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    1、India Venture Capital Report 2024Echoes of landfall:2023 was a year of ongoing moderation with shifts in investor paradigm and heightened caution2v12_24155_India VC Report 2024Arpan Sheth is a partner in Bain&Companys Washington,DC,office.He leads the firms Asia-Pacific Technology,Vector,and Advance

    2、d Analytics practices,as well as India Private Equity and Alternative Investors practice.Sriwatsan Krishnan is a partner in Bain&Companys Mumbai office.He co-leads the India Private Equity and Alternative Investors practice.Prabhav Kashyap is a partner in Bain&Companys New Delhi office.He is a leade

    3、r in the India Private Equity and Alternative Investors practice.Sai Deo is a partner in Bain&Companys Bengaluru office.She is a leader in the India Private Equity and Alternative Investors and Digital Insurgent practices.Aditya Muralidhar is an associate partner in Bain&Companys Bengaluru office.He

    4、 is a leader in the India Private Equity and Alternative Investors practice.Copyright 2024 Bain&Company,Inc.All rights reserved.Key contactsArpan Sheth in Washington,DC()Sriwatsan Krishnan in Mumbai()Prabhav Kashyap in New Delhi()Sai Deo in Bengaluru()Aditya Muralidhar in Bengaluru()For media querie

    5、s:Sitara Achreja()AcknowledgementsWe deeply thank the Bain India team,including Souvik Chatterjee,Abhinav Aggarwal,and Ashish Sen,for their notable contributions,in-depth research,and analytical rigour.We also wish to thank the Bain Capability Network team,including Munish Basrar,Varun Chugh,Akshit

    6、Jain,Saiyam Hota,Priyanshi Agrawal,Anuj Maheshwari,and Arsheya Srivastava,and the editorial team,including Shelza Khan and Amanda Jackson,for their support.About the authors3v12_24155_India VC Report 2024Table of ContentsExecutive summary14Key investment themes in 2023321Perspectives on exits landsc

    7、ape539India VC deals landscape29Investor base and fund-raising431Key shifts in the start-up ecosystem and 2024+outlook645ExecutiveSummary15v12_24155_India VC Report 2024Executive summary Indias venture capital landscape matured in 2023,as resilience accompanied challenges to shape the investment nar

    8、rative.The moderation of venture capital(VC)funding in India(from$25.7 billion to$9.6 billion over 202223)mirrored global caution on risk capital.But despite the decline in deal flow,India maintained its status as the second-largest destination for VC and growth funding in Asia-Pacific.A confluence

    9、of domestic and global factors extended the funding winterpersistent inflation kept interest rates elevated,while investors considered potential growth headwinds in anticipation of a global GDP softening.These challenges heightened investor expectations and vigilance.Investor confidence was further

    10、dampened by softening global consumption and continuing geopolitical uncertainties.This culminated in a decline in deal volume(from 1,611 to 880 deals)and average deal size(from$16 million to$11 million).Upon closer examination of the deal flow,several shifts observed in 2022 continued through 2023.

    11、Mega-rounds plummeted by almost 70%,from 48 to 15.Several scaled start-ups chose to defer fund-raising since the advent of the funding winterthis drove consecutive and substantial declines in the emergence of unicorns,reaching pre-2019 levels.In contrast,small and medium deals(less than$50 million)w

    12、itnessed milder compression,declining by about 45%from 1,501 to 852.This resilience signaled investor optimism for Indias medium-to-long-term prospects.Amidst these shifts,tech-first sectors(consumer tech,fintech,and software&software-as-a-service SaaS)remained dominant in 2023 and attracted nearly

    13、60%of funding.Their salience,however,reduced from 2022 as investors shifted focus to traditional sectors with strong fundamental tailwinds(e.g.,banking,financial services,and insurance BFSI,healthcare)and emergent themes like electric mobility and generative artificial intelligence(AI).Looking close

    14、r,funding declined across sectors,while notable green shoots remained resilient.For instance,while consumer tech funding contracted significantly(0.3x of 2022 value),deal volumes in the direct-to-consumer(D2C)offline/online subsector grew 80%,as investors held confidence in Indias consumption story.

    15、Amidst a broader decline in software&SaaS,generative AI emerged as a breakout theme,with investments soaring to$250 million in 2023 from a nascent base in 2022.“The prospect of developing AI-native consumer applications tailored for the Indian market presents an exciting opportunity for the next gen

    16、eration of consumer start-ups.As generative AI allows for the creation of intuitive,user-friendly,personalized products,it promises to create disruptive consumer experiences.The democratization of generative AI holds promise in sectors like edtech,travel,e-commerce,and media and entertainment,where disruptive solutions can redefine user experiences.These startups have the potential to not only revolutionize consumer applications but also attract venture backing,contributing to Indias emergence a

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