32 Indian startups raised record funding last week

In a robust funding week, at least 32 Indian startups secured more than $341 million in funding.

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

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

Among other Indian startups that raised a substantial amount of funding, like fintech firms Navi and BharatPe, and sports tech company KheloMore.

Among other startups that secured funding last week were renewable energy firm BluPine and EV startups Simple Energy and Kinetic Green.

Meanwhile, the government has empowered more than 10,000 technology startups through various schemes in the last five years.

The government has disbursed a total funding of Rs 580 crore to startups through incubators including over 3,600 tech startups.

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

As reported by IANS, Union Minister of State for Commerce and Industry Jitin Prasada said regarding the Startup India initiative: “The government undertook flagship schemes such as Fund of Funds for Startups, Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups.”

These schemes helped startups raise investments from angel investors or venture capitalists or seek loans.

Prasada added that with the help of these schemes, there are over 1.43 lakh startups operating in India that are recognised by DPIIT.