India sees no new unicorn in first half of 2023

New Delhi, July 1 (KNN) There was no new unicorn in India in the first six months of 2023 with the dip in start-up funding of more than 70% in the January-June period from a year ago.

Signalling that the funding winter is here to stay as several top unicorns continue to face economic downturn.

The first six months witnessed Indian startups raise just USD 5.48 billion, from USD 19.5 billion they raised during the same period last year, according to data by market intelligence firm Tracxn shared with IANS.

In the first half this year, the startup ecosystem saw 546 deal rounds, a significant drop from the total number of rounds at 1,570 in the same period last year.

In the first quarter of this year, Indian startups raised a total of USD 2.8 billion, a massive 75% lower compared to the same period in the previous year (USD 11.9 billion), as rising inflation and interest rates continue to impact investments significantly.

The funding volumes contracted due to the reduction in late-stage funding, which declined by 79% in the first quarter (USD 1.8 billion) compared to Q1 2022.  (KNN Bureau)