup Employees Despite Shutdowns, Layoffs & Valuation Markdowns, As Per Founders

Yes

Maybe

No

0%

20%

40% % of total respondents

Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: Considering the valuation cuts, shutdowns, layoffs, and other challenges faced by startups, do you believe Employee Stock Ownership Plans (ESOPs) still carry positive sentiment among employees?

60%


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Corporate Governance: Increased Investor Scrutiny, But Is It Effective?

44%

Indian Startup Founders

56%

More Than Half Of Indian Founders Rate Investors' Corporate Governance Measures As Moderately Or Barely Effective Effectiveness Of Corporate Governance Measures

44% Of Indian Founders Witnessed Increased Investor Scrutiny In 2023

High

Moderate

Low

0% No

Yes

Question: Amid reports of corporate governance lapses at startups, did your startup witness an increase in investor checks, scrutiny and reviews? Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off.

10%

20%

30%

40%

% of total respondets

Question: Rate the effectiveness of these measures in countering corporate misgovernance in Indian startups, in your view.

50%


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More Than 70% Of Indian Startups Eager To Ramp Up Ad & IT Spend In FY25

76%

Yes

Most Indian startups plan to raise ad spends by 20% to 30%

No

0%

Yes

20%

40%

60%

Most Indian startups plan to raise IT spends by 10% to 30%

No

80%

% of total respondents Question: Are you planning to increase your advertising spends in FY25? Source: Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off.

0%

20%

40%

60%

% of total respondents Question: Do you plan to increase your Information Technology (IT) expenditure in FY25?

80%


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Half Of Indian Founders Expect 50% Or More Increase In Revenue In FY25

20 to 50%

More than 100%

50 to 80%

1 to 20%

80 to 100%

0%

10%

20% % of total respondents

Source:Inc42’s Indian Startup Founder Sentiment Survey, 2023 Note: Based on survey of 400+ Indian startup founders. The percentage numbers are rounded off. Question: What is the projected percentage increase in your annual revenue for FY25 compared to FY24?

30%

40%


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For 2024


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Predictions For 2024 NEW AGE TECH IPOS

VC & INVESTORS

POLICY & GOVERNANCE

Bigger Focus On Early-Stage AI Investments With An Eye For Quick Exits

Serious Legal Consequences For Startup Founders Caught In EOW Probes

Rise In New-Age Tech IPOs Due To Improvement In Market Sentiment

Consolidation Of Portfolio Between Firms Amid Ongoing Restructuring, Rejigs

Corporate Governance Debacles Will Derail More Unicorns

More Number Of Smaller Size IPOs To Take Place

Dry Powder Will Go To Portfolio Companies Closer To IPOs

Social Security Code To Be Pushed Through After Much Delay

New-Age Tech IPOs Worth Over INR 30,000 Cr Anticipated In 2024

National Ecommerce Policy Likely To Disrupt Ecommerce, Consumer Services

Reasonable Valuations Will Be The Focus

Pressure On Funds To Deploy Capital That’s Close To Expiry Fundraising Will Be A Struggle For VCs With Low Returns On Existing Capital Bigger Government Scrutiny, Angel Tax Hurdles For Overseas Funds Private Equity Will Pose Stronger Competition To VCs In IPO-Bound Startups VCs To Focus On Non-Tech, Traditional Sectors Better Suited For IPOs Consumer Bets At The Late-Stage Likely To Boom Big Tech Will Turn Investors Again After A Quiet Few Years

India AI Policy Will Become A Topic Of Hot Debate Startups Will Start Seeing Implications Of Digital Personal Data Protection Act Stricter Rules For Social Media With AI-Generated Content Rising

Profitability Will Decide The Success Of IPOs Swiggy, Ola Electric To Be The Most Anticipated New-Age Tech IPOs More Companies Will Go For Public Listing After The 2024 General Elections Indian Startups To Shun Overseas Listing Idea HNIs And QIBs Will Continue To Drive Up IPOs Subscriptions


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Predictions For 2024 FINTECH

GAMING

Fintech Super Apps Will Foray Into Consumer Services Verticals

Real Money Gaming Growth To Remain Muted

Funding To Remain Slow Except In Digital Lending, Platform Models

Cost-Optimisation, Diversification Of Real Money Gaming Startups

High Valuation Fintech Giants, Listed Companies To Drive M&As

Top Lines Of RMG Startups To Take A 60-70% Hit

Climate & EV Financing Will Emerge As New Areas Of Growth

Investors To Show Increasing Interest In Casual Gaming, Mid-Core Gaming

Jio Financial Services Will Eat Into Market Share Of Giants

Early-Stage Funding In Casual, Mid-Core Gaming Studios To Increase

Reverse Flipping Of Fintech Unicorns Eyeing India Listings UPI’s Product Spree, Global Foray To Continue

Made-In-India AAA- Like Games To Be Launched

Lending Tech Set For Another Disruption With ONDC, Credit On UPI

Ad-Revenue, In-App Purchases To Go Up For Core Gaming

Automation, AI/ML Engines Will Reduce People Dependency

Demographic Of Gamers To Become More Diverse

Regulatory Focus On Payments Gateway, API Banking Fintech-Bank Partnerships Will Take On A New Colour

