Indian startups attracted $6.3 billion in venture capital across 672 deals from January to July 2024, reflecting a 42.1% year-on-year increase in funding value, despite a slight 1.2% rise in deal volume, according to data from U.K.-based analytics firm GlobalData. This significant growth in funding underscores high investor confidence in India’s startup ecosystem, even amid global market uncertainties, as noted by GlobalData.

During the same period in 2023, India recorded 664 venture capital deals totaling $4.4 billion. Aurojyoti Bose, lead analyst at GlobalData, attributed the substantial increase in funding value to a series of high-value deals in 2024, indicating that while investors remain cautious, there is no shortage of capital for promising startups.

Among the notable deals were Zepto’s $665 million funding round, Meesho’s $300 million raise, and PharmEasy’s $216 million round. Radiance secured $150 million, Kogta Financial raised $148 million, and Rapido garnered $120 million in funding.

Bose highlighted India’s position as a key market in the Asia-Pacific region and globally, ranking just behind China in VC activity. India accounted for approximately 7% of global VC deals and 4.3% of the disclosed funding value during the first seven months of 2024.

Despite global economic challenges, India’s strong pipeline of startups continues to draw significant investment, solidifying its status as a crucial player in the global venture capital landscape. A report by market intelligence firm Tracxn also noted that India remains the fourth-highest funded country in the tech startup space, with three new unicorns and 33 new Soonicorns emerging in the first half of the fiscal year.

Bengaluru led in total funds raised, followed by Delhi and Mumbai, while Accel, Blume Ventures, and Peak XV Partners were the top investors in H1 2024. Additionally, new IPOs in India rose to 20 in the first half of 2024, up from six in H1 2023 and 12 in H2 2023, with companies like TBO, TGIF Agribusiness, Radiowalla, and Trust Systems & S/w among those going public.