According to Times of India, Indian startups experienced a significant 65.8% decline in funding value from January to November 2023. Data from GlobalData reveals that they secured $6.9 billion in 1,013 venture capital deals during this period, a stark contrast to the $20.2 billion raised in the same timeframe last year.
Notable funding deals this year include PhysicsWallah's $250 million and Perfios Software Solutions' $229 million. The decline is also reflected in fewer $100-million-plus investments, dropping from 55 to 17.
India now ranks fourth globally in tech startup funding with less than $10 billion received in 2023.