Indian startups raise record $11 bn in Q3
Mobilisation rises 41%; fintech, EdTech and SaaS segments account for 50% total funding
Bengaluru: In a first, Indian startups raised more than $10 billion in July-September quarter of this fiscal year as rapid digitalisation led to bullish outlook on the prospects of India's internet economy.
PwC said in a report titled 'Startup Perspectives - Q3 CY21' that a total of $10.9 billion was raisedacross 347 deals during this period. The funds raised was twice the amount raised a year-ago and 41per cent more compared to the preceding quarter.
Start-ups operating in the fintech, EdTech and software-as-a-service (SaaS) space raised the lion's share of the funds raising in Q2 of FY22. The three sectors' share was nearly 50 per cent of the totalfunding activity in the three months ended September.
Indian fintechs raised $4.6 billion in the first nine months of this year, which was four times that of ayear-ago period.Bengaluru and Delhi NCR continue to be the key startup cities in India as76–78 per cent of the total funding activity happened in these cities in September quarter followedby Mumbai and Pune.
"We're seeing an increase in average deal size and quicker funding rounds, which has led to a surgein deal activity across sectors, since early this year," said Amit Nawka, partner, deals and start-ups, atPwC India.
