In the third quarter of 2023, funding for Indian start-ups hit a five-year low, witnessing a 54% decline to $1.5 billion compared to the same period in 2022, according to Tracxn’s Geo Quarterly Report. Late-stage funding rounds saw a 33% reduction, while early-stage rounds plummeted by 74%. Despite the drop, India remains among the top-performing tech ecosystems globally. The report notes a promising trend with a 91% month-on-month funding growth from $376 million in August 2023 to $720 million in September 2023. The quarter added two new unicorns, Zepto and Zyber 365, and highlighted enterprise applications, fintech, and transportation and logistics tech as top-performing sectors. Bengaluru emerged as the leader in total funds raised, with top investors including Accel, Blume, and Peak XV Partners.