Indian tech startups have outperformed their Chinese counterparts in the number of funding rounds in the first half of 2024, as per a report by Tracxn, even though the total funding amount is lower than that of Chinese startups.

What Happened: The Tracxn report reveals that Indian tech startups saw 540 funding rounds in H1 2024, surpassing the 327 rounds raised by Chinese startups. This development comes amidst the retreat of Western investment from China’s tech sector amid security concerns.

However, in terms of total funding, Chinese startups still took the lead, amassing $6.2 billion (around ₹51,852 crore) compared to India’s $4.1 billion (around ₹34,289 crore). The figure is 4% increase from H2 2023 but a 13% decline from H1 2023.

India currently holds the fourth position in the global tech startup funding landscape, with the US, the UK and China occupying the top three spots.

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The first half of 2024 also saw eight funding rounds exceeding $100 million, including Flipkart’s $350 million (around ₹2927 crore) Series J round led by Google. The period also witnessed the emergence of three unicorns in India, a significant increase from none in H1 2023, and 33 new additions to the soonicorn club.

Noteworthy acquisitions included PingSafe, which was acquired by SentinelOne for $100 million (around ₹836 crore), marking the highest-valued acquisition in H1 2024. Bangalore led in total funds raised during this period, followed by Delhi and Mumbai. The overall top investors in H1 2024 were Accel, Blume Ventures and Peak XV Partners.

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