Indian start-up secures $387 million amid global cues
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New Delhi: Funding in the Indian startup ecosystem marked a new milestone, with 39 startups securing $387 million. This influx of capital proves that investment in startups remains strong despite the global economic crisis and stock market volatility.
At least 39 startups in the country secured more than $387 million, which included 13 growth-stage deals and 20 early-stage deals. Within the growth-stage deals, 13 startups raised $309.7 million in funding, reports Entrackr. Bengaluru-based startups led the tally with 15 deals, followed by Delhi-NCR, Mumbai and Hyderabad.
Deep-tech startup SEDEMAC raised $100 million which will be used to build a new manufacturing plant and expand its presence in India, the US and the EU. SEDEMAC builds auto parts and battery management systems. While Infra.Market raised $50 million from MARS Unicorn Fund, electric vehicle company Ather Energy secured $34.5 million in debt and equity funding.
Founded in 2016, Infra.Market sells construction materials, infrastructure goods and technical equipment. Another EV company Euler Motors closed its Series C funding round, securing $23.9 million. Zypp Electric also raised $15 million this week to expand the company's fleet from 21,000 to 2,00,000 electric scooters. Last week, 24 Indian startups raised $444 million in funding, including five growth-stage deals.
Source: IANS