US startups secure Rs 10.37 lakh crore in VC funding in 2024: report

New Delhi (The Uttam Hindu): The startup ecosystem in the United States attracted a total of 4,463 venture capital (VC) deals between January and November 2024, with a disclosed funding value of $125 billion (approximately Rs 10.37 lakh crore), according to a report released on Tuesday. This marks a notable year-on-year (YoY) increase in the total funding amount, despite a decrease in the number of VC deals. GlobalData, a leading data and analytics company, reported a 29.9% decline in deal volume compared to the 6,365 deals made during the same period in 2023.

Although the deal volume dropped, the overall funding amount rose by 18.4%, from $105.6 billion (approximately Rs 8.71 lakh crore) in 2023. This surge in total funding is attributed to an increase in the number of large deals, explained Aurojyoti Bose, lead analyst at GlobalData. The number of VC deals valued at or above $100 million (around Rs 820 crore) rose from 187 in 2023 to 265 in 2024. Significant VC deals include $6.6 billion (Rs 54,225 crore) raised by OpenAI, the developer of ChatGPT, $6 billion (Rs 49,500 crore) raised by Elon Musk’s X.AI, $5.6 billion (Rs 46,080 crore) raised by Waymo, $1.5 billion (Rs 12,300 crore) secured by Anduril Industries, and $1.1 billion (Rs 9,030 crore) raised by CoreWeave. On a global scale, the US accounted for 29.3% of all VC deals during the January-November period and held 52.5% of the total funding value. The report highlights the continued dominance of the US in the global venture capital funding landscape, both in terms of deal volume and funding value.