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Large investments are making a comeback, and unicorns are emerging once again, but caution still governs the VC funding landscape.

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In September 2024, Rapido joined the unicorn club, becoming the fourth company this year to achieve a $1 billion valuation, following Perfios, Krutrim AI, and Porter. Additionally, 33 companies entered the 'soonicorn' category in the first half of the year. Despite these milestones, the venture capital ecosystem remains cautious due to a prolonged funding freeze. Although there has been an increase in the value of significant deals, overall deal volume has remained low in early 2024. According to GlobalData, VC funding in India from January to July totaled $6.3 billion across 672 deals. While the value of deals rose by 42%, the number of deals increased by only 1.2%. This increase in deal value is largely due to a few major investments, such as Zepto’s $665 million, Meesho’s $275 million, and Pharm Easy’s $216 million. Aurojyoti Bose of GlobalData noted that despite investor caution, there is still substantial funding available for promising startups. The disparity between deal value and volume is partly because early-stage investments, which traditionally involve many small checks across numerous startups, have significantly declined in 2024 after a strong growth period from 2021 to 2023.


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