Indian startups raised $1.27 billion in funding in November, the most in a month since June, according to data from Venture Intelligence. The slowdown in funding became apparent and began to affect the financial market in India.
The most recent figures would be deals that closed months ago and needed time to officially announce fundraising. Experts say this does not point to a sustained recovery as late-stage funding will remain under pressure.
In June, Indian startups raised $2.36 billion, funding activity slowed to around $877 million in July, $981 million in August and $787 million in September, the data showed. However, the last two months saw a gradual recovery, with a total of $1 billion raised in October.
Reports from the economic times stated that there was no cleaning up or fixing the ecosystem in India like there was in the US. All the unicorns that were made in 2021 are still there. So far, only a correction in the form of 10% or 20% layoffs has been witnessed.
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