Indian startups raise over $1 billion in funding in July: Report

New Delhi, August 3 (IANS): Indian startups successfully raised $1.03 billion in July after the government scrapped angel investor tax in the Union Budget 2024-25 on foreign investors, according to a report released on Saturday.

According to a report by Entrackr, in July, Indian startups raised a total of $1.03 billion in funding across 126 deals.

Of these, 28 were growth-stage or late-stage deals, valued at $725 million, while 72 were seed-stage deals, valued at $311 million.

The amount raised in the 26 deals was not disclosed. However, they were early-stage deals, the report said.

In July, two Indian startups succeeded in raising over $100 million in funding. E-commerce startup Purplle and automotive technology startup Rapido raised $120 million each.

Then, online hotel chain Oyo raised $50 million, fintech company Navi raised $38 million, and consumer technology company Urban Company raised $38 million in funding.

Indian startups raised $1.93 billion in funding in June. In the first seven months of 2024, Indian startups raised a total of $8 billion in funding.

For the full year 2023, this amount was $11 billion, and in 2021 and 2022, $38 billion and $25 billion, respectively.