Top 10 most funded startups of 2024: The Unicorns Leading the Charge

India’s startup ecosystem boomed in 2024! With over $14 billion raised, funding is pouring into fintech, e-commerce, and EVs. But which startups are making waves? Let’s explore the most funded startups in India (2024), breaking down key trends, funding sources, and what’s next!

Introduction

2024 was an exceptional year for Indian startups! With a comeback that's catching everyone's attention, Indian startups have raised a whopping $14.4 billion in 1,337 deals in funding across various sectors. 

The momentum is truly back, especially considering the slow down in 2023. This massive funding boost was complemented by a big milestone—13 Indian startups went public through IPOs, raking in nearly Rs 30,000 crore (around $3.6 billion).

From tech to e-commerce, SaaS to fintech, these IPOs have been spread across a broad range of sectors. Some of the big names include Swiggy, Ola Electric, and FirstCry, all of which raised significant funds. 

Funding Trends in 2024 2024 saw a record 13 IPOs, marking a substantial increase from previous years (6 in 2023, 6 in 2022, and 10 in 2021). Startup funding jumped by 60%, signaling recovery and stronger market confidence after 2022's downturn. Healthtech and AI surged, with healthtech raising $1.14B and AI attracting $429.66M, showing a clear interest in transformative sectors. Layoffs dropped dramatically to 4,700 in 2024, and M&A activity also declined to 144 deals from 250 in 2023.

What's even more exciting? There's a massive pipel ine of IPOs waiting to happen, with as many as 50 startups set to go public in the next few years. So, if you thought 2024 was huge, just wait for 2025, which could be even bigger for India’s startup scene.

It’s clear that Indian startups are not just surviving; they’re thriving. The confidence of investors is stronger than ever, and this trend is only expected to grow.

Top Funded Startups in India 2024

These startups aren’t just raising money—they’re reshaping entire industries. Here’s a breakdown of India’s most funded startups this year, the Unicorns of India 2024:

1. Zepto – $1.3B: India’s Quickest Unicorn! 

• Sector: Quick Commerce
• Investors: StepStone, Nexus Venture Partners
• What’s Big: Zepto is revolutionizing grocery delivery with an unprecedented 10-minute delivery model. It’s giving tough competition to players like Blinkit and Swiggy Instamart. Zepto’s rapid rise to a $1B valuation in record time has made it a symbol of India's demand for speed and efficiency.
  Fun Fact: Zepto's success proves that speed sells—faster services have led to quicker funding rounds!

2. Lenskart – $600M: Visionary Growth!

• Sector: Eyewear Tech
• Investors: ChrysCapital, ADIA
• Growth Trajectory: Lenskart is expanding rapidly, with plans to enter international markets like Singapore, Dubai, and the US. The company is changing how India buys eyewear, combining cutting-edge technology with innovative business models.

3. Ola Electric – $300M: India’s EV Revolution!

• Sector: Electric Vehicles
• Investors: Temasek, BlueHill Capita
• Why It’s Significant: Ola Electric is one of India’s leading electric vehicle manufacturers, making strides towards IPO and sustainable mobility. The EV sector is expected to play a significant role in India’s carbon-neutral future, and Ola Electric is well-positioned to compete globally.
  Did You Know?: Government subsidies are accelerating the adoption of EVs in India, positioning companies like Ola Electric as key players in the future of transportation.

4. Meesho – $275M: India’s Social Commerce Star!

• Sector: E-commerce
• Investors: SoftBank, Peak XV Partners
• What’s New?: Meesho, India’s favorite social commerce platform, is expanding its reach in Tier 2 and Tier 3 cities, with upcoming IPO talks. Meesho’s focus on providing entrepreneurs with a platform to run their businesses has garnered widespread attention, and it is expected to grow exponentially.
  Stat: India’s social commerce market is projected to reach $140B by 2025!

