Funding in late-stage deeptech start-ups sees 69% decline in 2024 to $52 million

Though the country's start-up ecosystem is focusing on deeptech (more into innovation), the overall funding in the late-stage has come down drastically in the last few years.

- UMA KANNAN @Bengaluru

According to the data sourced from market intelligence firm Tracxn, late-stage funding saw a decline of 69% from $166 million in 2023 to $52 million in 2024. In 2022, the total funding stood at $1.8 billion.

Last week, Commerce Minister Piyush Goyal urged start-ups to focus more on innovation. He had pointed out that many start-ups are focusing on food delivery, whereas, Chinese start-ups are working on EVs, semiconductors and AI.