New Delhi, Sep 5: The Indian startup ecosystem witnessed a surge in large funding rounds (over $100 million) in 2024, as startups’ focus has shifted to profitability along with growth.
In 2024 so far, there have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.
Quick e-commerce company Zepto has raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.
Funding of $200 million has been raised by Rapido, a taxi service providing company. The latest valuation of the company is $1.1 billion.
An eyewear startup, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.
Funding of $350 million, $275 million and $216 million has been raised so far in 2024 by Flipkart, Meeso and PharmEasy respectively.
The government also abolished angel tax in Budget 2024-25 to help startups to raise funds from foreign investors.
Around 31 homegrown startups raised more than $466 million in 22 deals last week.
The number of fintechs in the country has grown fourfold in the last four years, with a three-time surge in unicorns and soonicorns in the same period.
The government has recognised 1,40,803 entities as startups (as of June 30). More than 55 regulatory reforms have been undertaken by the Central government since 2016 to enhance ease of doing business, ease of raising capital and reduce 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 are focused on key strategic areas of composites, sustainable textiles and smart textiles.
–IANS
