NEW DELHI: Throughout the first month of 2024, the Indian photo voltaic vitality tech corporations have witnessed $1 billion in funding, regardless of a 9 per cent dip in 2023, a brand new report confirmed on Friday.
In accordance with the market intelligence platform Tracxn, this sector secured funding value $1.55 billion in 2023, 9 per cent decrease than the $1.7 billion raised in 2022.
Nearly all of the funding on this house comes from late-stage rounds. Sukhbir Agro Vitality has raised $1 billion in its personal fairness spherical in January 2024.
In accordance with the report, corporations on this house attracted late-stage funding value $1.3 billion in 2023, a 23 per cent lower from the $1.7 billion raised in 2022.
Early-stage funding elevated dramatically, rising sixfold to $252 million in 2023 from $39 million in 2022. Seed-stage funding on this trade raised a complete of $11.5 million in 2023, a 58 per cent improve over the $7.26 million raised in 2022.
The photo voltaic vitality sector in India has witnessed a complete of 39 $100 million+ rounds thus far, out of which 12 have taken place within the final two years. No unicorns have emerged from this sector up to now, the report talked about.
Delhi leads the cities by way of complete funding acquired so far, adopted by Gurugram and Mumbai. To this point, Delhi-based photo voltaic vitality startups have raised $3.1 billion, adopted by Gurugram ($2.7 billion) and Mumbai ($2.3 billion).
There was vital exercise by way of acquisitions and IPOs throughout the Indian photo voltaic vitality sector.
To this point, there have been 43 acquisitions, with 16 of them going down in the previous couple of years. In 2024, just one acquisition has been recorded up to now. Moreover, 49 corporations have gone public, with three IPOs occurring in 2023 and two in 2022.
