India moves towards arms self-sufficiency: Rajnath Singh
Defence Minister Rajnath Singh on Tuesday said that India is increasingly achieving self-reliance in its defence sector, moving away from a heavy dependence on imports for arms and equipment.
The funding momentum continued in the Indian startup ecosystem this week as 22 startups raised nearly $116.26 million, led by four growth-stage transactions.
Last week, the domestic startup ecosystem raised nearly $176 million in funding across 16 deals.
This week, four startups raised around $80 million in funding among the growth-stage deals.
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Wealth management platform Dezerv raised $32 million in a funding round led by Premji Invest. The round also saw participation from existing investors Matrix Partners India (aka Z47), Accel and Elevation Capital.
Other startups which raised funds are e-commerce brand Goat Brand Labs ($21 million) and B2B e-commerce firm Infra.Market ($18 million).
Sixteen early-stage startups also secured funding worth $36.26 million.
Meanwhile, fintech company Partior announced the first close of over $60 million Series B round led by the venture capital and growth investing firm Peak XV Partners.
The round was also supported by Valor Capital Group and Jump Trading Group as new investors, and JP Morgan, Standard Chartered and Temasek as existing shareholders.
Last week, Maruti Suzuki India also announced it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives.
Maruti Suzuki has so far screened over 2,000 startups over eight cohorts and engaged with 56 startups.
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