2023 STARTUP INVESTOR India’s
Landscape Report
Digital Economy In A Nutshell
Startup Funding & Deals Landscape
The Rise Of Indian Startup Economy
India To Have Over 1.8 Lakh Startups By 2030
The total number of tech startups in India will grow 2.6x from 68K (2023) to 1.8L (2030)
SOURCE: INC42
Total Capital In ow In Indian Startups Estimated To Touch $300 Bn+ In 2030
In 2030, total cumulative capital invested in Indian startups will more than double from $150 Bn (2023) to $308 Bn (2030)
SOURCE: INC42
India Expected To Produce 280+ Unicorns By 2030
The total number of unicorns is expected to increase 2.4 times by 2030 from 2023
Today, Tomorrow & Future: How India's Investor Landscape Would Look Like
Startup Investors In India: An Overview [2014 to 2023]
Funding Stage Wise Classi cation Of A Startup Business Lifecycle
Pre Seed Stage Business Activity
Developing a business concept
Sources
Getting any patents or copyrights
Working on any partnership agreements Self, family and friends
Creating a pitch deck
Creating a product or prototype
Getting business running
Fundraising Self, family and friends
investors
VCs
Series A
Series B
Series C & beyond
Researching industry and markets
Writing a business plans
Marketing and advertising
Expanding consumer interest
Establishing a commercially viable product or service
Building new products and markets
Generating revenue
Planning to scale into new markets
Scaling production, marketing and sales
Establishing a commercially viable product or service Venture capitalists
Late-stage venture capitalists
Super angel investors Venture capitalists
capitalists Late-stage venture vapitalists
venture capitalist
Mezzanine
Being acuired by another company or SPAC
Remaining private using VC funds to grow Making an initial Public
India’s Startup Investor Landscape
India’s Startup Investor Landscape: Notable Seed Stage Investors
Family Fund & Office
Aman Gupta
Amit Gupta
Anand Mahindra
Anupam Mittal
Deepika Padukone
Ghazal Alagh
Jitendra Gupta
Kunal Bahl
Sunil Munjal’s Family Office
Kris Gopalakrishnan Family Office
Haldiram's Family Office
Rajiv Dadlani Group
Credence Family Office
Kunal Shah
Namita Tharpar
Ramakant Sharma
Ritesh Malik
Ruchi Kalra
Sanjay Mehta
Vineeta Singh
India’s Startup Investor Landscape: Notable Growth Stage Investors
Premji
Raintree
Rajiv
Reddy
RNT
Sharpp
Landscape:
India’s Startup Investor Landscape: Notable Fintech Investors
India’s Startup Investor Landscape: Notable Ecommerce Investors
India’s Startup Investor Landscape: Notable Enterprisetech Investors
India’s Startup Investor Landscape: Notable Healthtech Investors
Hiranandani
Startup Investors In India: Trends
SOURCE: INC42
Sectorwise Investor Participation Count: Fintech In India
Angel investor participation in Indian fintech startups grew the fastest between 2019 and 2022
Sectorwise Investor Participation Count: Ecommerce In India
The growing prominence of new-age D2C brands has fuelled the angel investor participating in the Indian ecommerce segment.
SOURCE: INC42
Sectorwise Investor Participation Count: Enterprisetech In India
The enterprisetech sector accounts for the majority of M&As in the Indian startup ecosystem. Indicating that the sector's exit potential is the highest when compared to others. SOURCE: INC42
Sectorwise Investor Participation Count: Healthtech In India
Preventive healthcare and telemedicine emerged as the most lucrative segments for investors in the healthtech segment.
SOURCE: INC42
Sectorwise Investor Participation Count: Consumer Services In India
Quick commerce, combined with the growing adoption of ONDC among merchants and consumers, has the potential to restore investor confidence in the sector.
SOURCE: INC42
Investor Participation Growth: Three year CAGR (2019-2022)
In the last three years, the ecommerce sector has seen the highest increase in annual unique investor participation, owing to the growing number of D2C brands
3-YEAR CAGR (2019 TO 2022)
SOURCE: INC42
Stagewise Investor Participation Count: Seed Stage
SOURCE: INC42
Stagewise Investor Participation Count: Growth Stage
SOURCE: INC42
Stagewise Investor Participation Count: Late Stage
SOURCE: INC42
Some Of Our Speakers
The 100 Most Active Startup Investors In India
SOURCE: INC42
Decoding India’s Startup Investors
VC & PE Funds: Key Highlights
$100 Bn+
Invested in Indian startups to date
Fintech
Sector with the highest number of active VC & PE funds
2.5K+
Total number of VC & PE funds in India
Startup hub with highest number of VC & PE deals
31%
CAGR of new VC & PE funds investing in Indian startups (2019 to 2022)
Enterprisetech
Sector with fastest growing VC & PE participation, among the top five
VC & PE Funds: How They Di erentiate From Each Other?
