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Business News/ Companies / Start-ups/  Telangana tech startups funding declines 78% to $99 million in 2023: Report
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Telangana tech startups funding declines 78% to $99 million in 2023: Report

Funding for Telangana tech startups fell by 78% to $99.2 million in 2023. EdTech received $33 million, and Aerospace, Maritime & Defense Tech got $35.8 million

Indian tech startups witnessed a crunch in funding in 2023Premium
Indian tech startups witnessed a crunch in funding in 2023

Telangana tech startups witnessed a 78% drop in funding to $99.2 million last year from $459 million in 2022.

According to Tracxn Geo Annual Report of 2023, the plunge in funding is primarily due to a global slowdown due to macroeconomic trends, and geopolitical factors.

Telangana's tech startups have raised a total of $2.7 billion to date. In the southern state, early-stage funding fell 71% to $80.1 million in 2023.

Only two acquisitions were observed in the Telangana Tech space in 2023 as against nine in 2022. Aerospace, Maritime & Defense Tech, EdTech, and Enterprise Applications were the top-funded sectors in 2023. The Tracxn report stated that the Edtech firms attracted investments worth $33 million in 2023 in Telangana- an increase of 65% in total funding compared with 2022. The Aerospace, Maritime & Defense Tech sector secured a total funding of $35.8 million.

The most active investors in the Telangana Tech landscape are CIE IIITH, T-Hub, and Indian Angel Network. however, Temasek was the top early-stage investor last year while We Founder Circle, Equanimity Investments, and Venture Catalysts were the most active investors in terms of seed-stage investments.

Decline in funding in tech startups

Several other tech startups in Indian states have witnessed a significant drop in funding in 2023.

Funding into the Delhi NCR tech sector fell 61% to $1.5 billion in 2023 from $3.8 billion in 2022.

Funding in Karnataka, Gujarat, Tamil Nadu tech startups plummet in 2023: Report

Maharashtra recorded only $2.1 billion in funding in 2023, the lowest funding the region has witnessed in the last five years.

The Karnataka Tech startup ecosystem received a total funding of $3.4 billion in 2023, which is a 72% plunge from the $12.2 billion raised in 2022.

Kerala-based startups witness 40% surge in seed-stage funding in 2023: Report

Tech startups based in Tamil Nadu secured a total funding of $255 million in 2023 while Gujarat recorded $139 million of funding in the same period as per the data by Tracxn.

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ABOUT THE AUTHOR
Mansi Jaswal
I write about gender-related issues, women's rights, women empowerment, gender equality, women's health topics, and their wealth management. Also, profiling women who have fought all odds to make their own identities in their own rights. Before Mint, I worked at Business Today and Business Standard. I studied journalism at IIMC, Delhi. Got a story idea? Email me at mansi.jaswal@htdigital.in
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Published: 19 Feb 2024, 02:42 PM IST
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