Indian startup ecosystem to witness 13 major funding rounds in 2024

(MENAFN- IANS) New Delhi, September 5 (IANS) The Indian startup ecosystem has witnessed a rise in the number of large funding rounds (over $100 million) in 2024 as startups have started focusing not just on growth but also on profitability.

In 2024, there were 13 funding rounds worth over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho, and PharmEasy raised funding in these rounds.

Fast e-commerce company Zepto raised two $1 billion ($340M + $665M) funding rounds in 2024. The company recently raised $340M at a $5B valuation.

Taxi-hailing company Rapido has raised $200 million in funding. The company’s latest valuation is $1.1 billion.

Lenskart, an eyewear startup, has raised $200 million in funding so far in 2024. The company is valued at around $5 billion.

So far in 2024, Flipkart, Meeso, and PharmEasy have raised $350 million, $275 million, and $216 million, respectively.

In the 2024-25 budget, the government also abolished the angel tax to help startups raise funds from foreign investors.

Some 31 domestic startups raised more than $466 million in 22 deals last week.

The number of fintech companies in the country has quadrupled in the past four years, while the number of “unicorns” and “soon to be unicorns” has tripled in the same period.

The government has recognised 1,40,803 entities as startups as of June 30. Since 2016, the central government has introduced over 55 regulatory reforms to ease doing business, raise capital and reduce the compliance burden on the startup ecosystem.

Meanwhile, the Centre has 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 focus on key strategic areas of composites, sustainable textiles and smart textiles.

MENAFN05092024000231011071ID1108638848