UP govt to conduct grand roadshows in India and abroad for Maha Kumbh
Apart from this, approval has been granted for the purchase of 220 vehicles for the event.
In a considerable drop, India’s startup-focused venture capital funding declined by 71.5% year-on-year compared to $17.1 billion worth of funding raised during January-August 2022, a latest report stated.
According to data analytics and consulting company, GlobalData, the corresponding deal volume recorded 42% YoY decline over 1,266 VC funding deals announced during January-August 2022.
It highlighted that the VC funding space underwent significant changes in the first eight months of 2023. During this period, 734 VC funding deals were announced, amassing a total of $4.9 billion.
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While there was a YoY decrease in both deal volume and value compared to the same period in 2022, the decline was more substantial in terms of funding value, GlobalData added.
India accounted for 5.3% of the total number of VC funding deals announced globally during January-August 2023. Meanwhile, its share of the total disclosed funding value stood at 3.1%, GlobalData report stated.
“Apart from several macroeconomic challenges and geopolitical conditions grappling global VC funding landscape and making a dent in investor sentiments, the Indian startup ecosystem is grappling with rising investor caution regarding startup valuations,” Aurojyoti Bose, lead analyst at GlobalData said.
This is not just the case with India, but subdued VC funding activity is now a global phenomenon with most of the key markets experiencing decline in deals volume as well as value, he added.
During January-August 2023, some of the key VC funding deals included $250 million worth fundraising by PhysicsWallah, $200 million worth fundraising by Zepto, $200 million fundraising by PhonePe, $146 million worth fundraising by Veritas Finance, and $120 million fundraising by KreditBee.
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