29 Indian startups secure $461 million this week
The Indian startup ecosystem continued its growth momentum this week with securing nearly $461 million which included 10 growth-stage deals.
The Indian startup ecosystem continued its growth momentum this week with securing nearly $461 million which included 10 growth-stage deals.
India’s tech startup ecosystem secured $7.6 billion funding in the nine months this year, along with witnessing six new unicorns, a massive 500 per cent increase compared to just one unicorn in 2023, a report showed on Tuesday.
The Indian startup ecosystem raised more than $348 million in funding this week, as the growth momentum for the industry continued for a second consecutive week.
The Indian startup ecosystem raised nearly $176 million in funding across 16 deals in the first week of this month.
Government initiatives such as Startup India, Make in India, New Education Policy, and others have played an important role in creating employment for people in private sector on such a large scale, Vivek Singh, Professor at NMIMS University, Economist and Political Analyst, said on Saturday.
Funding was led by Capital-A and Anicut Capital along with other marquee investors including Ekta Kapoor, Sunil Kalra, and Sachin Mehra. Jiraaf, a platform for high-yield alternative investment opportunities also participated in the round by extending debt to Chargeup.
Astra, a rocket startup based in the US that went public last year, has fired 16 per cent of its staff as part of a wider strategy to increase the shrinking financial runway and decrease expenses.
Business-to-business (B2B) e-commerce platform Udaan, which raised $120 million just last month, has sacked nearly 350 employees who were on the regular payroll while asking hundreds of contractual workers to leave too.
With an aim to boost the technical textiles and bring the same into the mainstream, Union minister of commerce, industry, and textiles Piyush Goyal, said startups and young scientists working in such niche fields must be encouraged.
Business-to-business (B2B) e-commerce platform Udaan has raised $120 million in convertible notes and debt, as it plans an initial public offering (IPO) in the next 12-18 months amid the funding winter.
