Anjali Sharma
GG News Bureau
NEW YORK, 5th August. According to a report released on Sunday the Indian startups raised $1.03 billion in July as the government abolished angel tax in the Union Budget 2024-25 which was levied on foreign investors,.
Entrackr report in July stated that Indian startups raised a total funding of $1.03 billion under 126 deals.
The report noted that 28 were growth or late-stage deals worth $725 million, whereas 72 were in the initial-stage deals worth $311 million.
It said that the amount raised in 26 deals has not been disclosed. However, these were early stage deals.
In July, 2 Indian startups raised over $100 million. E-commerce startup Purplle and automotive tech startup Rapido raised $120 million each.
The online hotel chain Oyo raised $50 million, fintech company Navi raised $38 million and consumer tech company Urban Company raised $38 million funding.
Indian startups raised $1.93 billion in funding in June, the report said.
A total of $8 billion funds was raised by Indian startups in the first 7 months of 2024.
The report added that the figure for the entire year in 2023 was $11 billion and this figure was $38 billion and $25 billion in 2021 and 2022 respectively.
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