Sweet short summary: Bain 2024 Indian VC insights. • India's VC scene in 2023 was a rollercoaster. Funding dropped from $25.7 billion to $9.6 billion year-over-year. Despite this, India held onto its spot as the second-biggest VC destination in Asia-Pacific. • The field leveled out in 2023. PE and growth equity firms doubled their share, matching top VC firms. Family offices, while halving their activity, still provided crucial early-stage money. • Exits boomed, jumping 1.7x to $6.6 billion. Crossover funds led the charge, making up nearly 65% of exit value. Non-IPO public market sales were the main exit route. • Keep an eye on energy transition, eco-friendly agritech, and India-specific AI. B2C commerce and software/SaaS are poised for a comeback. • Even with the overall decline, deals under $50 million saw less impact. This hints at ongoing investor faith in India's future. There's optimism for 2024 as investors adapt and startups focus on profits and innovation.
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