New Delhi, February 6: Indian startups raised about $1.2 billion in January amid rough macroeconomic conditions and funding winter. According to data by Fintrackr, an arm of startup news portal Entrackr, growth-stage startups witnessed 22 deals worth $926 million in the first month of 2023.

Early-stage startups received $265 million across 67 deals while 12 startups did not disclose transaction details. According to the report, the average deal size for early-stage startups was nearly $4 million. Startups, Here's How You Can Make Hardware Without Ruining the Planet.

PhonePe's $350 million and KreditBee's $120 million funding round accounted for nearly 40 per cent of the overall financing in January. E-commerce (including D2C startups) segment saw more deals and fintech continued to dominate with $587 million in total funding.

Bengaluru was the leading city with 60 deals while Delhi-NCR saw 15 deals, the report mentioned. The Indian startup ecosystem witnessed 18 mergers and acquisitions across segments in January.

In 2022, the funding for the Indian startups was nearly $24 billion, a drop of 33 per cent in comparison to CY21 but was still more than twice the funds raised in CY20 and CY19 each, according to a PwC India report. National Education Policy Complements Startup Ecosystem in India: Jitendra Singh.

Growth and late-stage funding deals accounted for 88 per cent of the funding activity in CY22 (in value terms). Average ticket size in growth-stage deals was $43 million and in the late-stage deals was $94 million during CY22, said the PwC India report.

(The above story first appeared on LatestLY on Feb 06, 2023 11:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).