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NEW DELHI — The environment-tech sector in India has raised $7.3 billion in total funding to date, a report showed on Friday.
The country’s environmental technology funding saw substantial growth between 2018 and 2022, surging from $0.23 billion to $2.47 billion, as per data by Tracxn, a leading market intelligence platform.
India’s share in global funding was 7 per cent in 2022, the highest since 2011.
Environment tech funding in the country peaked in 2022 at $2.47 billion. However, it experienced a decline to $1.68 billion in 2023, a 32 per cent decrease from 2022.
As of the first three months of 2024, the funding stands at $0.24 billion.
Despite the global increase in funding, India's share remained consistently low, ranging from 0 per cent to 7 per cent. 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).
"This space has seen 14 initial public offerings (IPOs) and 25 acquisitions to date. Only five companies reported more than $100 million rounds in 2023," the findings showed.
One unicorn has also emerged in India in this space -- Ola Electric.