Startups raise record $1.6 bn in December 2023

Kochi: Indicating a thaw in ``funding winter’ in the startup sector, a record $1.6 billion flowed into the sector in December 2023. Incidentally, the peak of funding took place in any month of the year. According to data released by a market intelligence platform, Flipkart which raised $600 million from its parent company Walmart, took the lead in the drive followed by Udaan, which managed to mobilise $340 million from M&G Prudential and Lightspeed. Budding companies had raised $1.4 million in January, that2023.

Despite a few sparkling examples in 2023, funding to startups hit a record low in the year.

In 2023, the retail segment received the largest chunk of Rs 485.4 crore of the funding, while consumer startups came second with Rs.440.5 crore, and by receiving Rs.221.3 crore food and agriculture segment finished third.