Ecosystem Weekly | 14th Aug’22

As India celebrates Azadi ka Amrit Mahotsav, the Indian startup ecosystem continues to be fuelled by innovation, enthusiasm and entrepreneurial spirit. In its 75 years’ rich legacy, transformations have put India on par with leading economies.

One can view India’s Independence as the birth of a startup too. The people of the country, who adopted a problem-solving approach to gain independence have set the premise for the national culture to initiate, be self-reliant and help the country flourish.

Since its Independence, India has shown stellar growth in various sectors. Today, the country holds the world’s highest rate of recognition start-ups per day, out of which, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services, and 5% to agriculture.

Currently, there are 75,000 start-ups in the country, where, India reported its 100th unicorn in May this year. According to the ‘Decoding India’s 100 unicorns’ report, the 100 Indian unicorns have raised over $90 billion collectively, and have a combined valuation of about $333 billion. A milestone that coincides with the 75th year of Independence.

Technology leaders from across verticals have shared their views on the progress made so far and their vision for the next 25 years.

Ecosystem Ventures This Week

Key Highlights – Clients

We are pleased to inform you that Mr. Prateek Bhargava founder of one of our Edtech portfolio companies Mindler, has received BW Education 40 under 40 Award!

Many congratulations to Prateek and Mindler team! We wish them success in their journey of adding immense value to the career coaching industry.

Startup Funding Summary

upGrad, a Mumbai-based edtech platform, has raised $210 Mn in a funding from ETS Global, Bodhi Tree, Singapore’s Kaizen Management Advisors, Bharti Airtel, Narotam Sekhsaria, Artian Investments, Temasek, IFC and IIFL – Read More

SquadStack, a Noida-based talent marketplace, has raised $18 Mn in Series B funding from Bertelsmann India Investments, Chiratae Ventures and Blume Ventures – Read More

Jodo, a Bangalore-based fintech startup, has raised $15 Mn in Series A funding from Tiger Global, Elevation Capital and Matrix Partners – Read More

Lenskart, a Bangalore-based eyewear brand, has raised $13 Mn in a funding from Ravi Modi Family Trust – Read More

Lysto, a Bangalore-based gaming platform, has raised $12 Mn in Pre-Series A funding from Square Peg, BEENEXT, Hashed, Tiger Global, Better Capital, Balaji Srinivasan, Paul Veradittakit, Binny Bansal, Bobby Ong, TM Lee and other HNIs – Read More

M&A Snippets

Mumbai-based electric supply company JSW Neo Energy will acquire Hyderabad-based renewable energy company Mytrah Energy for $1 Bn – Read More

Bangalore-based healthtech startup Orange Health has acquired Gurugram-based diagnostic lab Rapidx for an undisclosed amount – Read More

Bangalore-based retail aggregator William Penn has acquired America-based consumer goods company Sheaffer for an undisclosed amount – Read More