December 2024: Funding Highlights in India's Startup Landscape

The year 2024 ended with some exciting developments in India’s startup world. December 2024 showcased the resilience and strategic growth of the ecosystem, setting a strong tone for 2025.

Let’s break it down:

Blog Outline | Data and Insights by PrivateCircle Research

City-Wise Deal Numbers & Size (₹ Cr)
Deal Volume
Total Deal Value (₹ cr)
Top 3 Deals (₹ cr)
Top Investors
Investor Type Deal Volume
Funding Across Tier 1, 2 & 3 Cities (₹ Cr)
Avg. Deal Size for Tier 1-3 City Startups (₹ Cr)
Investor Type by City Tier
Job Creation & Economic Impact
Comparative Analysis – Monthly Performance | Investor Activity
Funding Dynamics
Strategic Investments
Conclusion

Title - December 2024: City-Wise Deal Size (₹ Cr)

Description - Mumbai led with ₹3,072 crore raised across 14 deals, followed by Pune with ₹2,038 crore in 4 deals, and Bangalore with ₹1,734 crore in 19 deals. Delhi NCR saw ₹1,395 crore raised in 18 deals, while other cities like Nashik, Indore, and Trivandrum contributed smaller but notable amounts.

Note: This does not include secondary and debt deals of unlisted Indian companies. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Startup Funding Deal Volume

Description - The deal volume for unlisted Indian companies fluctuated throughout 2024, peaking at 130 deals in February and tapering off to 66 deals in December (as of Dec 22, 2024).

Note: This does not include secondary and debt deals of unlisted Indian companies. December data is as of 22 Dec 2024. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Startup Funding Total Deal Value (₹ cr)

Description - The amount raised by unlisted Indian companies showed significant fluctuations in 2024, peaking at ₹14,659 crore in August and hitting a low of ₹4,116 crore in December 2023. December 2024 recorded ₹8,817 crore, reflecting a strong recovery compared to the previous year.

Note: This does not include secondary and debt deals of unlisted Indian companies. December data is as of 22 Dec 2024. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Startup Funding Top 3 Deals (₹ cr)

Description - Faasos, Mintifi, and Shubham Housing raised ₹1,782 crore, ₹1,527 crore, and ₹1,000 crore respectively, showcasing robust funding activity in the startup ecosystem.

Note: This does not include secondary and debt deals of unlisted Indian companies. December data is as of 22 Dec 2024. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Startup Funding Top Investors

Description - Yournest Venture Capital led with 5 deals, followed by Sanchiconnect with 4, while Elevation Capital, Inflection Point Ventures, and Letsventure each participated in 3 deals, highlighting active investor engagement.

Note: This does not include secondary and debt deals of unlisted Indian companies. December data is as of 22 Dec 2024. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Startup Funding Investor Type Deal Volume

Description - In 2024, VC/PE investors consistently dominated deal activity, peaking at 76 deals in August. Angel investors followed with notable spikes in March (59 deals) and February (57 deals). Family offices remained less active, with a maximum of 10 deals in August.

Note: Any funding deal can have participation from more than one type of investors (angel investor, family office etc) resulting in deals being counted more than once in this analysis. Data is as of 22 Dec 2024.

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Title - December 2024: Funding Across Tier 1, 2 & 3 Cities (₹ Cr)

Description - In 2024, Tier 1 cities dominated funding, peaking at ₹14,029 crore in August, while Tier 2 & 3 cities showed moderate activity, with a high of ₹2,202 crore in July. Tier 1 consistently outperformed Tier 2 & 3 across all months.

Note: This does not include secondary and debt deals of unlisted Indian companies. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Avg. Deal Size for Tier 1-3 City Startups (₹ Cr)

Description - Tier 1 cities consistently led in deal count, peaking at 147 deals in December, while Tier 2 & 3 cities showed significant spikes, notably 169 deals in July and 157 deals in September, indicating growing activity in smaller cities.

Note: This does not include secondary and debt deals of unlisted Indian companies. Please note that 66 of our tracked deals were sourced from press reports as the corresponding MCA filings have not been made yet.

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Title - December 2024: Investor Type by City Tier

Description - Tier 1 cities saw the majority of investments, with 43 VC/PE deals, 13 angel investments, and 5 family office deals. In contrast, Tier 2 & 3 cities had fewer deals, with 10 VC/PE investments, 2 angel investments, and 1 family office deal.

Note: Any funding deal can have participation from more than one type of investors (angel investor, family office etc) resulting in deals being counted more than once in this analysis.

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Job Creation & Economic Impact

Mumbai led the way in December, raising ₹3,072 crore across 14 deals. Pune followed with ₹2,038 crore from 4 deals, while Bangalore secured ₹1,734 crore over 19 deals. These figures underscore the pivotal role Tier 1 cities play in driving India’s economic growth.

Funds raised in these cities are directly creating jobs in tech, operations, and logistics, while indirectly boosting industries like real estate and marketing.

Smaller cities such as Nashik, Indore, and Trivandrum raised ₹567 crore collectively, reflecting a growing interest in these areas. This trend is likely to generate local jobs and reduce pressure on metro cities.

Comparative Analysis – Monthly Performance | Investor Activity

December 2024 recorded ₹8,817 crore in funding across 66 deals (as of 22 December), marking a 114% year-over-year increase from ₹4,116 crore in December 2023.

However, deal volume dropped by 49% compared to February 2024’s peak of 130 deals, highlighting a shift toward fewer but larger, more strategic investments.

Yournest Venture Capital led December with 5 deals, followed by Sanchiconnect with 4. Elevation Capital, Inflection Point Ventures, and LetsVenture each participated in 3 deals.

Venture capital and private equity investors dominated, with 43 deals in Tier 1 cities compared to 10 in Tier 2 and 3 cities.

In-Depth Insights

Sector Highlights:
- Foodtech: Faasos raised ₹1,782 crore, proving that food delivery and cloud kitchens remain robust sectors.
- Fintech: Mintifi’s ₹1,527 crore funding underscores the growth of SME lending platforms.
- Housing Finance: Shubham Housing secured ₹1,000 crore, signaling strong interest in affordable housing finance.
City Trends:
- Mumbai continues to lead due to its strong financial ecosystem.
- Bangalore displayed high innovation potential, with an average deal size of ₹91 crore.
- Tier 2 and 3 cities are gaining momentum as startups tackle localized challenges.

Funding Dynamics

The funding landscape in 2024 experienced notable fluctuations. August reached a peak with ₹14,659 crore, driven by significant fintech and SaaS deals.

December ended the year on a high note with ₹8,817 crore, reflecting a recovery from earlier lows. The trend toward fewer but larger deals indicates a maturing market focused on sustainable and scalable ventures.

Strategic Investments

Scalable Models: Startups with clear revenue generation plans are attracting the most funding.
Localized Solutions: Startups in smaller cities addressing unique regional challenges are catching investor attention.
Key Sectors: Fintech, foodtech, and housing finance led December’s funding, while SaaS and healthtech maintained steady interest throughout the year.

Conclusion

December 2024’s funding activity highlights the strength and adaptability of India’s startup ecosystem. The rise of smaller cities and strategic investments in key sectors point to a more inclusive and diverse growth trajectory.

As 2025 begins, the focus will likely remain on innovation, regional development, and sustainable business models.

With cities like Mumbai, Pune, and Bangalore at the forefront, and smaller cities carving their niche, India’s startup story continues to evolve into an even more dynamic and exciting chapter.

Stay tuned for more in-depth analyses and insights on the top private market deals, brought to you by PrivateCircle Research.