PhonePe and KreditBee led the $1.2 billion in funding raised by Indian startups in January
By Team Startupcity | Monday, 06 February 2023, 11:13 IST
In January, despite difficult socioeconomic conditions and a capital crunch, Indian companies raised around $1.2 billion. Data from Fintrackr, a division of startup news site Entrackr, shows that in the first month of 2023, growth-stage startups saw 22 agreements totaling $926 million.
Twelve startups did not publish transaction information, but early-stage startups collected $265 million across 67 agreements. The report states that the typical deal value for early-stage firms was close to $4 million. Nearly 40% of the total financing in January was made up of the $350 million funding round for PhonePe and the $120 million funding round for KreditBee.
More agreements were made in the e-commerce (including D2C companies) sector, and fintech maintained its dominance with $587 million in total funding. According to the survey, Bengaluru was the top city with 60 deals, followed by Delhi-NCR with 15. In January, there were 18 mergers and acquisitions across several sectors in the Indian startup ecosystem.
A PwC India research states that in 2022, funding for Indian startups was close to $24 billion, a decrease of 33% from CY21 but still more than twice the sums raised in CY20 and CY19, respectively. 88% of the fundraising activity in CY22 was made up of growth and late-stage funding deals (in value terms). According to PwC India, the average ticket size for agreements in the growth stage was $43 million and for deals in the late stage was $94 million during CY22.
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