June saw the largest fundraising by Indian startups in the first half of 2024.

June witnessed the highest funding raised by Indian startups in the first six months of this year. However, the number of deals in the month was the second lowest after March.

Indian startups raised $2.24 billion in June, compared to $1.85 billion in May 2024. Funding raised by startups in May and June was half of the amount raised in the first half of 2024, according to the India Deal Review: Q2 2024 report.

May also saw the highest number of transactions concluded after April.

Value and volume of transactions in the first half of 2024

Source: DealStreetAsia DATA ADVANTAGE

Financing doubled in Q2

The largest amounts raised in May and June helped double the value of deals in Q2 compared to Q1. Deal volume also increased by 15% compared to Q1. The strong performance contributed to an increase in startup funding in the first half of 2024, reaching $7.81 billion, an 18% increase compared to the same period last year.

The number of transactions concluded in the first half of the year increased by 26% compared to the same period last year, which means 623 transactions.

Transaction value in the first half of 2023 and 2024

Source: DealStreetAsia DATA ADVANTAGE

Transaction volume in the first half of 2023 and 2024

Source: DealStreetAsia DATA ADVANTAGE

E-commerce tops funding charts in H1

E-commerce was the top vertical in terms of deal value and volume, raising $2.6 billion across 126 deals in the first six months of the year, followed by fintech lending and fintech. The top three verticals accounted for 54% of the total capital raised by Indian startups during the period.

Top 10 industries by financing value

Source: DealStreetAsia DATA ADVANTAGE

Among verticals, e-commerce startup Zepto’s $665 million deal in June was the highest during that period, and the company plans to go public by 2025. The funding round was co-led by existing investors Glade Brook, Nexus and StepStone, while Goodwater and Lachy Groom also doubled their commitments. Avenir, Lightspeed and Avra ​​joined as new investors, among others.

The e-commerce giant’s successor was Flipkart, as the Walmart-owned homegrown company earned $350 million from tech giant Google in May.

Top e-commerce, fintech and SaaS deals in H1 2024

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Activation	Transaction Value	Vertical
Zepto	665 million dollars	E-commerce
Flipkart	350 million dollars	E-commerce
Meat	275 million dollars	E-commerce
Pharmacy	216 million dollars	E-commerce
Lenticular card	200 million dollars	E-commerce
Ecom Express	172 million dollars	E-commerce
Kitchens@	145 million dollars	E-commerce
General Insurance Go Digit	141 million dollars	Insurtech
Avanse Financial Services	120 million dollars	Fintech Loans
Atlan	105 million dollars	Software as a Service

In terms of transaction volume, fintech and SaaS saw the largest number of transactions in the first half of the year after e-commerce. The top three industries accounted for 37% of all transactions recorded in the period.

Top 10 industries by financing volume

Source: DealStreetAsia DATA ADVANTAGE