New Delhi: Funding winter continues for the Indian startup ecosystem as funding during quarter 3 of the calendar year 2022 hit a two-year low at USD 2.7 billion in comparison to USD 6.6 billion recorded in quarter 2, as per a recent report by PWC India.
Apart from EdTech and e-commerce B2B, funding activity declined across all sectors during quarter 3 of CY2022, said the report. The funding amount for e-commerce B2B increased slightly from USD 64 million in Q2 to USD 70 million in Q3 CY2022. Agritech startup VeGrow and B2B platform for made-to-order products, Bizongo raised more than USD 20 million each in Q3 CY2022.
For e-commerce B2C, funding value declined drastically from USD 425 million in Q2 to USD 26 million in Q3 CY2022. The number of e-commerce B2C deals reduced from 12 to 7 in Q3 this year.
The direct-to-consumer (D2C) segment witnessed a 36 per cent value decline in funding activity and a 50 per cent fall in volume. According to the report, out of the total funding worth USD 226 million raised, approximately 73 per cent was driven by eyewear retailer Lenskart, which raised USD 166 million.
The report also highlighted that only two startups attained unicorn status in the third quarter. These included logistics aggregator Shiprocket and fintech startup Onecard. The total number of unicorns in the country stands at 84 as of September 2022.
