Tech startups see funding drop to lowest in 5 years

Tech startups in India have seen their funding decline to the lowest in five years, data from Tracxn showed. The startups have raised a total of $7 billion so far in 2023, which is 72% lower than $25 billion they had raised during the same period last year.

In the ongoing quarter, funding has reached $957 million till date, making it the lowest-funded quarter since the third quarter of 2016.

Tech funding has been on the decline every quarter since the start of the year. This year saw only 1,000 funding rounds across stages, compared with the 2,763 rounds last year.