August 17th 2024.
This week, Indian startups have seen a significant surge in funding, with over $395 million raised in 20 deals. This represents a massive increase of 350% from last week's total of $113 million raised in 22 deals. The growth of these startups is a testament to the overall economic progress of the country.
Leading the pack in terms of funding is Oyo, a hospitality and travel-tech company, which recently secured Rs 1,457 crore in a Series G round. Their impressive list of investors includes InCred Wealth, Patient Capital, J&A Partners, the family office of Mankind Pharma promoters, and ASK Financial Holdings. Another notable company, wealth and asset management firm Neo, raised Rs 400 crore in a Series B round with the backing of MUFG Bank and New York-based Euclidean Capital LLC.
In the electric vehicle space, Ather Energy made headlines by securing $71 million in funding from the National Investment and Infrastructure Fund, bringing their valuation to a whopping $1.3 billion and making them a new unicorn. This is just the latest success for Ather Energy, who has raised over $125 million in the last three months alone.
Meanwhile, fintech startup Innoviti raised Rs 70 crore through a combination of equity and debt, with Random Walk Solutions leading the way and support from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures.
July has been a particularly successful month for Indian startups, with the government's decision to abolish angel tax in the Union Budget 2024-25 being a major contributing factor. In total, startups in the country raised $1.03 billion through 126 deals this month. Of these, 28 were growth or late-stage deals worth $725 million, while 72 were initial-stage deals worth $311 million.
It's worth noting that government-recognised startups have played a significant role in India's economic growth, creating over 15.5 lakh direct jobs to date. The Department for Promotion of Industry and Internal Trade has recognised 1,40,803 entities as startups, highlighting the government's support for this sector.
In fact, since 2016, the government has implemented more than 55 regulatory reforms to improve ease of doing business, make it easier to raise capital, and reduce compliance burden for the startup ecosystem. With this level of support, it's no surprise that Indian startups have raised a total of $1.93 billion in funding in June alone. The future looks bright for the country's startup scene, and we can't wait to see what the next month brings.
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