Indian startups have had a significant fillip in funding this past week, raising over $395 million across at least 20 deals—a massive jump of about 350 percent from the $113 million raised last week through 22 deals. Leading this funding surge was hospitality and travel-tech firm Oyo, which raised Rs 1,457 crore (about $175 million) in a Series G round. These investors included InCred Wealth, Patient Capital, J&A Partners, the family office of Mankind Pharma promoters, and ASK Financial Holdings, among others.
Wealth and asset management firm Neo on Tuesday said it raised Rs 400 crore or around $48 million in a Series B round led by MUFG Bank and New York-based Euclidean Capital LLC.
EV company Ather Energy has raised $71 million from National Investment and Infrastructure Fund, sources told Mint, valuing the company at $1.3 billion and making it the newest entrant into the unicorn club. This is the second fundraise that Ather Energy has done in a period of three months, taking the total raise to over $125 million in that period.
Fintech startup Innoviti has raised Rs 70 crore ($8.5 million) in a mix of equity and debt, led by Random Walk Solutions with participation from current investors like Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures.
With the Union Budget 2024-25 excluding foreign investors from the ambit of angel tax, Indian startups raised $1.03 billion in July. Sources said mop-up by startups during the month stood at $1.03 billion across 126 deals, including 28 growth or late stage deals worth $725 million and 72 early-stage deals to the tune of $311 million.
Indian startups had mobilised $1.93 billion in June.
Government-recognised startups have so far created more than 15.5 lakh direct jobs. DPIIT has so far recognised 1,40,803 entities as startups till June 30.
The government has so far introduced more than 55 regulatory reforms since 2016 to make it easier to do business, raise capital and reduce compliance burden for the startup ecosystem.
Read also| SBI Increases Lending Rates by 10 Basis Points, Impacting Borrowers' EMIs
Read also| FPIs Invest Approximately Rs 65,000 Crore in a Year Amid Stable Market Conditions
