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<keyword id="19913963" type="General" weightage="100" keywordseo="Indian-startups" source="keywords">Indian startups</keyword> have experienced a remarkable surge in funding during the first eight months of 2024, with a significant increase of 53.1% compared to the same period in 2023, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. From January to August 2024, Indian startups secured $7.5 billion in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> funding, a sharp rise from the $4.9 billion raised during the same timeframe in the previous year. The report highlighted that not only did the total funding amount grow, but the average deal size also increased. A total of 780 venture capital deals were completed between January and August 2024, compared to 742 deals in the same period in 2023. These deals contributed to the $7.5 billion raised this year, marking a 5.1% rise in deal volume alongside the impressive 53.1% growth in funding value. GlobalData's report emphasised India's growing prominence in the Asia-Pacific region as a major hub for venture capital investments, ranking second only to China. Globally, India secured a spot among the top five countries in terms of both the number of venture capital deals and the total funding value. "The marked increase in venture funding value highlights the burgeoning investor confidence in India's <keyword id="19930407" type="General" weightage="20" keywordseo="startup-ecosystem" source="keywords">startup ecosystem</keyword>,” explains Aurojyoti Bose, lead analyst at GlobalData. "India's performance signals a promising landscape in the <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> market". From a global perspective, India accounted for 7.3% of the total venture capital deals between January and August 2024, with a 4.6% share of the total funding value. Additionally, India saw a notable increase in high-value VC deals, with several investments exceeding $100 million. Some of the standout funding rounds this year included <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, which raised $665 million and $340 million in two separate rounds, Meesho's $300 million round, <keyword id="20201450" type="General" weightage="20" keywordseo="pharmeasy" source="keywords">PharmEasy</keyword> securing $216 million, OYO raising $173.5 million, and Radiance receiving $150 million. These impressive funding rounds underscore the continued momentum and strength of India’s startup ecosystem in 2024, setting the stage for further growth and innovation in the coming years. (With inputs from ANI)

Indian startup finance ecosystem still going strong, report shows over 50% growth in VC funding over last year

<ul class="summary-list"><li>Antler India plans to invest in 120 startups over four years with a $75 million fund.</li><li>The firm runs cohorts for individual founders and teams, selecting 100 from up to 5,000 applicants.</li></ul>This as-told-to essay is based on a conversation with Rajiv Srivatsa, a partner at Antler India, a <a target="_blank" class="" href="https://www.businessinsider.com/founders-putting-startup-dreams-on-hold-in-the-tech-downturn-2024-7">pre-seed venture capital firm</a> based in Bengaluru. It has been edited for length and clarity.I'm a <a target="_blank" class="" href="https://www.businessinsider.com/landed-vc-job-varied-resume-diverse-experience-resume-2024-8">partner</a> at Antler India, an early-stage <a target="_blank" class="" href="https://www.businessinsider.com/startup-success-secret-vcs-founders-nate-silver-on-the-edge-2024-8">venture capital</a> fund. We launched the India chapter about four years ago, and it was the firm's sixth location globally. Antler India has a $75 million fund, which we closed in March.Our plan is to invest in 120 <a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">startups </a>over four years, and we have about 65 to date.The classic Antler model includes running a <a target="_blank" class="" href="https://www.businessinsider.com/top-vc-firms-funding-creator-economy-startups-next-phase-2024-6">cohort of individuals </a>who are transitioning from being employees to startup founders. We help them look for their cofounders and give shape to their idea.One thing we do differently in India is we run a cohort for teams as well. We found that there is a social tendency for people to prefer going into business with people they have known from college or work, and we welcome founders who may already have a team or product in mind.My team and I receive about <a target="_blank" class="" href="https://www.businessinsider.com/how-to-apply-y-combinator-application-down-market-successful-2022-8">4,000 to 5,000 applications</a>, and we select 100 people to join our individual founders' cohort. The program runs for six months, and we end up investing in 20-25 people, or eight to 10 companies. We give them a sum of $250,000 to fund their idea, and another $250,000 once they raise additional capital.I've been a founder myself and have run a company in the 2010s. I have seen two main positive shifts in the Indian startup market.It is a lot easier to attract talent than it was 10 years ago. There was a lot of entitlement and questioning from potential employees, because working for startups instead of long-established companies was seen as a risk. Since the pandemic, there has been a shift, and people are keen to join startups.Founders are getting more mature by the year and have a better understanding of what it takes.They're more frugal because they know capital is tight and they have given their industry more thought. They're not getting into business because something is hot and are instead building for the next five to 10 years. They also assume that their products will need higher traction to raise the same amount of money that would have been invested in them before.Here are five things I look for in <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-partner-jess-lee-advice-for-startup-founders-2022-9">first-time founders</a>:<h2 id="5a01f9b1-7907-4c47-aa10-ead284c40a4d">Five founder traits</h2>Execution and strategy: This is their ability to iterate fast — move between ideas, drop things, and find something new quickly.We also seek people who have ideas that match their skill sets. For example, we don't want to invest in an AI company where none of the founders have solid tech expertise. In the early or "zero to one" and "one to 10" stages, founders have to be able to do things on their own.Grit and tenacity: Either in their personal life or professional life.Customer obsession: We spend the longest time gauging how obsessed a founder is with their customer and problem statement. We want to know if it's just a flash in the pan or if it's something they have been debating over many years. Does the founder really feel the pain of the customer?We want people who are not just armchair experts but have worked with customers and gotten their hands dirty. Someone who has spent their professional life making presentations and in conference rooms may not cut it.Communication: Another thing we look for is a high level of clarity in thinking and how they communicate. At the end of the day, venture capital is a continuous fundraising game — you have to always keep finding good talent, as well as keep telling new investors and the media your story.We try to gauge if the person is getting mixed up, or if they're clear about what they're doing.Ambition and scale: The venture capital industry does not work if you want small outcomes. Even if you don't want to be a unicorn, a startup that is valued at $1 billion, you still need to think in terms of hundreds of millions of dollars of valuation and foresee hundreds of millions of people using your product.<h2 id="019aa888-dfdf-4ac4-bda4-422664c1e934">Plus an X-factor</h2>We don't look for people who score about 80% to 100% on each of these criteria. Instead, we prefer if, for one to two of the five traits, they demonstrate a spike or an X factor — they immediately stand out as someone who is world-class when it comes to execution or communication, for example.We want people who are terrible at some things but exceptional at others.<h2 id="e8cf18ff-f29f-4d97-9753-7fe9d1705a42">Cofounder complements</h2>Most of our participants look for their cofounders after they've entered the cohort, and we spend a lot of time and attention matching people.In my experience, India is not a country where teaching communication is emphasized a lot, so we ask each participant 60 questions to understand their values, working styles, and personality types. We look for complements and see pair-ups between one person with a technical background and one person with business acumen. If a third cofounder is needed, they usually come with operations expertise.One company we recently funded is working on listening to conversations between employees and customers in retail stores, in order to provide retail data to convert more customers. It was the outcome of someone who has worked in retail for years, paired up with a cofounder with tech background.Are you a founder who moved to India to launch their own startup? Please reach out at shubhangigoel@insider.com

I'm a VC in the world's fastest-growing economy. I look for 5 traits in first-time founders.

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Indian startup finance ecosystem still going strong, report shows over 50% growth in VC funding over last year

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I'm a VC in the world's fastest-growing economy. I look for 5 traits in first-time founders.

Shubhangi Goel

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