Indian Tech Startup Funding Report 2022

Despite economic uncertainty, Indian startups raised $25 Bn in 2022, with a 40% decrease from the $42 Bn raised in 2021. However, capital inflows were 2.1X higher than in 2020.

The year 2022 saw an increase in venture capital investments outside of the top three startup hubs of Bengaluru, Delhi NCR, and Mumbai, with emerging startup hubs witnessing a 41% surge in funding. In contrast, aggregate capital inflows in the top three startup hubs decreased by 48% due to a decline in mega deals.

Inc42’s annual Indian tech startup funding report decodes the funding climate, insights on M&As, founders and investors’ outlook on the future.

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Indian Tech Startup Funding Report 2022

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights

$25 Bn

Raised By Indian Startups In 2022


New Unicorns Minted


Founders Found It Difficult To Raise Funds In 2022


VCs Are Against Startup IPOs In 2023

Table Of Contents

  • Executive Summary
  • India's Digital Economy In A Nutshell
  • Indian Startup Economy: Key Highlights
  • Indian Startup Economy: State Of Funding & M&As
  • Indian Startup Landscape
  • India Vs US Vs China: A Comparison
  • Indian Startup Launches
  • Indian Startup Funding Trends [2014-2022]
  • Year-On-Year Funding Trends
  • Mega Deal Trends
  • Average Ticket Size
  • Sector-Wise Analysis & Trends
  • Geographic Trends
  • Stage-Wise Analysis & Trends
  • Gender Diversity: The State Of Funding In 2022
  • M&A Trends In Indian Startups [2014 to 2022]
  • Year-On-Year M&A Trends
  • Sectoral Analysis & Trends
  • Investor Participation In Indian Startup Funding
  • Year-On-Year Trends
  • India's Investor Landscape
  • Investor Ranking: Top Funds & Angel Investors
  • Startup Fund Launches Of 2022
  • Indian Startups In The Public Markets
  • Decoding India's Unicorn & Soonicorn Club
  • Unicorn Landscape Landscape
  • India In The Global Unicorn Race
  • Decoding Unicorn Club Of 2022
  • Soonicorn Landscape & Analysis
  • Inc42's Annual Indian Startup Founder & Investor Survey
  • Trends & Predictions For 2023


The year 2022 stood out as a year of correction and consolidation for Indian startups, as venture capital investments fell 40% year on year while M&A reached an all-time high. This trend is expected to continue in the coming year, as established startups compete for market share and investors seek exits and liquidity. However, there are also positive indicators for the future, including the fact that Indian founders plan to ramp up spending on marketing and talent in order to expand their reach, and investors intend to increase their investments in sustainable businesses in 2023 compared to 2022.

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