As we step into 2025, the Indian startups stand at a fascinating crossroads, particularly after the past year of turbulence and triumph. In 2024, we saw Indian startups reach new maturity, particularly when it comes to public listings and turnaround of unicorns from losses to profitability.

If anything, 2024 was a year of reckoning and resilience of Indian startups, where ambition collided with reality, and innovation charted its unpredictable course.

In our “2024 in Review” series, we’ve navigated through the highs and lows — from industry-shaking controversies to the quiet revolution of startups that rose against the odds, from the spotlight on market movers to the IPOs that sparked conversations.

But even as we usher in 2025, there’s something captivating about pausing, just for a moment, to savor the richness of the year gone by. What better way to distill the essence of 2024 than through charts and visuals that add more volume to our words.

The following 16 charts are more than just numbers; they are the story of a year that challenged, transformed, and redefined the contours of India’s tech and startup world. Together, they provide reflection of 2024’s narrative, setting the stage for what promises to be another exhilarating year of change.

Startup Funds Worth $8.7 Bn Launched In 2024

In 2024, the Indian startup ecosystem witnessed a significant surge in new fund launches, with over $8.7 Bn raised through 81 new funds, including venture capital (VC), private equity (PE), micro, angel, and government funds.

This marks a 55.36% increase from 2023, when $5.6 Bn was raised across 64 funds.

Early-stage startups were particularly favored, with 40 funds totaling $1.94 Bn launched for them. The fintech sector stood out, accounting for 15.6% of the total funds, followed by consumer-focused and deeptech funds.

Additionally, large funds, such as Kedaara Capital’s $1.7 Bn PE fund and the government’s INR 750 Cr AgriSURE Fund, were launched to support agritech startups.

Indian Startups M&As Hit Record Low

In 2024, the Indian startup ecosystem recorded only 71 mergers and acquisitions (M&As), marking a 10-year low and a 40% decline compared to 2023. The ecommerce sector, previously a leader in M&As, saw deals plummet from 25 in 2023 to just six in 2024. Contributing factors included expensive valuations, limited capital availability, and a shift in focus toward profitability over expansion.

While sectors like enterprise tech maintained some activity, the overall slowdown was attributed to economic conditions, regulatory scrutiny, and valuation challenges. Major players like The Good Glamm Group and Mensa Brands refrained from acquisitions, while capital scarcity further hampered ecommerce activity, which saw a 42% drop in funding year-on-year.

Despite the slump, listed companies like Zomato and Nazara Technologies remained active in acquisitions, targeting profitable and complementary businesses. Experts predict M&A activity may rebound in 2025, fueled by new public listings and strategic acquisitions by established companies seeking growth.

Indian Startups See Funding Rebound In 2024

In 2024, Indian startup funding saw a significant recovery, stabilizing at levels similar to those in 2020. Indian startups raised over $12 Bn, marking a 20% increase from the previous year.

This return to 2020 levels followed a period of decline after the exuberant funding years of 2021 and 2022. The number of deals also rose, with 993 deals reported, 11% more than in 2023.

Despite the growth, funding figures remain far below the peaks of 2021, when $42 Bn were raised across 1,584 deals. However, the uptick in 2024 reflects a shift towards more sustainable, fundamentally strong ventures.

The seed and growth stages saw notable increases, particularly with early-stage funding rising by 31%. Key sectors like fintech, enterprise tech, and consumer services continued to attract investment, with fintech securing the highest share.

New-Age Tech Companies Raise INR 29,000 Cr Via IPOs

In 2024, the Indian startup ecosystem saw a record 12 new-age tech companies go public, raising a total of INR 29,070.57 Cr through IPOs.

This was a significant jump from just five IPOs in........

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