The startup funding winter is well and truly here. According to a recent PwC India research report, Indian startups raised $3.8 billion in the first half of 2023 (January to June), which interprets as a massive drop off of 36 percent compared to the fundraising in H1 of 2022. The report also points out that this is the lowest six-month funding in the last four years. However, Fintech, SAAS, and D2C remain the most funded sectors in H12023.

Commenting on the occasion, Amit Nawka, Partner - Deals & India Startups Leader, PwC India, shared some warm words for startup entrepreneurs. He says, “A

funding winter is just a season in a startup's journey. There is a slow down in startup funding despite significant untapped capital reserves held by venture capitalists(VCs). Active VC firms in India have secured new funds in the past year, and we can expect the pace of investments to pick up in the next few months."

While startups navigate this dry season, Mumbai’s startup ecosystem has been at the receiving end of some good news as the State Bank of India (SBI) established another special branch at Mumbai’s Bandra Kurla Complex dedicated to startups. After Bengaluru, Chennai, and Gurugram, this is the fourth startup focused outpost and the first in Mumbai. SBI’s move is powered by several memoranda of understanding in place in Mumbai with the S.P. Jain Institute of Management & Research (SPJIMR), the Centre for Incubation and Business Acceleration (CIBA), and the Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay. SBI chairman Dinesh Khara says, “The main goal of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity to their IPOs and FPOs.”

We dedicate this issue to leaders from the financial capital of the country. Do let us know your thoughts.