Company Types
PE firms buy mature, private/public companies
VCs invest mostly in early-stage companies
PE firms buy companies across all industries
VCs are focused on technology, biotech, and cleantech companies
% Acquired
PE firms almost always purchase 100% of a company in an LBO
VCs only acquires a minority stake which is usually less that 50%
SOURCE: WALLSTREETMOJO
PE firms make large investments
($100 Mn to $10 Bn)
PE firms use a combination of equity and debt
VCs generally makes smaller investments which are often below $10 Mn for early-stage companies
VCs firms use only equity (Cash)
550+ Startups Backed By Micro VCs In India
The CAGR of number of startups backed by Micro VCs between 2017 to 2022 was 26%
Micro VC Fund Launched In India Between 2021 & 2022
November 2021
2021
game development and publishing, gaming infrastructure
Kettleborough
Micro VC Fund Structure
A partnership firm/LLP, typically with 2-3 partners or CXOs pooling in capital to invest in multiple companies
A new syndicate with a group of LPs putting in the capital on a deal-by-deal basis via a platform similar to AngelList or LetsVenture; a syndicate manager or a lead investor usually sponsors the deal.
An angel network wherein a group of angels come together to invest in a company directly com
Sector-specific
Sector-agnostic Gender Pre-seed to pre-Series A Series A and-above (follow-on invest ment rounds)
Only a first cheque or first cheque with follow-on investment
Only in startups at the post-MVP stage
Only monthly/quarterly checks or full in volvement in growth strategy
A category I AIF or SEBI-registered venture capital fund that uses a blind pool vehicle (also known as blank cheque underwriting) to raise capital from multiple LPs to invest across 15-30 companies. It has to raise a new corpus to invest in another set of companies.
8-10 deals per year
20-40 deals per year
50-100 deals per year
Stagewise Landscape: Notable VC & PE Firms Active In The Startup Ecosystem
Seed Stage
SOURCE: INC42
Growth Stage
Late Stage
India Registered VC Firms Invested More Than $31 Bn Since 2015
In the past five years (2018 to 2023) the total investment made and funds raised for increased 6x and 5x respectively
SOURCE: SEBI, INC42 ANALYSIS
NOTE: THE INR TO USD CONVERSION RATE IS 80 FOR ALL YEARS
Most Notable VC & PE Firms In India
Enterprisetech
Fintech
Fintech & Enterprisetech
Ecommerce
Enterprisetech
Fintech & Ecommerce
Fintech & Enterprisetech
Ecommerce Fintech
Venture Debt Funds: Key Highlights
200+
Indian startups have secured debt funding since 2015
50+
Total number of venture debt funds in India
16%
CAGR of deals with debt investors between 2017 to 2022
Ecommerce
Sector with the highest number of venture debt deals
Series A & B
Most popular rounds for venture debt investments in India
310+ Debt Deals Recorded In Indian Startup Ecosystem Since
2015
From a handful of ten transactions in 2015, the total number has increased 32 fold by Q1 2023.
