Indian Startup Funding Landscape: Insights from February 2024


In February, the Indian startup ecosystem experienced a surge in funding, bolstered by substantial investments in growth-stage firms. Despite facing challenges like layoffs and executive departures, startups demonstrated resilience and attracted significant capital.

Funding Overview:

During February, Indian startups raised nearly $900 million across 121 deals. This included $585 million from 25 growth-stage deals and $313.5 million from 83 early-stage deals. The month witnessed an increase in funding compared to January, with notable contributions from Shadowfax’s $100 million round.

Month-on-Month and Year-on-Year Trend:

February 2024 saw a modest increase in funding compared to January, surpassing the funding mark of February 2023. Notably, Shadowfax’s $100 million round contributed to the three-digit funding trend for the month.

Top Growth Stage Deals:

Shadowfax led the charts with a $100 million Series E funding round, followed by Capillary Technologies with $95 million. Other notable deals included investments in EV startup River, e-commerce company Kushal’s, and seafood company Captain Fresh.

Top Early-Stage Deals:

Blockchain startup Avail, spiritual tech startup AstroTalk, and metal supply chain company Metalbook secured significant funding rounds. Notably, the top eight startups in the early stage raised at least $10 million each.

Stage-wise Analysis:

Seed and Series A funding deals dominated the startup funding landscape, with Series B to Series F deals also gaining traction. Additionally, debt funding witnessed increased activity during the month.

Regional Insights:

Bengaluru retained its position as the top city for startup deals, followed by Delhi-NCR and Mumbai. E-commerce startups emerged as the segment with the highest number of deals, followed by healthtech, fintech, and SaaS.

Most Active Investors:

Blume Venture and Stride Ventures emerged as the most active investors in February, with notable contributions from Fireside Ventures and others. The month also saw significant mergers and acquisitions activity.

Challenges and Exits:

Despite funding success, startups faced challenges such as layoffs and top-level exits. Notable exits included senior executives from Flipkart and Paytm Payments Bank.


The Indian startup ecosystem continues to exhibit resilience and attract investor interest. Emerging sectors like Proptech and climate tech are poised for growth, reflecting evolving market dynamics. As global realignments unfold, stable policies and investor confidence remain crucial. While challenges persist, the long-term outlook for India’s startup ecosystem appears promising.