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1) India Ranks 4th Globally as H1 Tech Startup Funding Hits $4.1B:

Tracxn's India Tech Semi-Annual Funding Report H1 2024 reveals a mixed landscape for tech startup funding in India. Indian startups raised $4.1 billion in H1 2024, marking a 4% increase from H2 2023 but a 13% decrease from H1 2023. Despite four consecutive half-year declines since H1 2022, funding is showing signs of stabilization and growth.

Seed-stage funding rose to $455 million, while early-stage funding remained steady at $1.3 billion. Late-stage funding increased to $2.4 billion. The report highlights eight funding rounds exceeding $100 million, including Flipkart and Apollo 24|7. Top-performing sectors were Retail, Enterprise Applications, and FinTech, with notable growth in Retail.

Bangalore led in total funds raised, followed by Delhi and Mumbai. The period saw three new unicorns, 33 new Soonicorns, and 17 IPOs. However, acquisitions declined to 43 from 75 in H1 2023. Major investors included Accel, Blume Ventures, and Peak XV Partners.

2) India Ranks 6th Globally with 3,600 Deeptech Startups:

India has ascended to sixth place among the world's top nine deeptech ecosystems, boasting 3,600 startups that garnered $850 million in funding last year, according to a report by Nasscom and Zinnov. In 2023 alone, 480 new deeptech startups emerged, double the number from 2022. Over 100 of these are inventive firms with unique intellectual property or solutions in new domains.

AI remains a dominant focus, with 74% of this year's deeptech startups in this sector, up from 62% between 2014 and 2022. Notable startups like Agnikul, GalaxyEye, HealthPlix, Sarvam AI, and Peptris are pioneering advancements in healthtech, sustainability, AI, and space-tech.

Jeyandran Venugopal, Chair of the Nasscom DeepTech Council, highlighted the convergence of AI, quantum computing, and robotics across various sectors. To further elevate India's rank, Kritika Murugesan, Head of Nasscom DeepTech, emphasized the need for patient capital, robust R&D partnerships, and the implementation of the 2023 deeptech policy.

3) 25 Startups Exit Hurun India Future Unicorn Index 2024:

The Hurun India Future Unicorn Index 2024 revealed a significant shift in the startup landscape, with 25 upcoming unicorns dropping out due to an industry-wide funding winter and valuation corrections. Notable startups that fell off the list include Dunzo, Koo, and Gaana.

Only three startups achieved unicorn status this year: Zepto, InCred Finance, and Porter. Darwinbox, a SaaS and HR tech startup, was downgraded to a gazelle. The index categorizes startups into unicorns, gazelles, and cheetahs based on their valuation and potential growth.

The research identified 152 future unicorns across 31 cities, primarily founded in 2015, with a majority selling software and services. Financial services, business management solutions, education, and healthcare were the dominant sectors. Profitability and sustainable models are now a focus, with 22 entrants reporting profits in FY23.

4) India's Startup Layoffs Down 62% in 2024, Hiring Expected to Rise 10%:

Indian startups are set to boost hiring by over 10% this year, following a significant decrease in layoffs, according to HR platforms. In the first half of 2024, firms laid off 3,600 employees, a 62% drop compared to the same period in 2023, which saw 9,596 layoffs. Last year, there were 16,398 dismissals in total. The startup ecosystem is recovering, with a 40% rise in new startups leading to a 15% increase in job creation. Sachin Alug, CEO of NLB Services, highlighted a 9-10% average growth in hiring per quarter, expecting further improvement due to the festive season.

Despite a 13% year-on-year decline in startup funding in H1 2024, companies raised $4.1 billion, marking a 4% increase from the $3.96 billion raised in H2 2023, according to Tracxn data. This positive trend indicates a more robust hiring outlook and growing startup activity in the coming months. The resurgence in funding and job creation reflects the startup world's resilience and potential for growth.

