New Delhi: In 2024, the Indian startup sector saw an increase in large funding rounds (above $100 million) as businesses focused on profitability alongside growth.
So far, in 2024, there have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho, and PharmEasy have raised funding in these rounds.
Quick e-commerce company Zepto raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company last raised $340 million in funding at a valuation of $5 billion.
Rapido, a taxi service provider, has raised $200 million in funding. The company’s latest valuation is $1.1 billion.
Lenskart, an eyewear startup, has also raised $200 million in funding so far in 2024. The company’s valuation is around $5 billion.
So far in 2024, Flipkart, Meeso, and PharmEasy have raised funding of $350 million, $275 million, and $216 million, respectively.
The government also scrapped the angel tax in Budget 2024-25 to assist entrepreneurs in raising cash from overseas investors.
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Last week, over 31 indigenous startups raised more than $466 million in 22 agreements.
The number of fintech companies in the country has quadrupled in the last four years, and the number of unicorns has tripled during the same time period.
The government has designated 1,40,803 entities as startups (as of June 30). Since 2016, the Central government has implemented more than 55 regulatory reforms to improve the ease of conducting business, acquiring finance, and reducing the compliance burden on the startup ecosystem.
Meanwhile, the Centre approved four technical textiles companies, each receiving Rs 50 lakh grant and new courses in various applications. The accepted startup initiatives concentrate on critical strategic areas such as composites, sustainable textiles, and smart textiles.
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–IANS