5. Razorpay – $250M: Fintech Leader

• Sector: Payments
• Investors: Lone Pine, Sequoia Capital
• Impact: Razorpay has become one of India’s most popular fintech platforms, powering millions of businesses and enabling seamless digital transactions. With the rise of UPI transactions, Razorpay is at the forefront of this revolution.
  Key Insight: UPI transactions crossed $2T in 2024, and Razorpay is riding this wave!

6-10: More Unicorns Raising Big

• PharmEasy ($216M):  Healthtech giant, going digital.
• Ather Energy ($150M) EV scooter leader, taking on Ola Electric.
• Udaan ($120M): B2B commerce game-changer.
• CRED ($100M): Rewards-driven fintech revolution.
• Porter ($100M):  Digitizing last-mile logistics.

These Unicorns of India 2024 are leading the charge across various sectors, driving innovation, and creating new opportunities in India's fast-evolving business landscape.

How is Startup Funding Distributed in 2024?

In 2024, the funding landscape for startups evolved, with different sectors and stages attracting significant investments. Here's how funding is being distributed across various startup stages:

1. Early-Stage Startups (Seed to Series A)

• Total Raised: $3.23 Bn funding via 810 deals
• Key Sectors: AI, DeepTech, SaaS
• Example: Zolve raised $100M for cross-border banking solutions, revolutionizing financial accessibility.

Early-stage investments are seeing strong backing, especially in high-tech sectors like AI and SaaS, setting the foundation for the next wave of innovation.

2. Growth-Stage Startups (Series B & C)

• Total Raised: $11.2 billion from 326 deals {For growth and later stage}
• Key Sectors: Fintech, E-commerce, Healthtech
• Example: Razorpay raised $250M, further strengthening its leadership in the digital payments space. Investors are now focused on scaling high-growth businesses in these industries.

Growth-stage startups are attracting the bulk of funding as investors look to scale businesses in high-growth sectors like fintech, e-commerce, and healthtech.

3. Late-Stage Startups (IPO-Bound)

• Total Raised: $11.2 billion from 326 deals {For growth and later stage}
• Trending: EVs, social commerce, B2B SaaS
• Example: Ola Electric raised $300M and launched its IPO successfully, marking a pivotal moment for the company and the EV sector.

Late-stage investments are focusing on EVs, social commerce, and B2B SaaS as companies prepare for IPOs, highlighting the confidence investors have in these sectors.

Sector-Wise Funding Breakdown

In 2024, India’s startups raised over $12 billion, with funding flowing into key sectors. Here’s the breakdown of where investors are focusing:

• Fintech & Payments ($1.8B, 15%): Digital finance is booming, with UPI and digital wallets taking center stage. Investors are all in on the future of digital payments.
• E-commerce & Retail ($1.5B, 13%): As more people shop online, e-commerce platforms are seeing huge growth, and investors are jumping in to fuel that expansion.
• Electric Vehicles & Sustainability ($829M, 7%): With the government backing eco-friendly transportation, EV startups are speeding ahead. The future of mobility is green, and investors are excited.
• Healthtech & AI ($716M, 6%): Tech-driven health solutions, from telemedicine to AI in healthcare, are attracting big bucks as they transform how we access medical care.
• Other Sectors ($7.2B, 59%): This category covers everything from SaaS to agritech and edtech, showing that India’s startup scene is full of diverse opportunities.

 

Trend Alert: Electric vehicles and AI are leading the way, with investors eager to support the innovations that are shaping the future.

How Are Startups Raising Funds in 2024?

Funding in India's startup ecosystem has come a long way! It's not just about VC dollars anymore. Startups are tapping into multiple sources to fuel their growth. Here’s a fun breakdown of how they’re raising funds this year:

1. Venture Capital & Private Equity

Venture Capital (VC) remains a major source of funding for high-growth startups, especially in tech. In 2024, VC funding in India is thriving, with global and local investors backing innovative companies.

