(Web Desk) Indian startups raised more than 395 million dollars in one week, which is 350% more than last week.
According to the report of Indian news agency Statesman, Indian startups received one billion 30 million dollars in July alone after the government abolished the ‘angel tax’ imposed on foreign investors in the budget 2024-25.
According to the report, this investment has been made through 126 contracts, of which 28 contracts are in the final stages, worth 725 million dollars, while 72 initial contracts are worth 311 million dollars.
Startups like ‘Hospitality’ and ‘Travel Tech Evo’ topped the funding round with around $17.5 million, while other startups included EV, fintech, wealth and asset management firms, the report said.
The report further states that Indian EV firm Aether Energy has reportedly secured $7.1 million in funding, bringing its total asset value to $1.3 billion, giving it a new ” “Unicorn” has been made.
A “unicorn” is a privately held start-up company with a market value of one billion dollars or more, most of which eventually become multinational companies listed on various stock markets.
Also read: Punjab has overtaken all provinces in the use of modern technology
According to CB Insights, the US has 653 unicorns in 2023, while China has 169 and India has 70.
According to the report, the Indian government has introduced more than 55 ease-of-doing regulatory reforms since 2016 aimed at ease of access to capital and reducing compliance burdens for the startup ecosystem.
The report states that Indian startups have provided more than 1.55 million direct jobs so far.
2024-08-19 13:22:37