Indian Tech Startup Funding Witnesses 72 Percent Decline in 2023

Indian Tech Startup Funding Witnesses 72 Percent Decline in 2023

VoM News Desk | December 23, 2023 | 10:04 AM IST | Tech | Follow on Google News

Indian Tech Startup Funding Witnesses 72 Percent Decline in 2023

Indian Tech Startup Funding Witnesses 72 Percent Decline in 2023

In an unexpected turn, India’s tech startup ecosystem encountered a staggering 72% decline in funding throughout 2023, marking it as the least funded year in the past five years. Late-stage funding plummeted by 73%, with a substantial 69% drop in rounds exceeding $100 million. Sectors like FinTech and e-commerce bore the brunt of this funding downturn, while environment tech and space tech startups saw a surge in investment. Despite this funding slowdown, the government remains resolute in its commitment to fortify the nation’s tech ecosystem.

Launch of Web3 Accelerator, Telos Spark

Amidst the funding winter, The Telos Foundation and Symmetric Finance launched Telos Spark, a novel Web3 accelerator. Designed on the Telos blockchain, this community-driven initiative aims to fuel the growth and adoption of decentralized applications (dApps) by offering comprehensive support, resources, and mentorship to budding projects within the Telos community.

China’s Shift in Web3 Approach

Notably, China’s Ministry of Science and Technology unveiled a Web3 strategy, signaling a potential shift in the nation’s stance on NFTs and blockchain technology. Despite the cryptocurrency ban, the strategy prioritizes inheritance, innovation, security, and government responsibilities. It seeks to stimulate innovation in the Web3 domain while ensuring robust regulatory oversight. Chinese citizens’ mounting interest in NFTs has prompted the Ministry to reconsider digital asset regulation, potentially lifting the ban on NFTs and commencing blockchain pilot projects. This shift underscores China’s readiness to explore and embrace these technologies, emphasizing fostering new business models and collaboration for Web3 innovation.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.