Start-ups see 16K layoffs, $8bn funding, 2 unicorns in 2023

INDIAN start-up ecosystem faced multiple challenges including funding winter and layoffs in 2023 amid a tough macroeconomic environment.

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As per data sourced from Tracxn, start-ups managed to raise only $8.1 billion compared to nearly $25.2 billion in 2022. However, in December alone, start-ups managed to raise close to $860 million. Only two startups, Zepto and InCred, turned unicorns this year as against 24 in 2022 and 43 in 2021.