Amidst a challenging year for Indian startups, venture capital (VC) funding witnessed a sharp decline of 67.1%, falling from $19.2 billion in Jan-Oct 2022 to $6.3 billion in the same period of 2023, as reported by GlobalData.
The data reveals a 38.6% decrease in VC deals, with 920 deals compared to 1499 in the corresponding period. Investor caution, notably influenced by concerns around firms like Byjus, contributes to the funding downturn.
Despite the slump, India remains a significant global VC market, securing top-five positions in both deal volume and value in the APAC region.