May 21, 2024
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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

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
Indian startup in numbers
Equity funding in Indian startups over the years
Top cities funded in 2023
Top-funded sectors in 2023
“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
“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.”
Shanti Mohan
Founder and CEO, LetsVenture and trica

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For any queries, insights, or interesting anecdotes, please feel free to reach out with the subject line: ‘Investing outlook 2024’ to
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