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The startup ecosystem in India has witnessed a boom in the recent decade and is likely to expand further over the coming years. According to a report by Nasscom-PGA Labs, the startups in the country have reportedly accrued funds worth USD 6.5 billion in April-June 2021, with 11 of them joining the most sought-after unicorn club.
The second quarter saw the closing of 160 funding deals, 2% up from the January-March period. Food delivery platform Swiggy raised a whopping USD 800 million in the quarter, followed by ShareChat (USD 502 million), BYJU'S (USD 340 million), PharmEasy (USD 323 million), and Meesho (USD 300 million), sources cited.
Further, in June 2021 quarter, Pine Labs amassed USD 285 million, Zeta USD 250 million, Delhivery USD 277 million, CRED USD 215 million, and Urban Company USD 188 million.
PGA Labs Director of Competitive Intelligence Abhishek Maiti mentioned that the Indian startup ecosystem, with 53 unicorns produced so far, has made significant progress in the April-June quarter. Investors have demonstrated their confidence in high-quality digital businesses like never before, he added.
He also stated that as India reopens following a series of lockdowns, the deal flow appears optimistic for the second half, with sectors like health tech, food tech, and fintech continuing to benefit from pandemic-induced uptake.
The fintech sector witnessed majority funding in the reported quarter, accounting for 27% of the overall deal value. Foodtech (13%) was followed by enterprise technology (11%), edtech (10%), and media and entertainment (8%).
Moglix, Zeta, ShareChat, Meesho, Urban Company, CRED, Groww, PharmEasy, BrowserStack, Gupshup, and Chargebee are among the 11 unicorns (businesses valued at or over USD 1 billion) that emerged in the June 2021 quarter, taking the country's total number of unicorns to 53.
Knowledgeable sources cited that venture capital firms contributed about USD 17.2 billion in funding to the Indian startup ecosystem in January-July 2021. This indicates a significant increase from the USD 11.1 billion and USD 13 billion invested by venture capitalists in 2020 and 2019, respectively.
Source Credits –
https://yourstory.com/2021/08/indian-startups-raised-usd-65-bn-funding-q2-2021/amp
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