Indian startups successfully raised $1.03 billion in July as the government abolished angel tax in the Union Budget 2024-25 which was levied on foreign investors, according to a report on Saturday.

As per the report by Entrackr, in July, Indian startups raised a total funding of $1.03 billion under 126 deals.

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Out of these, 28 were growth or late-stage deals worth $725 million, whereas 72 were in the initial-stage deals worth $311 million.

The amount raised in 26 deals has not been disclosed. However, these were early stage deals, the report said.

In July, two Indian startups were successful in raising funding of more than $100 million. E-commerce startup Purplle and automotive tech startup Rapido raised $120 million each.

After this, online hotel chain Oyo raised $50 million, fintech company Navi raised $38 million and consumer tech company Urban Company raised $38 million funding.

Indian startups raised $1.93 billion in funding in June. A total of $8 billion funding was raised by Indian startups in the first seven months of 2024.

This figure for the entire year in 2023 was $11 billion and this figure was $38 billion and $25 billion in 2021 and 2022 respectively.