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The Indian startup ecosystem experienced a significant downturn in funding activity throughout 2023 as conditions across both public and private markets deteriorated sharply

The modular system is also easy for local maintenance teams to install, improving rural access to sustainable mobility solutions.

According to data from research firm Tracxn, total equity investment into Indian startups fell a massive 73% year-on-year to just $7 billion.

Interest rates went up around the world to slow down cost rises (called inflation). This made investors more scared to take big risks.

Costs for things like food and fuel jumped a lot in India too. This worried people about more price hikes ahead.

Between July to November, funding fell to lowest in years. This was really bad for startups relying only on outside money.