Indian Startups Receive $10.14 Billion Funding In 2020: Report
According to a report by consulting firm HexGn, Indian startups received an estimated amount of $10.14 billion in funding across more than 1,200 deals in 2020.
Despite the COVID-19 pandemic, Indian startup ecosystem saw an increase of 20% in the number of deals, though the total investment received in 2020 is lower than that of 2019 ($14.5 billion).
Edtech sector received 4x funding in 2020, up from $380 million (approx) in 2019. Sectors like transportation and logistics, and travel and tourism saw more than 90% drop in investments in 2020 as compared to 2019, as per the report.
Zomato ($1.02 billion), Byju’s ($922 million), Phonepe ($807 million), Unacademy ($260 million) and Ecom Express ($250 million), are among those startups that received the maximum funding in 2020.
City wise, Bengaluru led with $4.3 billion in startup investments, followed by Delhi NCR ($3 billion) and Mumbai ($2 billion). And in terms of sectors, eCommerce received the highest investment with $3 billion, followed by fintech at $ 2.37 billion, and edtech at $1.52 billion.
These numbers do not include the funds raised by Jio Platforms (Rs 1.52 lakh crore) in 2020. Also, the report noted that these numbers are early guidance, and there could be changes as more companies make announcements on funds received.
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