The Indian startup ecosystem is currently facing challenging times as funding remains scarce and the anticipated boost from the monsoons has not materialized.
Following this trend, July witnessed a significant slump to below the $500 million mark, exacerbating the situation.
According to data compiled by Fintrackr, 83 startups managed to secure fresh fundraising totalling around $461 million in July. This represents the lowest monthly fundraising amount since January 2021, highlighting the prevailing funding drought.
Comparing the figures on a year-on-year basis, startups raised $869 million in July 2022 and a staggering $4.6 billion in July 2021, indicating a significant decline this year according to the Techloy chart below.