CLIMATE TECH Green Hydrogen Sector To Boom Circular Economy & Recycling Will Receive More Importance With The Passing Time Sustainable Agriculture & Food (Alternative Sources of Protein, Meat, Supplements) To Cater To An Increasing Number Of Consumers The Intersection Of AI & Climate Tech To Find More Use Cases; For Instance In Large Plants Producing Solar Power, Etc. EV Is No More The “Hot” Sector Within Climate Tech, More Funding And Innovation To Happen In Other Sub-Sectors Sustainable Aviation Fuel, Water Conservation, Low-Carbon Cement, To Gain More Momentum


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Predictions For 2024 EDTECH

ECOMMERCE

Edtech Growth To Emerge From Tier II Cities & Beyond

Amazon-Flipkart Duopoly Likely To Weaken With Rise Of Meesho & Co

Vernacular Content To See An Increased Adoption

National Ecommerce Policy Will Disrupt Best-Laid Plans

Edtechs To Reduce Fees, Making Them Affordable

ONDC Penetration To Grow Among Larger Marketplaces

Integration Of GenAI To Empower Edtech Platforms

Reliance, Tata, Aditya Birla Group Acquisition Appetite To Grow

Consolidations Will Rise In The Sector

Omnichannel Plays Will Dictate D2C Brand Success

BYJU’S-Like Instances Will Add To Sectoral Woes

D2C House Of Brands, Roll-Ups Will Begin To Fold

Funding To Remain Slow Except For Hybrid Models

Vertical Ecommerce — Growing Consolidation In Key Categories

Offline Players To Venture Into Edtech Arena In A Big Way

Geopolitical Tensions Will Clip Global Ambitions Of B2B Players

A Call For Edtech Regulation Will Become Stronger


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Predictions For 2024 CONSUMER SERVICES

GENERATIVE AI

Consumer Services Will Get Costlier With Increasing Platform Fees

High-Level Talks For Global AI Regulations Will Begin To Crystallise

Second Order Impact From National Ecommerce Policy

Generative AI Will Become A Key Battlefront In High-Profile Elections

Services Giants Will Turn Focus To Consumer Durables, Goods

Indian Language AI Models, LLMs Will Start Seeing Adoption

Social Security Code Will Finally Kick In For Gig Platforms

Policy Talk Around Ethical AI, Deepfakes To Grow Louder

Quick Commerce Players Will Step Into Marketplace Territory

Big Tech’s Dominance Will Manifest Through Large Acquisitions

ONDC Will Add New Dimension To Competition In Mobility

Emergence Of Business Models Around LLM Ops, On-Premise LLMs

Mobility Giants Will Look To Accelerate EV Transition Plans

Vertical Generative AI Will See A Breakout Year

Quick Commerce Giants To Eye Retail Tech Acquisitions

More Startups Will Harness Generative Video For Content Creation

Swiggy IPO Will Add To Zomato’s Revenue Appetite

AI-Generated SaaS Will Look To Take On Enterprise Tech Giants Generative Coding Will Change Cybersecurity Game Enterprises, Larger Startups To Appoint Chief AI Officers


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www.inc42.com Inc42 is India’s largest tech media & information platform on a

CREDITS

mission to build & serve India’s tech, startup & internet economy. From breaking the latest news to discovering the hottest startups, from spotting upcoming trends to simplifying complex concepts, we

ANALYST SANDEEP SINGH

cover everything tech in India’s internet economy.

DESIGN Born in January 2015, Inc42 has become the leading source for news

SABITH

& analysis on India’s rapidly growing tech, startup & internet economy. Inc42, with over 35,000+ published stories, 80+ research reports, 120+ conferences & events & having featured 1000s of entrepreneurs, now reaches over 25 Mn+ tech leaders & professionals every month.

Contact: editor@inc42.com

ADDRESS Inc42 Media, 59/16, 4th Floor, Jujhar Tower, RD Marg, Kalkaji, New Delhi, Delhi 110019


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DISCLAIMER The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this report is accurate and free from any discrepancies. Ideope Media Pvt Ltd, the parent company of Inc42 Media and Inc42 DataLabs, is not responsible for any inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors in the data, you can contact us at editor@inc42.com and we will try our best to update the information in the digital version of the report. We are constantly updating our database of startups due to new person using or relying on any information in this publication. This report has been prepared in good faith on the basis of information available at the date of publication without any independent verification. Ideope Media Pvt. Ltd. does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the relevance and accuracy of the content of this publication. While this report talks about various individuals and institutions, Ideope Media Pvt. Ltd. will not be liable for any loss, damage, cost or expense incurred or arising by reason of anyperson using or relying on any information in this publication. This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Ideope Media Pvt Ltd and is not intended to represent or imply the existence of an association between Ideope Media Pvt Ltd and the lawful owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and Ideope Media Pvt. Ltd. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third party. The views and opinions in this report should not be viewed as professional advice with respect to your business.


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