According to a report from Tracxn, Chennai startups brave funding winter to cross the USD 1 billion funding mark for the first time in 2022. The city’s startup raised $1.5 bn which is up 71 percent from USD 876 million mark in 2021.
On the contrary, numerous young companies in other major cities such as Delhi, Mumbai & more struggled to gain access to investors amid the funding winter for Indian startups. The 2022 funding winter led to Delhi NCR, Bengaluru, and Mumbai seeing very few numbers of startup deals in the last 5 years, according to data by Tracxn.
The funding for Delhi-NCR has been hit the hardest. The startups saw funding drop 52 percent to USD 5 billion in 2022. On the other hand, Mumbai startups dropped 26 percent to USD 4 billion in 2022.
Meanwhile, Bengaluru retains its pole position as the most attractive investment destination in India for venture capital!