A report by startup data platform Tracxn found that funding for oncology companies fell 24 per cent in 2023 from $12.1 billion in 2022. Indian oncology companies raised $9.7 million in 2023, compared to $9.2 billion globally with Bengaluru leading among Indian cities in terms of total funding and number of funded companies.
In India, Tamil Nadu-based startup Perfint Healthcare emerged as a frontrunner in raising funds, securing $40.1 million in total funding, followed by Bengaluru-based Immuneel and Zumutor with $27.6 million and $26.2 million, respectively.
There are more than 5,500 oncology startups around the world and 94 of them were established in India. 55 of the 94 have succeeded in securing funding. The oncology startup investment landscape had an up-and-down journey, peaking in 2019.