The Tracxn Geo Annual Report: Delhi NCR Tech 2023, based on our extensive database, provides a round-up of funding and other major developments in the Delhi NCR Tech space in 2023.
The NCT (National Capital Territory) region is the fifth highest-funded region among the top-funded states in India, with overall funding of $5.7 billion to date. It is also the fifth highest-funded state in 2023 in the Indian Tech startup ecosystem. Startups based in the region attracted $1.5 billion in funding in 2023, which is also the lowest funding observed in this space in the last 10 years.
Funding into the Delhi NCR Tech sector fell 61% to $1.5 billion in 2023 from $3.8 billion in 2022. Seed-stage investments stood at $166 million, a decline of 51% when compared with the $342 million raised in 2022. Companies in this space secured early-stage funding worth $454 million in 2023, a 71% plunge from the $1.6 billion raised in 2022. A drop of 55% was observed in late-stage funding, from $1.9 billion in 2022 to $842 million in 2023.
Only two $100M+ rounds were observed in 2023, lower than seven such rounds recorded in the previous year. No new Unicorn companies emerged in 2023 however there were two unicorn companies in 2022 and nine unicorn companies in 2021.
Retail, Enterprise Applications, and FinTech were the top-funded sectors in 2023. Companies in the Retail space attracted investments worth $797 million in 2023, which is a 50% decrease compared with 2022. Funding into the Enterprise Applications segment stood at $273 million in 2023, a decline of 72% in funding compared with 2022. The FinTech sector secured total funding of $186 million in 2023, which is a plummet of 79% in funding compared to 2022, and an 84% drop in funding compared to 2021.
Lets Venture, Well Found, and Blume are the most active investors till date in the Delhi NCR Tech landscape. We Founder Circle, Blume, and 100X.VC were the most active investors in terms of seed-stage funding, while Alkemi Partners, Accel, and Elevation were the most early-stage active investors. OP Finnfund Global Impact Fund was the most active investor in the late stage of 2023.