5) 8X Ventures Unveils Rs 200 Crore Fund for 20 Indian DeepTech Startups:

8X Ventures has successfully closed its Rs 200 crore DeepTech Fund, with an additional Rs 100 crore greenshoe option. The fund has already secured commitments exceeding Rs 60 crore and plans to invest in 18-20 deeptech startups over the next three years, with initial investments ranging from Rs 2-5 crore and total investments up to Rs 20 crore each in 8-10 startups. The fund focuses on sectors such as Water, Sanitation, and Hygiene (WASH), Industry 4.0, Advanced Computing, BioTech, and B2B Enterprise SaaS. According to Chirag Gupta, Managing Partner at 8X Ventures, Indian deeptech startups have the potential to address global issues and create substantial shareholder value.

Established in 2021, 8X Ventures is a deeptech venture capital firm that invests in startups transforming industries and economies through a strong scientific and research foundation. The firm has a strong track record, delivering a 2.1X MOIC (40+% IRR) since 2022. Its portfolio includes companies like Solinas Integrity, D-Nome, Lightspeed Photonics, XYMA Analytics, Zenpulsar, and Pantherun Technologies.

6) MyMuse is Shaping India's Understanding of Sexual Wellness:

My Muse, founded in 2021 by Sahil Gupta and Anushka Gupta, offers a variety of intimate wellness products, including massage oils, stress relief massagers, and toys for couples. Initially a pet project aimed at raising awareness about sexual wellness, the startup saw its revenues soar to INR 15 Cr in FY23, a 6.6X increase year-on-year.

Competing with brands like Bold Care and Sassiest, My Muse taps into India's growing sexual wellness market, which was valued at $1.15 Bn in 2020 and is projected to reach $2.09 Bn by 2030. Despite cultural taboos, increasing globalization has led to more open conversations about intimacy.

My Muse, serving 1.5 lakh customers monthly, is backed by investors such as Trifecta Capital and CRED's Kunal Shah, raising INR 32.36 Cr to date. The brand aims to push boundaries in India’s intimate products market.

7) Sid’s Farm Raises $10M to Boost D2C Dairy Operations:

Direct-to-consumer (D2C) dairy brand Sid’s Farm has secured $10 million (approximately Rs 83 crore) in a funding round led by Omnivore and the Narotam Sekhsaria Family Office. The company plans to utilize the funds to strengthen its presence in Hyderabad and Bengaluru by enhancing its manufacturing capabilities and building a strong team to attract and retain top talent across various functions. Founder Kishore Indukuri stated that the investment will accelerate their growth, allowing them to deliver fresh, healthy, and responsibly sourced dairy products to a broader audience in these cities.

Sid’s Farm aims to serve over 100,000 families daily in Hyderabad and Bengaluru. The Hyderabad-based startup ensures the quality of its milk and milk products by sourcing directly from farmers and conducting rigorous quality testing throughout its supply chain. This approach allows them to provide high-quality dairy products while supporting local farmers and maintaining stringent quality standards.

8) Startup Sphere 2024 by ICAI: June 27-29 in Bengaluru:

The Institute of Chartered Accountants of India (ICAI) is hosting Startup Sphere 2024 from June 27th to 29th in Bengaluru at the Karnataka Trade Promotion Organization (KTPO). This three-day event aims to bring together a diverse group of participants, including startup community members, partners, unicorns, influencers, founders, investors, leaders, and entrepreneurs. Attendees will engage in discussions on various startup-related topics and explore a vibrant exhibition area showcasing cutting-edge technologies, products, and services across different industries. The event will also feature a Placement Programme for experienced Chartered Accountants.

Key speakers at the event include CA Mahaveer Singhvi, Joint Secretary, Ministry of External Affairs; CA Aman Gupta, Co-Founder and CMO of boAt Lifestyle; MR Jitendra Vijay, CEO of MeitY Startup Hub; and CA Suresh Prabhu, Hon'ble Former Union Minister. These prominent figures will share their insights and experiences, providing valuable knowledge and inspiration to all attendees.