Venture Debt Deal
Count In India Is Growing At CAGR Of 16% [2017 to 2022]
of the total 316 venture debt deals were recorded between 2021 and 2022
Notable Debt Investor In Indian Startups
Angel Networks, Platforms & Syndicates: Key Highlights
470+ Indian startups backed since 2014
125+ active angel networks, platforms and syndicates in India
32% CAGR of total number of angel investors (2019 to 2022)
Enterprisetech
Sector with the highest number of deals
Delhi NCR
Hub with the highest number of deals
Angel Networks & Platforms Participated In Over 600 Deals Since 2014
Between 2017 and 2022 the CAGR of funding deals was 22%
SOURCE: INC42
Notable
Angel Networks, Platforms & Syndicates In India
Accelerators & Incubators: Key Highlights
590+ Indian startups backed since 2014
300+ active accelerators and incubators in India
25% CAGR of new accelerators and incubators growth (2019 to 2022)
Fintech Sector with the highest number of deals
Hub with the highest number of deals
Bengaluru
Accelerators & Incubators Participated In 730+ Deals Since 2014
Between 2017 and 2022 the CAGR of funding deals was 35%
Notable Accelerators & Incubators In India
SOURCE:
Family O ice & Funds: Key Highlights
200+
Indian startups backed since 2014
46%
CAGR of new family offices and funds participating in startup investment (2019 to 2022)
300+ Active family office and funds in India
Fintech
Sector with the highest number of deals
Hub with the highest number of deals
Bengaluru
Notable Family O ice & Funds In India
Family O ices In India: Cost of Setting Up & Investment Thesis in 2023
Total fund corpus: INR 100 Cr To INR 2000 Cr+
Type of capital invested:
Flexible and patient
Average Ticket size: INR 40 Lakhs to INR INR 1 Cr+
Fund management fees (to VC/ angel funds): Less than equal to 2% annually (Fund may charge a carry on the profit earned on a deal for up to 20%)
Fund allocation to unlisted private equity:
10% to 40% (includes investment in both funds and direct startup deals)
Stage of investment:
Pre-Seed to Pre-Series A (co-invest/lead/follow-on investments)
Average equity stake considered in a deal: 2% to 5%, usually more focus on returns on the money invested
Inhouse team expenses: Min 1% of fund corpus deployed annually with a team size of 6-10, Vary as per fund size, team size, professionals appointed
Key red ags in investing:
Startups: Valuation, compliance issues, founders' profile & attitude, team expertise & frugality, capital usage efficiency, ethics, startup DNA & culture, the high pedigree of founders, scalability of a business
VCs/ Angel funds: Level of management & diligence, sector expertise, terms and conditions that they give to the entrepreneurs, fairness & transparency, conflict resolution capacity, attribution ratio, managing partners profile, other LPs on board, previous track record, fund performance, research reports
Deal sourcing
Via a team of in-house investment professionals
Family’s own business network
Startup networking events
VC/Angel Network
Founders approaching directly
Investment bankers or boutique investment banks
The average time taken to close a deal: 45-60 days
Key rights to look for in the deal:
Compulsory convertible preference shares (CCPS)
MIS Reporting
Prorata rights
Liquidations rights
Sector focus: Primarily sector agnostic, inclination towards thematic funds and same-sector startups
How Family O ice Works In India
Family (Complete ownership of wealth)
Can be part of existing business as an investment vehicle
Single Family Office (owned by one family) Can manage on own Can appoint fund manager Can be run as an independent full time entity by founders after exiting the business
