India, Feb. 15 -- Private funding in the Indian startup ecosystem zoomed past $12 Bn across 993 deals in 2024, clocking a 20% surge over the previous year. Electric vehicle startups, however, failed to ride the rebound and funding decelerated nearly 31% to $624 Mn across 43 deals, according to Inc42's 'India's Electric Vehicle Startup Report 2025'.

This was the second straight year when investors refrained from making heavy bets on EVs. Funding in EV startups had surged nearly 255% in 2021 before it scaled an all-time high of $1.08 Bn from 60 deals in 2022. A year on, investments began losing momentum and dipped to $901 Mn raised from 44 deals.

The EV startups, without fleet aggregators, mopped up over $3.7 Bn across 236 deals between 2...