Tracxn, a leading startup research and analytics firm, has released its comprehensive report on women-led startups in India. The report highlights the remarkable growth and impact of these startups despite the challenges they face.
The report reveals that India is home to over 7,000 active women-led startups, accounting for 7.5% of all active startups in the country. These startups have collectively raised $26.4 billion in funding, with 2021 being the highest funded year at $6.3 billion.
The Indian tech startup ecosystem ranks 2nd after the US in terms of all-time funding raised by companies with women founders, with a total of $26 billion in funding witnessed in this space till date.
On a global scale, 2022 saw the highest funding contribution from Indian startups at 15.18%. That year, women-led startups in India raised $5 billion, compared to $32.8 billion globally. In 2024, India ranked third globally in terms of funding raised by startups co-led by women, after the US and the UK, accounting for 3.96% of funding raised by women-led startups across the globe.
The retail sector takes a strong lead based on investments raised by women-led startups, securing $7.8 billion in all-time funding. Edtech ($5.4 billion) and Enterprise Applications ($5 billion) follow closely. Notably, sub-sectors such as B2C e-commerce, internet-first brands, and fashion tech are seeing significant activity, with several startups co-led by women.
Bengaluru leads in both the number of women-led startups and total funding raised to date, followed by Mumbai and Delhi NCR.
India's women-led unicorn journey has experienced highs and lows, marked by a remarkable surge in 2021 with 8 new unicorns and steady growth in 2019 (3), 2020 (4), and 2022 (5). However, 2017, 2023, and 2024 saw no new unicorns, indicating fluctuating momentum.
Despite these setbacks, women entrepreneurs continue to drive innovation. To foster a more consistent rise in women-led unicorns, strengthening financial backing, mentorship, and ecosystem support is crucial.
The highest number of acquisitions of women-led startups was recorded in 2021, with 45 acquisitions. However, this number declined by 20% to 36 in 2022, and further decreased by 30.5% to 25 in 2023. In 2024, the number of acquisitions fell to 16.
In 2024, five women-led startups went public: MobiKwik, Usha Financial, Tunwal, Interiors & More, and LawSikho. As of now, 2025 has not seen any IPOs.
These startups are not only securing massive funding but also redefining industries, generating employment, and setting new benchmarks for future entrepreneurs. While the startup ecosystem still has a long way to go in bridging the gender funding gap, these trailblazers are proving that women-led startups are driving India's growth story.
With a staggering $1.7 billion in funding and a successful public listing, Zomato stands as a poster child for women-led startups breaking into the big leagues. Its journey from a food discovery platform to a publicly traded giant is nothing short of inspiring.
The all time funding received by Pine Labs ($1 billion) and Lenskart ($1 billion) have cemented their positions as industry disruptors, proving that fintech and eyewear retail can command massive investor confidence. OfBusiness ($758 million), Cult.fit ($687 million), and ACKO ($598 million) are leading the charge in B2B commerce, health-tech, and insurtech, reflecting the diversification of women-led ventures beyond traditional sectors.
LivSpace ($527 million), Table Space ($402 million), Amagi ($359 million), and The Good Glamm Group ($346 million) are thriving in high-growth domains such as proptech, SaaS, and digital-first consumer brands, demonstrating that women entrepreneurs are spearheading innovation across verticals.
Methodology
**Meaning of Women-led Startup: Startups having at least one woman as founder/co-founder
**Only India+Tech companies considered
**Data is captured till 26-Feb-2025
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