Fast forward to 2023?
📈 It’s now 11% of all capital deployed—roughly $1.3B in a $11B market.
As equity funding cycles stretch longer, startups are turning to debt to bridge the gap.
But with that reliance comes its own set of risks and ripple effects—especially in the absence of late-stage capital.
This isn’t just a funding trend—it’s a structural shift in how Indian startups stay afloat.
🎥 Want to understand the full picture and how it ties into India’s broader macro and venture landscape?
Watch the full Indus Valley Explainer now.