Funding to Indian startups dramatically decreased in 2023, hitting a seven-year low of $7 billion, which was less than one-third of the estimated $25 billion received in 2022. This decline in funding is due to a deteriorating global macroeconomic environment and increasing geopolitical conflicts. In the fourth quarter of 2023, new-age ventures experienced the lowest equity investment since 2016. Notably, several startups, such as ZestMoney, Frontrow, and Akudo, have permanently closed. Experts predict more casualties in the startup ecosystem due to difficulties in securing growth and late-stage funding.