upgrad startup

Powered by Unacademy and upGrad’s mega deals, Indian startups raised $10.8 billion in the last two months

Indian tech startups have raised $10.8 billion in the last two months, a report by business intelligence firm Tracxn reported. The report further revealed that 256 deals were cracked in July and August 2021.

 

Tech startup

The Indian tech startup ecosystem had raised $6.5 billion across 412 deals in the April to June quarter of 2021. The ecosystem has raised $5.7 billion across 432 deals in the January to March quarter, the report added.

This means that even though fewer startups raised money in the first two months of the third quarter (July 1 to September 1), the funding amount increased significantly.

In August alone, Indian startups raised $3.2 billion across 115 rounds. Seventeen companies were acquired in the same month.
As usual, Bengaluru cracked the most number of deals.

Cities                                  Funding                Rounds
Bengaluru                      $1.6 billion                   43
Delhi NCR                     $276 million                 31
Gurugram                      $161 million                 17
Mumbai                          $1.billion                      13

Edtech Funding

Edtech giant Eruditus had cracked the biggest deal of August when it raised $650 million led by Accel and SoftBank. The company was valued at $3.2 billion and turned out to be the fourth edtech unicorn — a startup with over a billion-dollar valuation — of India.

Ronnie Screwvala-led upgrade too entered the unicorn club, after raising $185 million at a valuation of $1.2 billion. The company raised fresh funds from Temasek, IFC (International Finance Corporation, a sister organization of World Bank), and IIFL.

Unacademy, which is the second edtech startup to enter the unicorn club, raised $440 million last month in a round from Mirae Asset and SoftBank. The company is now valued at $3.44 billion.

Byju continues to be the highest valued edtech startup in the world, at a valuation of $16.87 billion.

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