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October 28, 2019 06:10 pm

Indian Tech Startups Have Raised a Record $11.3B This Year

With two months of 2019 still to go, Indian tech startups are already having their best year as a record amount of capital flows into the local ecosystem in a major rebound since the darkened funding environment of 2016. From a report: The unlisted tech startups in India have raised $11.3 billion this year, a substantial jump from last year's $10.5 billion fundraise, research firm Tracxn told TechCrunch. This year's fundraise, the largest sum for the local ecosystem in any year, further moves the nation's burgeoning startup space on a path of steady growth. Since 2016, when tech startups accumulated just $4.3 billion -- down from $7.9 billion the year before -- flow of capital has increased significantly in the ecosystem. In 2017, Indian startups raised $10.4 billion, according to Tracxn. Startups with consumer-facing offerings including financial services have attracted most of the venture capital this year -- about $8.2 billion, Tracxn said. Following that is retail startups that have bagged about $2.3 billion and those that offer enterprise services, with $1.5 billion. (There is some overlap of startups whose offerings fall under more than one category.)

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