Indian startups raised $732 million through 107 deals in January

New Delhi (Uttam Hindu News): Amid layoffs, shutdowns and top exits, Indian startups raised $732.7 million across 107 deals in January this year.

According to the data, there were 70 early-stage deals worth a total of $314.4 million, and 21 development-stage deals worth $418.3 million. There were 16 such rounds for which there is no description.

January saw a significant decline in total funding for startups to $1.7 billion in the last month of 2023, Ntracker reported. This was the lowest funding amount for January compared to the last three years, Ntracker reported.

Notably, in January no startup managed to secure more than $100 million in funding.

Vivify, a fintech startup, received the highest funding of $75 million in January. AIDash, Wowow, Momo, Impact Analytics and BlueSmart were among the five most funded companies last month.

According to the data, three companies in the development stage, OneCard, Infra.Market and Yulu, have raised debt funds.

Artificial SI Designs, led by Bhavish Aggarwal, has announced $50 million in funding, making it the fastest unicorn in the Indian startup ecosystem.

International Battery Finance and three fintech startups Stockgrow, FinAGG and Ecofy made the top five list, the report said. Stockgrow raised the maximum loan last month.

Online food delivery platform Swiggy was the leader with layoffs of 350 employees, followed by Cult.fit and InMobi. E-commerce marketplace Flipkart was also in the news for laying off more than 1,000 employees.

Apart from the layoffs, several top-level employees left the Indian startup. Two people, including CFO Aditya Pandey and FMCG business head Vinay Srivastava, departed in the solo flight.

The CEO of PhonePe-owned Indus Appstore and KnowledgeHut and the co-founder of DealShare and Fashioninja are gone.

In addition to the layoffs, non-fungible token (NFT) platform Rario and ByteDance’s Resso announced the closure of operations.