Indian Startups Secured Over $200 Million In Funding This Week
Date
7/20/2024 8:45:13 AM
(MENAFN- IANS) New Delhi, July 20 (IANS) The Indian startup ecosystem saw more than $200 million in funding this week in 25 deals -- a significant surge from nearly $116.26 million last week.
Seed funding by homegrown startups grew by 17 per cent this week to $9.78 million from last week's $8.33 million.
Fintech unicorn slice secured $30 million in debt from Neo Asset Management's Credit Opportunities Fund.
Community-led mobility app Namma Yatri raised $11 million (about Rs 92 crore) in a pre-Series A funding round led by Blume Ventures and Antler, with participation from google and other investors.
Electric Vehicle (EV) company BluSmart raised $24 million (about Rs 200 crore) in its pre-Series B round. The new funding will help BluSmart expand its operations and build charging infrastructure and assets in key cities.
Fast fashion brand Newme raised $18 million in its Series A round led by Accel with participation from existing investors, including Fireside Ventures and AUM Ventures.
Lenskart founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi invested almost $20 million (about Rs 160 crore) in the omnichannel eyewear retailer.
Meanwhile, Google last week said it is working with the MeitY 'Startup Hub' to train 10,000 startups in artificial intelligence (AI), as the tech giant expanded access to its AI models and introduced new language tools for the developers in the country.
According to a new report, over 77 per cent of Indian startups now invest in advanced technologies such as AI, machine learning (ML), internet of things (IoT), and blockchain.
Another significant finding is the emergence of Tier 2 and Tier 3 cities as innovation hubs, where 40 per cent of tech startups originate, leveraging local talent and cost advantages, according to a report by SAP India, in collaboration with Dun & Bradstreet.
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