Indian companies raised more than $395 million in 20 deals last week, about 350 percent higher than the week before.
Indian entrepreneurs “raised $1.03 billion as the government abolished angel tax in the Union Budget 2024–25 which was levied on foreign investors,” according to The Statesman in July alone.
The sum was raised through 126 agreements, according to the study; 28 of these were “growth or late-stage deals worth $725 million,” while the remaining 72 were $311 million in initial-stage deals.
It was mentioned that with around $175 million raised, firms like the travel and hotel internet company Oyo lead the financing environment. EV, fintech, and wealth and asset management companies were among the other startups.
It also mentioned that Ather Energy, an Indian EV company, reportedly raised $71 million, increasing its valuation to $1.3 billion and positioning it as a “new unicorn.”
A unicorn is a privately held startup that has a $1 billion or more market valuation. The majority of these unicorns will eventually grow into international corporations that are listed on several stock exchanges, contributing to the economic development of the nations in which they are located.
In 2023, there were 653 unicorns in the United States, 169 in China, and 70 in India, according to CB Insights.
According to the research, “the [Indian] government has implemented more than 55 regulatory reforms since 2016 to improve ease of doing business, ease of raising capital, and reduce compliance burden for the startup ecosystem.”
Regarding employment figures, the study stated that up to this point, Indian entrepreneurs had created around 1.55 million direct jobs.
