| | JULY 20248Indian startups have raised nearly $7 billion in funding during the first half (H1) of 2024, surpassing the $5.92 billion garnered in the same period last year. Despite this increase, the figures remain significantly lower than the $20 billion raised in H1 2022, according to data compiled by TheKredible.The $7 billion funding comprised 182 growth or late-stage deals amounting to $5.4 billion and 404 early-stage deals totaling $1.54 billion. Additionally, there were 99 undisclosed deals, as reported by Entrackr.In H1 2024, Indian startups saw the emergence of two new unicorns: Perfios and Krutrim SI Designs. This mirrors the trend in 2023, which also saw two startups achieving unicorn status. However, this number is a marked decline from the 26 unicorns in 2022 and 44 in 2021.June was a standout month, with nearly $2 billion in funding, more than doubling the average monthly funding of $1 billion seen until May. Prominent late-stage companies such as Zepto, Flipkart, PharmEasy, and Lenskart secured significant investments, raising $665 million, $350 million, $216 million, and $200 million, respectively.The first half of 2024 also saw 55 mergers and acquisitions, a reduction compared to previous years. There were over 250 such deals in 2021, dropping to 204 in 2022 and further to 145 in 2023.Segment-wise, the e-commerce sector led the funding race with 124 startups raising over $1.87 billion. Fintech, healthtech, SaaS, and EV startups followed. In terms of funding amounts, EV startups outpaced SaaS and healthtech. However, sectors like agritech, foodtech, edtech, and proptech experienced a decline in funding during the first half of 2024.The trends suggest a shifting focus in investor preferences towards growth and late-stage startups, with a continued strong interest in sectors like e-commerce and EVs. The Indian Government's efforts to globalize the Unified Payments Interface (UPI) for swift digital transactions have expanded to the UAE. NPCI International Payments Limited has collaborated with Network International, a leading digital commerce entity in the Middle East and Africa, to facilitate this integration.With this partnership, Indian visitors and NRIs in the UAE can now conduct payments using UPI via QR codes at Point of Sale (PoS) terminals. NPCI International CEO Ritesh Shukla emphasized that the rising adoption of UPI among UAE merchants will simplify transactions for Indian travelers and advance global digital payment innovations.According to an NPCI release, the number of Indian travelers to the Gulf Cooperation Council (GCC) countries is expected to reach 9.8 million in 2024, with 5.3 million heading to the UAE alone. The Indian Government, the Reserve Bank of India (RBI), and NPCI International are actively collaborating to promote UPI on an international scale. UPI is already officially accepted in Nepal, Sri Lanka, Mauritius, Singapore, France, and Bhutan.June recorded 13.9 billion transactions on the UPI platform, representing a 49% increase compared to the previous year. The average daily transaction volume was 463 million, with a total daily transaction value of Rs 66,903 crore. The surge in UPI transactions is attributed to several factors, including the integration of RuPay credit cards with UPI and the platform's rollout in international markets. This growth aligns with India's strategic vision to extend UPI's reach globally, enhancing the ease of digital payments for users across different countries. INDIAN STARTUPS RAISE $7 BILLION IN H1 2024, MARKING A SIGNIFICANT INCREASE FROM LAST YEARINDIAN USERS CAN NOW PAY UAE MERCHANTS VIA UPIIN FOCUSIN FOCUS
< Page 7 | Page 9 >