Family O ice (single point of contact) Can appoint own fund manager Can outsource services from wealth advisory firms (SEBI registered with RIA licence)
Multi Family Office (Owned by more than one family which may or may not be linked to each other)
Key Functions Of A Family O ice
Corporate & CVC: Key Highlights
750+
Indian startups backed since 2014
800+
Active corporate & CVC in Indian startup Ecosystem
29%
CAGR of new corporate & CVC participating in startup investment (2019 to 2022)
Fintech
Sector with the highest number of deals
Hub with the highest number of deals
Bengaluru
Corporates & CVCs Have Participated In 990+ Startup Funding Deals Since 2014
Between 2017 and 2022 the CAGR of funding deals was 5%
Notable Corporates And CVCs In India
100 Notable Angel Investors In India
Angel Investor
Cofounder & CEO
Pepper Content, OneCode, WintWealth
Managing Director
Mapmygenome, MagicX
Global COO & CPO
Cofounder & CEO
Yellow Class, Zyod, Slice
N/A
Founder & CEO Actor
Listed, NCore Games
Phool, Nykaa, SkyleCracker
Cofounder & CEO
YAP, Drivezy, Wellversed
Cofounder
WickedGud, Haqdarshak, Shiprocket
SOURCE: INC42
Promoter & MD
NOTE: THE NUMBER OF STARTUPS BACKED BY THE INDIVIDUALS MENTIONED IS BASED ON A SURVEY AND INC42 DATABASE, WHICH INCLUDE PUBLICLY DISCLOSED DEALS ONLY | WE DID NOT INCLUDED ANY INDIVIDUAL WHO WORK AS PROFESSIONAL FUND MANAGERS
Awesummly, Chater Pater
Aakrit Vaish
Aarti Grover
Abhinav Sinha
Akash Gupta
Akshay Chaturvedi
Alia Bhatt
Alok Mittal
Aman Gupta
Ameera Shah
Angel Investor
Designation Organisation Name
Number Of Startups Backed
Notable Startups Backed
Cofounder & CEO
Cofounder
HealthifyMe, Saveo, Vahak
GoKwik, FarMart, Onsurity
Aneesh Reddy
Founder & MD
Ankur Warikoo
Cofounder
Buddy, Treado, EasyEcom
INDmoney, Wint Wealth, Josh Talks
Anupam Mittal
Founder & CEO
BharatX, One Impression, Pharmallama
Aprameya Radhakrishna
Cofounder & CEO
Ashish Goel
Ashish Hemrajani
Cofounder & CEO
Founder & CEO
Zapkey, STAGE, Dubdub.ai
Newtrace, The Souled Store, Turno
Park, Punt Partners, Paz Care
Ashneer Grover
Cofounder
TagZ Foods, ShipGlobal.in, Felloi
Ashutosh Valani
Cofounder
SOURCE: INC42
WickedGud, Slick, Zouk
Amit Gupta Amit Lakhotia
Angel Investor
Of
Backed Notable Startups Backed
Ashwini Asokan
Bhavish Aggarwal Binny Bansal Chetan Mathur
Founder & CEO
Cofounder & CEO
Cofounder
Nextbillion.ai, leap.club, Mindgrove
Non Executive Director
Virgio, Chaayos, OfBusiness
Curefoods, SigTuple, Acko
Doctor 24×7
Deep Bajaj
Cofounder
Deep Kalra
Deepika Padukone
Deepinder Goyal
Dhruv Agarwala
SOURCE: INC42
Dhruv Dhanraj Bahl Designation
Founder & CEO
Actor
Cofounder & CEO
Cofounder & CEO
CBO (Merchant Lending)
Univest, Crest, Papa Pawsome
Park+, Eka Care, Scripbox
BluSmart, Supertails, Nua
Bira 91, SquadStack, Ultrahuman
The Money Club, Yellow Class, Genius Teacher
AdmitKard, Fixcraft, MetaMorphoSys Technologies
Angel Investor
Designation Organisation Name
Number Of Startups Backed
Notable Startups Backed
Dinesh Agarwal
Divij Bajaj
Dr Ritesh Malik
Cofounder & CEO
CEO
Founder & Trustee
QuickReply.ai, ProfitWheel, Stage 3
Adyaway, The Eat Better Company, Kidbea
BankSathi, TrulyMadly, Pesto Tech
Farid Ahsan
Cofounder
Saveo, AppsForBharat, Fanztar
Farooq Adam
Gaurav Chopra
Gaurav Munjal
Cofounder
CEO
Cofounder & CEO
Xeno, Kagaz, BiteSpeed
PickMyWork
Slick, Deciml, Tring
Ghazal Alagh
Cofounder & CIO
Harsh Pokharna
Cofounder & CEO
leap.club, Wishlink, Unscript.ai
BodhiAI, Saveo, Vahak
SOURCE: INC42
Harsh Shah
Cofounder
Podeum, BiteSpeed, Mojocare
