Indian startups have mopped up $1.03 billion in funding during July on the back of the Centre's decision to do away with angel tax in its Union Budget for 2024-25, a report released Saturday said. Foreign investors had a tax withdrawn that led to good bounces of investments.
According to a report by Entrackr, for the month of July, Indian startups closed 126 funding deals worth $1.03 billion. Of this, 28 were growth or late-stage investments of $725 million, whereas 72 were early-stage investments pegged at $311 million. The details of 26 such early-stage deals were not disclosed.
Last month, two Indian startups—e-commerce platform Purplle and auto-tech firm Rapido—each mopped up over $100 million at $120 million. Online hotel chain Oyo also saw $50 million, while fintech firm Navi raised $38 million and Consumer Tech company Urban Company also mopped up $38 million.
In comparison, $1.93 billion was raised by Indian startups in June. The total money raised in the first seven months of 2024 stood at $8 billion. This is contrasted with $11 billion raised for the whole of 2023 and $38 billion and $25 billion in 2021 and 2022, respectively.
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