Indian startup ecosystem saw $113 million funding this week

New Delhi, Aug 10 Riding on the momentum amid resilient economic growth, the Indian startup ecosystem saw funding worth $113 million this week in nearly 22 deals. Dairy and grocery startup Country Delight secured $8.45 million in debt funding from Alteria Capital. In May this year, Country Delight had secured $9 million through a combination of debt and equity from Alteria Capital. Healthtech startup Visit Health raised more than $29.8 million in a mix of capital infusion from various investors.

Extended reality (XR) startup Metadome.ai (formerly Adloid) also raised $6.5 million in Series A funding in an equity and debt round led by Siana Capita and existing investor Chiratae Ventures. Ola Electric made its public market debut this week, and its share touched the 20 per cent upper circuit on the listing day. The share closed at Rs 91.18 apiece — a 19.97 per cent premium — and Rs 91.20 per share on the NSE, a 20 per cent premium. The market capitalisation of Ola Electric stood at Rs 40,217.95 crore as per BSE.

Last week, at least 32 Indian startups had secured more than $341 million in funding. The Indian startup ecosystem saw six growth-stage funding deals and 22 early-stage deals. According to the government, DPIIT has recognized 1,40,803 entities as startups As on June 30. Since the launch of ‘Startup India’ initiative in 2016, the DPIIT-recognised startups have created over 15.53 lakh direct jobs. Further, 67,499 recognised startups have at least one-woman director. The Centre unveiled an ‘Action Plan for Startups’ comprising of schemes and incentives envisaged to create a vibrant startup ecosystem in the country.

The Action Plan comprises of 19 action items spanning across areas such as “Simplification and handholding”, “Funding support and incentives” and “Industry-academia partnership and incubation”. Various government schemes have helped startups raise investments from angel investors or venture capitalists or seek loans. The Centre informed recently that more than 10,000 technology startups have been empowered with a total funding of Rs 580 crore through incubators.