• Key Players: Sequoia, SoftBank, Temasek, Peak XV are leading the charge.
• Standout Deal: Zepto raised a massive $1.3 billion, showcasing the tech sector's strong pull.
• Funding Growth: Tech alone pulled in $6.5 billion in VC funding this year, marking a 52.5% rise​. 

2. IPOs & Public Listings

IPOs are making a major comeback as companies look to go public to raise funds from the broader market. Going public gives startups more exposure and a solid capital boost.

• Rising Trend: Zomato’s $1.2 billion IPO was a game-changer, sparking interest in more startups going public.

3. Corporate & Strategic Investments

In addition to VC funds, corporates are getting involved by strategically investing in emerging industries like electric vehicles (EV) and AI. This partnership helps corporations stay ahead of the curve while enabling startups to scale faster.

• Corporate Giants Investing: Hero MotoCorp invested in Ather Energy to strengthen its EV portfolio.
• Focus on Innovation: Corporate-backed investments are driving growth in sectors like EVs and green tech.

4. Government & Startup India Grants

The Indian government continues to support early-stage startups through initiatives like Startup India. These grants foster innovation and provide critical capital for emerging businesses.

• Boost for Innovation: The government has allocated funds to help early-stage startups scale faster, providing significant support through various schemes.

So, whether it’s VC funding, IPOs, strategic investments, or government grants, India’s startup scene in 2024 was thriving with diverse funding options! The game has changed, and startups are making the most of it.

Case Study: Zepto’s Meteoric Rise!

Zepto is changing India’s grocery shopping experience with 10-minute delivery. Here's what’s driving its success:

• Cities Served: Over 20 cities, catering to an expanding customer base.
• Revenue Growth: A 4x YoY increase in revenue showcases its growing popularity.
• Investor Interest: With $1.3 billion raised, Zepto is attracting huge investments, driven by its innovative, ultra-fast commerce model.

Key Takeaway?

Speed sells. Zepto’s rapid delivery model isn’t just a customer attraction—it's drawing significant investor interest. The focus on speed and convenience positions Zepto as a leader in ultra-fast commerce in India. For startups looking to scale, this case is a perfect example of how innovation and speed can capture both market share and investor confidence.

Final Thoughts: What’s Next?

2024 had been a remarkable year for Indian startups, with a 60% funding increase, record IPOs, and emerging sectors like healthtech and AI. Startups like Zepto, Ola Electric, and Meesho are leading the way, showing how innovation can drive growth and attract investor confidence. 

With more IPOs on the horizon and sectors like EVs and fintech booming, the future is looking bright for India’s startup ecosystem. The growth trend is just beginning—watch this space!

FAQs

Q. Which was the most valuable startup in India 2024?

Zepto, a quick commerce platform, is one of the most valuable startups in India, having raised $1.3 billion and achieving unicorn status. Its focus on ultra-fast grocery deliveries has revolutionized the market.

Q. What is the funding report for Indian startups in 2024?

In 2024, Indian startups raised a total of $14.4 billion across 1,337 deals, marking a 60% increase in funding compared to 2023. This demonstrates a strong recovery in market confidence and funding activity.

Q. Which is the startup capital of India in 2024?

Bangalore (Bengaluru) continues to be the startup capital of India, home to numerous unicorns and emerging startups in sectors like tech, AI, fintech, and e-commerce.

Q. What is the rank of India in the startup ecosystem 2024?

India is ranked as the third-largest startup ecosystem globally, following the US and China, driven by its vibrant tech sector, growing investor confidence, and the rise of high-growth startups.

Q. How many startups are there in India in 2024?

Incomplete or incorrect documentation is one of the most overlooked mistakes, leading to application rejections and delays.

Q. What are the consequences of missing post-incorporation compliance?

In 2024, India boasts over 80,000 startups, with the number continually growing, fueled by strong investments, innovation, and a favorable business environment.