DROP DESPITE FIVE LARGE-TICKET ROUNDS IN Q1CY23
FUNDING INTO INDIAN startups declined by over 70% during the January-March quarter as investors continued to ask founders to prioritise profitability over revenue growth.
Data compiled from Tracxn showed the fall in capital infusion during the first three months of the year was despite at least two large-ticket deals at PhonePe and Lenskart ($200 million and $500 million, respectively) closing in March itself.
PhonePe alone raised a total of $650 million in the first quarter of the calendar year. In other large-ticket deals, FreshToHome raised $104 million in a round led by Amazon Smbhav Venture Fund, Mintifi picked up $110 million led by Premji Invest, and Kredit Bee mopped up $120 million from Advent International and others.
Despite that, startups raised a total of $3.83 billion in equity funding in January-March, about 72% lower than $13.8 billion they had collectively raised in the same period a year ago.
The total fundraise of $3.83 billion was even lower than $7.62 billion startups had raised in the same quarter in 2021 and also the $6.93 billion new-age firms mopped up in the January-March period of 2020.
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