INDIA, 22 November 2024 — Jungle Ventures, Singapore’s leading and largest VC firm investing in early-venture growth startups across India & Southeast Asia today released its inaugural report, The First Cheque Report 2024. This report goes beyond traditional Seed-stage investment data to shine a spotlight on the founders at the core of the region’s startup ecosystem.

 The 64-page report offers the region’s first comprehensive look at Seed-stage entrepreneurship, profiling 9,000 founders and over 7,850 Seed funding rounds across India and Southeast Asia. It also draws first-hand data from the firm’s year-long experience running First Cheque@Jungle, launched in October 2023 to back founders from as early as the idea stage.
Developed by the First Cheque@Jungle team, the firm has named Tracxn to be its data partner for this report. Tracxn is a leading provider of private market intelligence, including in-depth data and insights on startups, emerging sectors, and investment trends globally. With Tracxn’s data, Jungle has ensured that the data powering this report is comprehensive, reliable, and reflective of the region’s current dynamics.

 “The First Cheque Report 2024 is unique in that it shifts the focus to founders themselves”. said Amit Anand, Founding Partner and Managing Director at Jungle Ventures. “While there’s some analysis on Seed-stage capital flows and sector trends, founder-specific insights have often been overlooked. This report changes that — it gives us a data-driven look at the people behind the region’s ventures. Understanding these foundational insights is key to grasping where the next wave of innovation will come from and who will be at the helm of it across India and Southeast Asia,”

 Through a founder-first lens, the report uncovers for the first time key trends that are shaping Seed-stage investments:

 ● Second-time founders dominating high-growth sectors
Second-time founders are stepping back into the spotlight with rounds significantly larger than those of first-time entrepreneurs, especially in high-growth sectors like Fintech and Blockchain. In India, second-time founders are securing median rounds 142% higher than the market average, while in Southeast Asia, they’re attracting 63% more capital. Their experience is driving investor confidence, in turn fuelling rapid growth in some of the region’s hottest sectors.
● Female founders making inroads in entrepreneurship
Though still representing a smaller segment of the founder pool, female founders are steadily increasing in number — and securing more substantial rounds when they raise Seed capital. In India, startups with at least one female founder raised median rounds 114% above the market average, while Southeast Asia shows similar momentum with women-founded startups securing 29% higher funding than their peers.
● Seed investment levels stabilising as capital spreads across new markets
While Seed-stage deal counts in both India and Southeast Asia have returned to pre-2020 levels, Seed capital deployed remains strong, holding steady at $1.5B annually. In India, Bengaluru continues to lead in Seed funding, though other tier 1 and tier 2 cities are quickly catching up. Across Southeast Asia, markets like Vietnam and the Philippines are capturing a growing share of Seed capital, challenging the historical dominance of Singapore and Indonesia.

 “What’s exciting about The First Cheque Report 2024 is how it captures the big shifts unfolding in early-stage entrepreneurship across India and Southeast Asia,” added Rishab Malik, Partner, Seed investments, who leads First Cheque@Jungle. “We’re seeing stability in Seed capital deployment, but what’s even more compelling is the emergence of historically under-the-radar markets receiving Seed funding. This is where some of the most promising ventures are taking root, led by founders who bring fresh perspectives and solutions often overlooked by traditional investors. The growing diversity in founder profiles and backgrounds — especially the steady rise of female founders — signals a broader movement toward inclusivity and innovation across the ecosystem, which makes this a very exciting time for Jungle to be at the forefront of Seed investing.”