Angel Investor
Cofounder
& CTO
& CEO
Cofounder & CEO
SOURCE: INC42
& CEO Chief Strategy Officer
NOTE: THE NUMBER OF STARTUPS BACKED BY THE INDIVIDUALS MENTIONED IS BASED ON A SURVEY AND INC42 DATABASE, WHICH INCLUDE PUBLICLY DISCLOSED DEALS ONLY | WE DID NOT INCLUDED ANY INDIVIDUAL WHO WORK AS PROFESSIONAL FUND MANAGERS
Deyor, Soxytoes Plum, Newton School, Tring Burger Singh, Infurnia Technologies Hood, MooHash, Crypso Open, OTPLess, Mosaic Wellness
Pristyn Care, Growth School, GroMo
Plum, Wint Wealth, Hood
FS Life, MyMuse India
Bombay Shaving Company, Meesho, Front Row
Hemant Dua
Hemesh Singh
Jasleen Royal
Jaynti Kanani
Jitendra Gupta
Kunal Shah
Lalit Keshre
Malika Datt Sadani
Maninder Gulati
Angel Investor
Designation Organisation Name
Number Of Startups Backed Notable Startups Backed
Founder & CEO
CEO
Onsite, AttainU Shoopy, Deyor
Cofounder
Turno, Karbon, Akudo
Chairperson & Cofounder
BlueStone, Windo
Business Development
OneCode, GrayQuest, indiagold
Cofounder
Executive Director
Virgi, Skyroot Aerospace, CRED
TagZ Food, JaJi Store, Haqdarshak
Cofounder & CEO
Razorpay, Wooplr, PiggyRide
Cofounder & CEO
SOURCE: INC42
CEO & MD
CredFlow, GoKwik, Bhanzu
StockGro, RAAHO, Biryani By Kilo
Manish Kumar Manoj Mehta
Matilde Giglio Meena Ganesh
Miten Sampat
Mukesh Bansal
Namita Tharpar
Naveen Tewari
Nitin Gupta
Nitish Mittersain
Angel Investor
Designation Organisation Name
Number Of Startups Backed Notable Startups Backed
Pankaj Chaddah
Cofounder
Vahdam Tea, Flatheads, FITSO
Peyush Bansal
Cofounder & CEO
Snitch, Mojo Care, Pharmallama
Phanindra Sama
Piyush Shah
Founder Cofounder
Fyle, Eka Care, Stoa
Trulymadly, Almo Wear, Goodmeetings
Prabhu Rangarajan
Cofounder
Priyank Shah
Cofounder
IppoPay, Cookr, Finsire
WickedGud, Anveshan, The Moms Co.
Radhika Ghai
Raghunandan G
Founder & CEO
Founder & CEO
Flatheads, UpScalio, MitronTV
Bounce, Wysa, Fisdom
Rajesh Yabaji
Cofounder & CEO
SOURCE: INC42
NOTE: THE NUMBER OF STARTUPS BACKED BY THE INDIVIDUALS MENTIONED IS BASED ON A SURVEY AND INC42 DATABASE, WHICH INCLUDE PUBLICLY DISCLOSED DEALS ONLY | WE DID NOT INCLUDED ANY INDIVIDUAL WHO WORK AS PROFESSIONAL FUND MANAGERS
Agrizy, Log9 Materials, Captain Fresh
Angel Investor
Cofounder COO
Cofounder & CEO
Founder Cofounder
Cofounder
Chairperson & Cofounder
Cofounder & CFO
SOURCE: INC42
Founder & CEO
Cofounder & CEO
The Souled Store, Plum, StockGro
Unnati, Coffee.io, kWh Bikes
Bombay Shaving Compan, Captain Fresh, Kreo
Stoa, Beco
Urban Company, ShadowFax, Kutumb
Newton School, STAGE, Lio
Zivame, TrueFan, enguru
Captain Fresh, Saveo, FS Life
Ather Energy, Ola, Sigtuple
The Souled Store, Animali, Shyft
Ramakant Sharma
Renu Satti
Revant Bhate
Richa Kar
Rohit Bansal
Roman Saini
Ronnie Screwvala
Sachin Bansal
Sahil Barua
Angel Investor
Designation
Number Of
Backed Notable Startups Backed
Sairee Chahal
Founder & CEO
VAMA, Wildemart, Naario
Sameer Mehta
Cofounder & CPO
Perfora, Wickegud, Chargeup
Sandeep Aggarwal
Founder & CEO
Lissun, PropReturns, ConsCent
Sanjeev Barnwal
Cofounder & CTO
dezerv, OneCode, Loop Health
Saurabh Aggarwal
Cofounder
Soptle, Listed, Paavan
Sharad Sharma
Cofounder
Minjar, Vebbler, Frrole
Shashank Kumar
Founder & MD
Newton Schoo, BharatX, Eka.Care
Shashvat Nakrani
Shilpa Shetty
SOURCE: INC42
Cofounder Actor
dezer, Anar, The Whole Truth
Mamaearth, KisanKonnect, Hunar Online Courses
NOTE: THE NUMBER OF STARTUPS BACKED BY THE INDIVIDUALS MENTIONED IS BASED ON A SURVEY AND INC42 DATABASE, WHICH INCLUDE PUBLICLY DISCLOSED DEALS ONLY | WE DID NOT INCLUDED ANY INDIVIDUAL WHO WORK AS PROFESSIONAL FUND MANAGERS
