TRACXN GEO ANNUAL REPORT 2024
FinTech BizNews Service
Mumbai, 21 December, 2024: India is the 3rd highest funded country in 2024 ahead of China and Germany at positions 4th and 5th respectively. The only 2 countries that saw more funding than India are the United States and United Kingdom.
● A total of $11.3Bn was raised in 2024, an increase of 6% compared to $10.7B raised in 2023, and a
drop of 56% compared to $25.4B raised in 2022.
○ Late-stage witnessed a total funding of $7.13B in 2024, an increase of 12.09% compared to
$6.36B raised in 2023, and a drop of 57.03% compared to $16.6B raised in 2022.
○ Seed-stage saw a total funding of $0.97B in 2024, a drop of 22.43% compared to $1.25B raised in
2023, and a drop of 48.19% compared to $1.87B raised in 2022.
○ Early-stage saw a total funding of $3.16B in 2024, an increase of 2.09% compared to $3.09B
raised in 2023, and a drop of 54.39% compared to $6.93B raised in 2022.
● In YTD 2024, India Tech saw 20 $100M+ rounds when compared to 18 such rounds in 2023 and 53
rounds in 2022.
Companies like Zepto, TI Clean Mobility, Flipkart, Mechanic Pro, DMI Finance have managed to
raise funds above $100M in in 2024 YTD.
■ Zepto has raised $665M in a Series F round led by Lightspeed Venture Partners and other investors valuing the company at over $3.6B making it the top funding round for this year.
■ TI Clean Mobility has raised a total of $359.29M in a Series D round.
■ Flipkart has raised a total of $350M in a Series J round led by Google valuing the company at
over $36B.
● A major part of these $100M+ funding rounds are from the Gig Economy, Food and Agriculture Tech
and Retail sectors.
● In YTD 2024, India Tech saw 6 new Unicorns which is more than 2 new Unicorns in 2023 and 75% less
than 24 new Unicorns in 2022.
● Tech companies in the India saw 113 acquisitions in 2024, which is a 19.3% decrease as compared to
140 acquisitions in 2023 and a decrease of 41.1% as compared to 192 acquisitions in 2022.
iBUS was acquired by NIIF at a price of $200M.
■ This becomes the highest valued acquisition in 2024 followed by the acquisition of Loyal
Hospitality by Finnest at a price of $160M.
● In YTD 2024, India Tech saw 37 IPOs which is 76.19 % higher than 21 IPOs in 2023 and 94.74% higher
than 19 IPOs in 2022. C2C Advanced Systems, BlackBuck, Niva Bupa, and Swiggy were some of the
companies that went public in 2024
● Retail, Enterprise Applications, and Gig Economy were the top-performing sectors in 2024 in this space
○ In terms of funding, the Retail sector saw a total funding of $2.6B which is a drop of 13% when
compared to $3B raised in 2023.
○ Enterprise Applications saw a total funding of $2.2B in 2024 which is a drop of 11% from $2.5B funding in 2023.
○ Gig Economy saw a total funding of $2.2B in 2024, an increase of 414% when compared to $420M in
2023.
Bengaluru-based tech firms accounted for 30.28% of all funding seen by tech companies across the
India. This was followed by Mumbai at a close second at 27.07%.
● Accel, Blume Ventures and Peak XV Partners were the overall top VCs in India Tech ecosystem
○ Venture Catalysts, Z Nation Lab and Blume Ventures were the top seed-stage investors in India
Tech ecosystem for 2024.
○ SoftBank Vision Fund, Creaegis and Avataar Ventures were the top late-stage investors in India
Tech ecosystem for 2024.
○ Accel, Peak XV Partners and Elevation Capital were the top early-stage investors in India Tech
ecosystem for 2024.
● Among VCs, India-based Venture Catalysts led the most number of investments in 2024 with 26
rounds, while another India based fund Blume Ventures added 14 new companies to its portfolio.
○ Late-stage VC investments saw United Kingdom based SoftBank Vision Fund and India based
Creaegis add 2 companies each to their portfolios.
