Tuesday, July 23, 2024

Indian Startups Funding: $287 Million Boost in Half a Month

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In the latest funding round, 30 Indian startups received a collective funding of $287 million, split between six growth-stage and 20 early-stage deals. Notably, details for one growth and three early-stage startups remained undisclosed.

Comparatively, the first week of this month saw 27 Indian startups securing around $307.8 million funding, maintaining a consistent pace of funding activity. Delhi-NCR-based startups led the funding race with 11 deals, closely followed by Bengaluru with 10 deals.

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Among the noteworthy investments, B2B SaaS fintech firm Perfios became India’s second unicorn of 2024, securing $80 million from Teachers’ Venture Growth (TVG). Lithium-ion battery pack manufacturer Lohum received $54 million in Series-B funding, while healthtech startup Sugar.fit raised an additional $5 million in Series A funding, totaling $16 million.

AI-driven dermatology platform Cureskin and smart metering company Kimbal Technologies also secured significant funding rounds of $20 million and $5 million, respectively. These investments reflect the continued growth and potential of India’s startup ecosystem.

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Moreover, the government has introduced various initiatives and policies to support startups, providing them with easier access to funding, tax benefits, and regulatory support. Furthermore, the presence of a robust ecosystem comprising venture capitalists, angel investors, and accelerators fosters a conducive environment for startups to thrive and attract investment. Overall, these factors contribute to making India an attractive destination for startup funding.

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