32 Indian startups raise record amount of funding last week

NEW DELHI: In this funding-busting week, at least 32 Indian startups raised funding worth over $341 million.

The Indian startup ecosystem saw six growth-stage and 22 early-stage funding deals last week.

Six startups raised more than $216 million, led by mobility startup Rapido, which raised $120 million.

Other Indian startups that have raised significant funding include fintech firms Navi and BharatPe, and sports technology company KheloMore.

Other startups that raised funding last week included renewable energy company BluPine and electric vehicle startups Simple Energy and Kinetic Green.

At the same time, over the last five years, the government has provided support to over 10,000 technology start-ups under various programmes.

The government has allocated a total of Rs 580 million to fund startups through incubators, including over 3,600 technology startups.

The Department for Promotion of Industry and Internal Trade (DPIIT) recognised 1,40,803 entities as start-ups.

As reported by IANS, Minister of State for Commerce and Industry Jitin Prasada said regarding the Startup India initiative, “The government has undertaken flagship programmes like Startup Fund of Funds, Startup India Seed Fund Scheme and Startup Credit Guarantee Scheme.”

These programs help startups raise funds from angel investors or venture capitalists or apply for loans.

Prasada added that due to these programmes, there are over 1.43 lakh startups in India that have been recognised by DPIIT.