India's Life Sciences Startups Secure USD 1.9 Bn in Five Years: Report Among key findings, 2022 emerged as a standout year with a record USD 749 million invested—nearly 40% of the five-year total. However, funding saw a dip to USD 269 million in 2024, indicating a cautious investor sentiment amid global economic headwinds.
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India's life sciences startup ecosystem has witnessed a surge in investor interest over the past five years, with USD 1.9 billion invested across 465 deals between 2020 and 2024, according to the newly released "India Life Sciences Startup Investing Report – A Five-Year Review."
The comprehensive analysis, launched during BioWave—an innovative platform aimed at accelerating India's bioeconomy—signals a turning point in the nation's biotechnology investment landscape.
The report is the result of a strategic collaboration between sustainability-focused venture capital firm Omnivore and biotech accelerator Nucleate, supported by IndieBio and several ecosystem enablers like BIRAC, C-CAMP, IKP, and the Bangalore Bioinnovation Centre. This joint effort aims to spotlight the critical role of bioscience-driven BIZ Experiencesship in advancing sustainability, health, and food security.
"The report offers crucial insights into the transformation underway—highlighting where capital has flowed and how investor readiness is accelerating deep tech across industrial biotech and sustainable materials," said Mark Kahn, Managing Partner at Omnivore. "To truly unlock India's potential in climate action and resource efficiency, sustained capital flow into bioscience-led startups will be essential."
Among key findings, 2022 emerged as a standout year with a record USD 749 million invested—nearly 40% of the five-year total. However, funding saw a dip to USD 269 million in 2024, indicating a cautious investor sentiment amid global economic headwinds.
Despite this, new sectors are gaining traction. Biopharma and medical biotechnology attracted the lion's share (42%) of total capital, but funding in agrifood life sciences, sustainable materials, and industrial biotech collectively rose from USD 11.5 million in 2020 to USD 174 million in 2024.
Dr Jitendra Kumar, Managing Director of BIRAC, said, "The collaboration behind BioWave is creating the foundation needed to elevate India's life sciences ecosystem globally. This report demonstrates promising diversification beyond traditional biopharma."
Further insights reveal that 90% of investments flowed into Bengaluru, Delhi NCR, Mumbai, and Chennai, though cities like Pune, Hyderabad, and Ahmedabad are quickly emerging as promising biotech hubs. The largest deal in the period was a USD 250 million investment in Zifo RnD Solutions, and the average deal size stood at USD 4.8 million.
Dr Taslimarif Saiyed, CEO of C-CAMP, added, "The report reveals both our progress and the immense opportunity to expand innovation infrastructure beyond metros. BioWave is helping connect capital with scientific breakthroughs, ensuring the next generation of biotech startups can scale."
India's bioeconomy has nearly doubled, growing from USD 86 billion in 2020 to USD 165.7 billion in 2024—now representing 4.25% of the nation's GDP. As the country continues to prioritise innovation-driven growth, the report calls for consistent funding into early and growth-stage companies to fully realise the bioeconomy's promise.
