Indian solar energy tech firms see $1 bn funding in Jan, despite 9% dip in 2023: Report

Within the first month of 2024, the Indian solar energy tech companies have witnessed $1 bn in funding, despite a 9% dip in 2023, a new report showed today.

According to a market intelligence platform, this sector secured funding worth $1.55 bn in 2023, 9% lower than the $1.7 bn raised in 2022.

The majority of the funding in this space comes from late-stage rounds. Sukhbir Agro Energy has raised $1 bn in its private equity round in Jan 2024.

According to the report, companies in this space attracted late-stage funding worth $1.3 bn in 2023, a 23% decrease from the $1.7 bn raised in 2022.

Early-stage funding increased dramatically, rising sixfold to $252m in 2023 from $39m in 2022. Seed-stage funding in this industry raised a total of $11.5m in 2023, a 58% increase over the $7.26m raised in 2022.

The solar energy sector in India has witnessed