India’s share of VC funding lowest in 5 years

India’s share of total global venture capital (VC) funding fell to 2.9 per cent in calendar year 2023 (CY23) – the lowest since CY19 – reaching $7.3 billion as most startups struggled to raise money without compromising on their earlier valuations. Based on global data by CB Insights on VC funding, funding to Indian startups fell by nearly a third compared to CY22 when it hit $20.6 billion and accounted for 4.8 per cent of the global figure. While the data shows that the world had 71 new unicorns (21 in Asia), India contributed only two of them, as compared with CY22 when it had 22.