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India’s environment-tech startups raise $240 million in early 2024: Tracxn
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Early stage startups raised $186 million capital in Q1 2024, while seed-stage startups clocked $51.4 million. The report by Tracxn showed that the first quarter of this year only saw 2 late growth stage funding deals. EV-startup River raised a $40 million Series B funding round in February and BluSmart raised $25 million in mix of debt and equity from ResponsAbility in January.
Indian environment technology startups have raised nearly $240 million in funding in the first three months of 2024, according to a report by Tracxn. The Compounded Annual Growth Rate (CAGR) for the last three years has been negative 42%.
Early stage startups raised $186 million capital in Q1 2024, while seed-stage startups clocked $51.4 million. The report by Tracxn showed that the first quarter of this year only saw 2 late growth stage funding deals. EV-startup River raised a $40 million Series B funding round in February and BluSmart raised $25 million in mix of debt and equity from ResponsAbility in January.
India’s environmental technology funding saw substantial growth between 2018 and 2022, surging from $230 million to $2.47 billion, the report showed. Environment tech funding in India peaked in 2022 at $2.47 billion. However, it experienced a decline to $1.68 billion in 2023, a 32% decrease from 2022.
Bengaluru ($2.7B) tops the list in this space in terms of all-time city-wise funding, followed by Delhi ($1.2B) and Mumbai ($942M).
When we look at the most active investors in the seed stage—- Blume Ventures tops the chart followed by 100X.VC, Sangam Ventures, Good Capital, Soonicorn Ventures, among others. Early stage round were led by Tiger Global, Sequoia Capital and Peak XV Partners.
According to the report, the environment-tech space has seen 14 IPOs and 25 acquisitions to date. Only 5 companies reported $100M+ rounds in 2023 and the space saw only one billion-dollar startup emerge so far – Ola Electric.
Despite the global increase in funding, India’s share has remained consistently low, ranging from 0% to 7%. India’s share in global funding was 7% in 2022, the highest since 2011.
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