Indian startups secured $5.5B in VC funding in H1 2023, a 72% YoY drop from the $19.7B deployed in the same period last year, per data from Tracxn reviewed by Financial Express. Funding dropped 24% over the preceding six-month period's total of $7.3B. Despite the drop, India nabbed the third spot in the region with the highest VC funding in H1 2023, trailing behind the U.S. and the U.K. Early-stage startups nabbed $1.4B of the total funding, a 44% decline over H2 2022. - Startups in the environment tech, fintech, and retail sectors nabbed most of the funding.
- No new unicorns were minted in H1 2023.
- Comparatively, 19 Indian startups reached unicorn status in the same period last year.
- 74 acquisition deals were completed during the period, down 52% YoY.
- Notable acquisitions that closed in H1 2023 include Square Capital's $100M acquisition of energy management solutions startup Gram Power and Genee's $70M acquisition of advertisement optimization firm Adpushup.
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