Indian startups attracted $10.14 billion in funding in 2020 despite the COVID-19 pandemic – Business News , Firstpost

This is the third yr in a row that India has saved its quantity 4 place globally after the US, China and the UK.

Indian startups are estimated to have acquired $10.14 billion in funding throughout greater than 1,200 offers in 2020 despite the COVID disaster, a report by consulting agency HexGn stated. Even although the whole funding acquired in 2020 is decrease than that of 2019 ($14.5 billion), the variety of offers had been greater by 20 %, the report stated. “Weathering negative sentiment, seed stage investment deals grew by 50 percent from $353 million over 420 deals in 2019 to $372 million over 672 deals in 2020. This is a good sign for people looking to plunge into startups, as early-stage investors are now keen to back risk-takers early on,” the report famous.

This may be attributed to the work accomplished by Invest India, Startup India, AgNii and different companies of the Indian authorities to spice up investor confidence and entrepreneurial tradition, it added.

This is the third yr in a row that India has saved its quantity 4 place globally after the US, China and the UK.

Globally, startups raised over $308 billion in funding, with the US garnering $165 billion.

The report stated Bengaluru, Delhi NCR and Mumbai accounted for 90 % of the startup investments in the nation, signalling focus of angel buyers and urge for food in these areas.

Bengaluru led with $4.3 billion in startup investments, adopted by Delhi NCR ($3 billion) and Mumbai ($2 billion).

In phrases of sectors, e-commerce attracted the highest funding with $3 billion, adopted by fintech at $2.37 billion and edtech at $1.52 billion.

The greatest gainer has been the edtech phase that grew 4 instances this yr from $380 million in 2019. However, sectors like transportation and logistics, and journey and tourism noticed greater than 90 % drop in investments in 2020 as in comparison with 2019, it added.

Startups that attracted most funding in 2020 embrace Zomato ($1.02 billion), Byju’s ($922 million), Phonepe ($807 million), Unacademy ($260 million) and Ecom Express ($250 million), as per the HexGn report.

These numbers don’t embrace funds raised by Jio Platforms (Rs 1.52 lakh crore) in 2020. The report famous that these numbers are early steering and there could possibly be adjustments as extra corporations make bulletins on funds acquired.

(Also Read: Investors pour $9.3 billion into Indian startups, a decline as in comparison with 2019 information reveals)

With inputs from PTI.

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