At least 31 local startups raised more than $466 million in 22 deals this week, a significant 75 percent increase from last week.
E-commerce platform Zepto has raised $340 million in a follow-on funding round, raising the company’s valuation to $5 billion. General Catalyst led the round, with Dragon Fund and Epiq Capital joining as new investors.
Among other major fundraisers, specialty coffee retail chain Blue Tokai Coffee raised $35 million, followed by lending firm Yubi ($30 million), agri-input platform AGRIM ($17.3 million) and after-sales services firm Servify ($10 million), among others. Swiggy also raised undisclosed funding this week from Amitabh Bachchan’s family office.
Bengaluru-based startups led with eight deals, followed by those from Mumbai and Delhi-NCR.
According to a latest report by Boston Consulting Group (BCG) and Z47 (formerly Matrix Partners India), having generated over $100 billion in value over the last decade, the Indian fintech ecosystem is in its “middle journey”. The ecosystem is poised for further exponential growth, as seen with incumbents creating over $600 billion in value over the last 3-5 decades.
The number of fintechs in the country has quadrupled in the past four years – a three-fold increase for unicorns and soonicorns in the same period.
The government has recognized 140,803 entities as startups (as of June 30). The government has carried out over 55 regulatory reforms since 2016 to make it easier to do business, raise capital and reduce the compliance burden for the startup ecosystem.
Meanwhile, the Centre approved four startups in the field of technical textiles with a grant of Rs 50 lakh each, along with new courses in various applications. The approved startup projects focus on key strategic areas of composites, sustainable textiles and smart textiles.
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