32% decrease in India's 2023 funding in environment technology sector: Report

By Rajiv Shah
While pointing out that the year 2018 “marked a notable increase in both global and India-specific funding for environment technology”, a new report, released in the light of the World Earth Day, which fell on the 22nd of April 2024, regrets that investment in the Indian Environment Tech sector “experienced a decline to $1.68 billion in 2023, a 32% decrease from 2022.”
“As of the first three months of 2024, the funding stands at $0.24 billion”, the report, prepared by Tracxn Technologies, offering “a comprehensive overview of the funding, investments, acquisitions, unicorns and IPOs in the industry”, says that “the Indian Environment Tech sector has raised total funding of $7.3 billion to date.”

Called Environment Tech India Report, it says that India's environmental technology funding “saw substantial growth between 2018 and 2022, surging from $0.23 billion to $2.47 billion”, noting, “Environment tech funding in India peaked in 2022 at $2.47 billion.”
However, it regrets, the funding “experienced a decline to $1.68 billion in 2023, a 32% decrease from 2022. As of the first three months of 2024, the funding stands at $0.24 billion”, adding, “Despite the global increase in funding, India's share remained consistently low, ranging from 0% to 7%.”
The report says, “There was a significant spike in India's share in global funding in this space, to 5% in 2019 from 1% in 2018”, adding, “India’s share in global funding was 7% in 2022, the highest since 2011.”

Stating that Bengaluru ($2.7 billion) “tops the list in this space in terms of all-time city-wise funding, followed by Delhi ($1.2 billion) and Mumbai ($942 million)”, the report says, “This space has seen 14 IPOs and 25 acquisitions to date”, though adding, “Only 5 companies reported $100M+ rounds in 2023”, and “only one Unicorn has emerged in India so far -- Ola Electric.”

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