Angel Investor
Designation
Number Of Startups Backed
Notable Startups Backed
Cofounder
Euler Motors, OneCode, GrayQuest
Sujeet Kumar Sumit Jain
Cofounder & CEO
Tring, Dazo, Qikpod
Uday Kumar
Angel Investor
Multiple Organisations
BluSmar, Melorra, Agnikul
Varun Alagh
Cofounder & CEO
Pristyn Car, BharatX, Listed
Vidit Aatrey
Cofounder & CEO
Virgio, OneCode, Loop Health
Vijay Shekhar Sharma
Cofounder & CEO
STAGE, Hood, FloBiz
Vineeta Singh
Cofounder & CEO
Josh Talks, Zouk, Padcare Labs
Vinod Sood
Cofounder & MD
Try & Buy Fashion, BookBySlot
Vivekananda Hallekere
Cofounder & CEO
Stoa, OneCode, Minko
SOURCE: INC42
Zishaan Hayath
Founder & CEO
SquadStack, Paz Care, Wealthy
Investors Backing Emerging Sectors In India
SOURCE: INC42
India's Largest Angel & VC Conclave
20 TH JULY 2023 THE LEELA AMBIENCE | DELHI NCR EXPLORE MONEYX NOW
Meet The Who’s Who Of Startup Investment Ecosystem Under One Roof 150+ Angel Investors
80+ LPs & Family O ices
80+ VC & PEs
40+ Other Investors
10+ Startups Showcasing
Indian Startup Investor Survey:
Angels & VCs
The State Of Startup Ecosystem: From Angel Investor Lens
100+
Active angel investors participated
43%
Have parked more than INR 1 crore for startup investments in FY24
Fintech
Seen as the most bankable startup sector in FY24
Growth Stage
Most preferred exit stage for angel Investors
66%
have positive outlook towards early stage investments in FY24
<10 lakhs
Average ticket size of investment for most of the angel investors
Majority Of Angel Investors In India Prefer To Keep Their Ticket Size Below INR 10 Lakhs
SOURCE:
Fintech
Investments Prove Lucrative For Indian Angel Investors, Yielding
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY
QUESTION ASKED:
Exit
Strategy: Indian Angel Investors Lean Towards Series D or Beyond Funding Rounds
SERIES D AND ABOVE
% OF TOTAL RESPONDENTS
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF
ASKED:
Majority Of Angel Investors Prefer To Exit At Series A & B (Growth) Stage
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY
QUESTION
More Than 40% Angel Investors Possess INR 1Cr+ for Startup Investments in FY24
SOURCE: INC42 SURVEY
NOTE:
SOURCE: INC42 SURVEY
FY24 Investment Sentiment: Majority Of Indian Angel Investors Show Con dence in Early Stage Investments
SOURCE: INC42 SURVEY
NOTE:
Over 60% Of Indian Angel Investors Pessimistic About Startup IPO Comeback In FY24
% OF TOTAL RESPONDENTS LESS LIKELY
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF 50+ ACTIVE ANGEL INVESTORS IN INDIA QUESTION ASKED: HOW LIKELY DO YOU THINK IT IS THAT LATE-STAGE INDIAN STARTUPS WILL RESUME IPOS IN FY24?
What’s On The Mind Of
India's Top VC Survey 2023: Key Highlights
85+
Active VCs participated
Cleantech
Most bankable startup sector in FY24
66%
Have positive outlook towards early stage investments in FY24
Low risk appetite
Voted the biggest reason behind lack of domestic LPs in Indian VC funds
Growth Stage
most preferred exit point
>10 lakhs
Most common average ticket size of investment
Domestic LPs Account For More Than Half Of Fund Corpus For 85% Of Indian VCs
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF 85+
QUESTION
Low Risk Appetite Voted As Major Hurdle In Raising Capital From Domestic LPs In India
LOW RISK APPETITE
LACK OF AWARENESS TOWARD STARTUPS
FEWER FAMILY OFFICES
GROWING COMPETITION
UNFAVOURABLE LEGAL FRAMEWORK
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF 85+ ACTIVE INSTITUTIONAL INVESTORS IN INDIAN STARTUPS
%
OF TOTAL RESPONDENTS
QUESTION ASKED: WHAT ARE THE MAIN CHALLENGES TO RAISING CAPITAL FROM DOMESTIC LIMITED PARTNERS?
