India ranks fourth in the world in terms of the number of startups that have raised $50 Mn or more in funding, according to Startup Genome’s Scaleup Report.
The report said there are 12,400 such startups in the world, of which 429 are from India. The US (7,184), China (1,491) and the UK (623) completed the podium ahead of India.
Incidentally, India clinched the third spot in terms of the total funding raised by these startups, called scaleups in the report. It said India’s 429 startups that fit the metric raised a total investment of $127 Bn, with a cumulative valuation of $446 Bn.
Globally, these startups account for nearly $17 Tn valuation, nearly 53% of the total valuation of all tech companies in the world.
According to the report, which surveyed startups across over 40 countries, biopharma was the biggest segment within the so-called scaleups, with 1,821 startups having raised $50 Mn or more. Fintech finished a close second with 1,745 scaleups, while transportation-related startups were at the third spot with 940 startups.
Interestingly, the report also said that 4.1K (33%) of all scaleups were founded by serial founders, a trend which is on the rise within the Indian startup ecosystem. The report added that India has startups with 50% or more of their customers from outside their continent and has the highest scaleup rate.
Growth stage and late stage funding have declined over the past year-and-a-half in the Indian startup ecosystem amid the ongoing funding winter. However, the increasing number of startups having secured the scaleup status is an indication of the maturity of India’s startup ecosystem.
In August 2023, Indian startups could only secure $389 Mn in funding across 59 deals, as per Inc42 data, as growth and late stage funding declined 83% and 50% year-on-year (YoY), respectively.
Even so, the two stages accounted for nearly 86% of the total funding raised during August this year.
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