Indian start-ups raise $4.3bn funds in 9 months: Nasscom

Indian start-ups have raised around $4.3-billion (Rs 31,476-crore) in nine months, illustrating a bumper growth of the industry, reported IT major Nasscom.

The sum was raised from January to September 2018, said Nasscom.

start-ups“The investment in Indian start-ups increased 108 percent annually from $2-billion from January to September in 2017, to $4.2-billion during the same period in 2018,” said Debjani Ghosh, President, Nasscom.

While releasing the report titled ‘Indian Start-up Ecosystem — Approaching Escape Velocity‘, the IT trade body said that a total of 1,200 start-ups were added in 2018 till September. Further, the number of start-ups in India inflated over the past five years with a total of about 7,200-7,500 as of September.

 It, however, did not share any details on the number of active and functioning start-ups in the country.

The report further revealed that a total of eight unicorns, which are start-ups valued at over $1-billion, were added to the list of start-ups in the country. This is so far the highest number of unicorns in a calendar year in the start-up history.

The list of unicorns added this year comprised of Hospitality firm Oyo, food delivery and restaurant search platform Zomato, food delivery platform Swiggy, business-to-business e-commerce start-up Udaan, educational technology app Byju’s, digital payments app Paytm owned e-commerce platform Paytm Mall, software maker Freshworks and digital insurance aggregator Policybazaar.

The report asserted that start-ups in the country created around 40,000 new jobs over the year, escalating the total jobs in the start-up ecosystem to 1.6-1.7 lakh.

It is estimated that start-ups will create nearly four-five lakh more jobs.

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