The Week that Was: Indian Startup News Overview (14th Nov - 18th Nov)
India, one of the greatest economies in the world, is currently experiencing a constant growth in its startup ecosystem, with the nation now hosting more than 100 unicorns. Not only are there more companies in the nation, but the ecosystem of startups in India is now valued at close to Rs 3 lakh crore, or Rs 3 trillion, as a result of various fundings and investments.
The year 2023 is rapidly approaching as we speak in the year 2022. There is much to be excited about for the Indian startup environment in the upcoming years, and there is a tangible sense of eagerness and anticipation. The country benefits more from their contributions in terms of technology. Dealing with fresh knowledge, which is often at the top of the value addition chain, is a must for startups. Businesses are investing in and forming alliances with startups as they realise their potential.
This week saw some major selections & product launches, as well as some companies raising funds to help their businesses grow.
NeuralGarage, a Deep Tech start-up, has raised $1.45 Mnin seed funding and Fixigo, aAuto-tech startup-has announced raising an undisclosed seed funding in a round led by Agility Ventures.
As the year comes to a close, Indian startups continue to impress us with their long-term growth and success. Here is the list of top 5 startups that excelled this week.
Deep Tech start-up NeuralGarage raises $1.45 million in a seed round led by Exfinity Ventures. Founded by IIT Kanpur alumni SubhashishSaha, Anjan Banerjee, SubhabrataDebnath and senior media and entertainment executive MandarNatekar, NeuralGarage is currently building an innovative ‘VisualDub’ solution to empower content creators across the board, globally.
Auto-tech startupFixigo has announced raising an undisclosed seed funding in a round led by Agility Ventures. Industry veteran and Director of iGlobe Telecom, TarunKalra and AlienicsInc, a Canadian investment firm, also invested in the round alongwith a few other angel investors. The startup plans to use the funds in expanding its services in newer markets and brand building exercise.
EdtechSimplilearn has raised $45 million in a fresh round of funding led by global edtech-focussed venture capital firm GSV Ventures, the company said in a statement.Clal Insurance, DisruptAD, and ADQ’s venture platform also participated in the round, which has taken place at a time when the technology funding ecosystem and the edtech market in general are witnessing volatility.
Startup accelerator BharatX will invest USD 15 million (about Rs 122 crore) over the next 18 months in the Indian startup ecosystem, the firm said. A joint venture between India Accelerator and think-tank Council for International Economic Understanding (CIEU), BharatX will invest Rs 1-5 crore in each startup during the first edition of the accelerator programme.
"The number of startups in India rose from 471 in 2016 to 72,993 by June 2022, which is fuelling the Indian tech wave. To build a SwadeshiStartup Ecosystem in India, BharatX announces to inject USD 15 million over the period of 18 months to build and scale nationwide," BharatX said in a statement.
HDFC Capital Advisors, a subsidiary of India’s largest private mortgage lender HDFC, has identified 15 Indian startups to support them financially through its property technology fund, HDFC Affordable Real Estate and Technology Program (H@ART).
In September, it had raised over Rs 500 crore as the first close of its property technology fund through global investors to support startups that drive innovation and efficiencies within the affordable housing ecosystem.
HDFC Capital has selected these 15 startups through HDFC Tech innovators programme in partnership with the government of India, other leading global and Indian funds, academia, and industry associations to identify the most innovative proptech companies.
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