Close To Half Of Institutional Investors In India Target Exits Below 10x Return
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF 85+ ACTIVE INSTITUTIONAL INVESTORS IN INDIAN STARTUPS
QUESTION ASKED: SELECT A RANGE THAT BEST DESCRIBES YOUR EXPECTED EXIT MULTIPLE (ROI) ON INVESTMENT IN INDIAN STARTUPS
VC Exit Priorities: Indian VCs Opt For Growth And Late Stage Exits Instead Of IPOs
SOURCE: INC42 SURVEY
NOTE: BASED ON A SURVEY OF 85+ ACTIVE INSTITUTIONAL INVESTORS IN INDIAN STARTUPS
ASKED:
Investors Are Most Positive About Early Stage Funding In FY24
Stage Growth Stage Late Stage
SOURCE: INC42 SURVEY
NOTE:
Global Investor Landscape:
India vs USA vs China
Global
Investor Landscape: Rapid Surge in New Startup Investors Positions India Ahead Of The US & China
Total Funding [2014 to May 2023]
Total Unique Investors [2014 to May 2023]
3-Year-Investor Growth Count [2019 to 2022]
Number Of Angel Investors [2014 to May 2023]
3-Year-Angel Investors Growth Count [2019 to 2022]
Total Number Of VCs & PEs
3-Year-VC & PE Investor Growth Count [2019 to 2022]
SOURCE: INC42 (INDIA), CRUNCHBASE (USA & CHINA)
NOTE: NUMBERS FOR ANGEL INVESTORS, VC AND PE FOR CHINA ARE ESTIMATED
Delhivery, Flipkart, Zomato
Cars24, Razorpay, Rebel Foods
OYO, Swiggy, Unacademy
Open, Good Glamm Group, Pharmeasy
1mg, Shiprocket, Zetwerk
Browserstack, Freshworks, Spinny
Verse Innovation, Policy Bazaar, OfBusiness
Nykaa, Urban Company, Chargebee
Open Bank, Pharmeasy, UpGrad
Firstcry, Rivigo, Spinny
Mixpanel, OpenSea, Clubhouse
Axtria, BigPanda, Zapier
Circle, Miro, Chainanalysis
Eightfold.ai, Hive, InDriver
MoonPay, Locus Robotics, InVision
TradingView, OpenWeb, MURAL
Ripple, Glean, Rubrik
Digital Currency Group, Stripe, StockX
MasterClass, Instabase, Databricks
Stripe, Instacart,Rubrik
Top 10 Investors Who Backed The Highest Number Of Unicorns In China
ByteDance, ROX Motor
We Doctor, Zhuan Zhuan, XtalPi
Womai, BeiBei. Zhaogang
WeRide, TUNGEE, Rox Motor
Zhaogang, Klook, Tubatu.com
Dadi Cinema, WeLab, Yiguo
Zuoyebang, Keep, Moka
SHEIN, Lalamove, JimuBox
We Doctor, Horizona Robotics, Maimai
Xiaoe Tech, Pipa Coding, Horizon Robotics
Methodology
Since 2015, Inc42 has been the go-to source for identifying Indian startups transforming industries and shaping society.
The "India's Startup Investor Landscape Report 2023" is an effort by the Inc42 team to map and understand how Indian startup investors invested between 2014 and May 2023.
For this reports:
Overall data in this report is from 2014 to May 2023, unless mentioned otherwise.
Seed stage: Startup at angel or seed stage
Growth stage: Startups at Series A and B funding stage
Late stage: Startups at Series C or above funding stage
Bridge funding: Transition/connecting funding rounds (in this case primarily Pre Series A & B)
Unicorn refers to any digital / tech company valued at or above $1 Bn or have touched this valuation once in their business lifecycle.
A soonicorn is any public or private digital/tech company valued at or above $200 Mn.
Both funding and deal count are forecasted using time series (exponential smoothing). The timestamp for the dataset is quarterly. Seasonality is adjusted in the dataset.
Survey 1: India's Top VC Survey 2023
70+ active institutional investors in Indian startups
30% of the participants managed asset under management (AUM) over $100 Mn or above
Survey 2: India's Top Angel Survey 2023
100+ active angel investors in India
57% of the participants are also limited partners (LP) in India focused VC funds
100 Notable Startup Investors Table
The number of startups backed by the organisation mentioned is based on survey-1 and Inc42 DB + crunchbase data.
The asset under management mentioned is not specific to the Indian region.
Total active years is calculated using (2023- “Year Of First Investment”)
100 Notable Angel Investors Table
The number of startups backed by the individuals mentioned is based on survey-2 and Inc42 DB + crunchbase data.
We did not include any individuals who work as professional fund managers
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