Funding Surge Fuels Startup Growth

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Bengaluru-based startups led the funding with 14 deals, followed by Delhi-NCR with three deals….reports Asian Lite News

The Indian startups continued to raise funds at a normal pace, and last week, 22 startups secured over $447 million in the country.

This included nine growth-stage deals and 11 early-stage deals, reports Entrackr.

“Two startups kept their transaction details undisclosed,” the report mentioned.

About 30 startups had raised around $287 million, which included 20 early-stage and six growth-stage companies in the week of March 11-16.

Bengaluru-based startups led the funding with 14 deals, followed by Delhi-NCR with three deals.

Among the growth-stage deals, nine startups raised $420.35 million in funding last week.

Healthtech firm Engrail secured the highest funding at $157 million. Following closely behind were the audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group, which received $103 million, $35 million, and $30 million in funding, respectively.

Additionally, Atlan, a data collaboration software provider, Curefood, a cloud kitchen startup, Jumbotail, a B2B marketplace and retail platform, Dvara KGFS, an NBFC operating in remote rural areas, and SubKo Coffee, a coffee brand, also successfully raised funds last week.

Moreover, 11 early-stage startups collectively secured $27 million in funding.

Optimo Loan, an MSME-focused lending-tech startup, led the pack, followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih.

India’s startup ecosystem is on a journey of unprecedented innovation and growth and the rise of entrepreneurs from tier-2 and 3 cities are shining examples of how inclusive growth can lead to sustainable development, industry experts said on Thursday, as the three-day ‘Viksit Bharat Startup Mahakumbh 2024’ concluded in the Capital.

The country’s biggest celebration of startups saw 1,306 exhibitors, more than 165 sessions, over 392 speakers, and more than 48,581 business visitors.

Furthermore, the event was the centre-stage for more than 3,868 future entrepreneurs, coming together to interact with investors, and entrepreneurs, along with industry experts via masterclasses and foster collaboration.

“Over the course of 10 years, we’ve witnessed a transformation from a few hundred startups to a vibrant ecosystem of over 100,000 startups, fostering a remarkable increase in incubators, unicorns, and a thriving digital economy,” said Arvind Gupta, Head and Co-Founder, Digital India Foundation.

“Our startups are global pioneers, leveraging technology to solve complex challenges, ensuring India’s position as a leader on the world stage,” he added.

On Wednesday, Prime Minister Narendra Modi said that India will become the world leader in AI with its young innovators emerging as a driving force to take the nation ahead.

Addressing the ‘Startup Mahakumbh’, the Prime Minister said, “India will have the upper hand in AI and we will not let the opportunity go.”

From insightful keynote speeches to interactive workshops, Startup Mahakumbh offered a dynamic platform for attendees to exchange ideas, forge partnerships, and gain invaluable insights from seasoned professionals.

“Witnessing over 3,800 future entrepreneurs come together at Startup Mahakumbh was truly inspiring,” said Madan Padaki, President, TiE Bangalore & Trustee, TiE Global.

“It was great to see many budding and ambitious agritech entrepreneurs aiming to improve the livelihoods of our farmers,” added Vineet Rai, Founder and Chairman, Aavishkaar Group.

Vidhya Ananthkrishnan, Chief Of Staff, Accel, said that they witnessed an incredible convergence of ideas, expertise, and opportunities within the B2B pavilion at ‘Startup Mahakumbh.’

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