The Great Metamorphosis

Uncover the big, broad picture of the Indian startup ecosystem

A hard reset and the evolution of founders and startups

Analysis of investment trends and all kinds of capital: Smart, experimental, and patient

LPs equation with India in uncertain global economy

All the early signals of change and emerging trends captured

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Decoding Indian startup ecosystem with data and insights

Markets mature

The Indian startup ecosystem likely to hit an inflection point in 2025

Strong belief in India story

LP sentiment towards India is at an all-time high

FOMO investing recedes

Investors learn to build their own conviction

Early-stage deals

Less frequent but rich funding rounds to surface

IPO green shoots

More startups to go public in 2024

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Discover 10 ecosystem trends of 2023-24

Indian startup in numbers

Equity funding in Indian startups over the years

Top cities funded in 2023

Top-funded sectors in 2023

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Raw and real insights

From India’s leading platform for startup investing and the most consistently active investor

“The timing for India, the negative sentiment on China, and the liquidity in the domestic market -- these three are going to be the forces for capital to come to India.”

Sanjay Swamy

Managing Partner, Prime Venture Partners

“If you ask anyone about India's growth story, I think everyone will have the same answer: The next 10 years belongs to India – very few people think otherwise.”

Sushma Kaushik

Early-Growth Investor

“The market dynamics also suggest a departure from the fear of missing out (FOMO) with each venture capitalist developing their own convictions.”

Sarita Raichura

Vice President, Acceleration & Strategic Initiatives, Blume Ventures

“The quality of entrepreneurs keeps going up and the bar for fundraising will become even higher.”

Mohan Kumar

Managing Partner, Avatar Ventures

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From the founder’s desk

“The past year was not easy by any means for founders, investors, or anyone in the ecosystem. However, I would still call it a good year for the ecosystem because it pushed us all to move away from the norm and value the toil it takes to build a business.”