Sequoia, Tiger Global lead startup funding in Apr-Jun; fintechs attracted most funds: Nasscom report

Enterprise capital companies Sequoia Capital and Tiger Global led funding in Indian startups throughout April-June, with the fintech sector attracting many of the USD 6 billion (about Rs 47,870 crore) investments made throughout the quarter, trade physique Nasscom mentioned in a report. Fintech companies attracted about 26 per cent of the whole investments made throughout the quarter, adopted by media and leisure (19 per cent), enterprise tech (16 per cent), retail tech (9 per cent), edtech (8 per cent) and well being tech (5 per cent), in keeping with the report.

“Distinguished traders Sequoia Capital, Tiger International, Alpha wave and

have completed over 6 offers throughout sectors,” it added.

Out of Tiger International’s complete investments, 40 per cent have been within the fintech sector and 20 per cent within the enterprise expertise area. For Sequoia, enterprise expertise accounted for about 25 per cent of the funding, and monetary expertise (fintech) 20 per cent.

Round 60 per cent of the investments by Tiger International and Sequoia have been made within the development stage of the startups.

The April-June quarter noticed solely 4 unicorns — neobanking agency Open, SaaS platform LeadSquared, edtech start-up PhysicsWallah and on-line magnificence merchandise market Purplle.

Open turned the primary neobanking unicorn after elevating USD 50 million in Collection D funding from IIFL.

LeadSquared raised USD 153 million in Collection C funding from WestBridge Capital to turn into a unicorn, whereas PhysicsWallah raised USD 100 million in its Collection A funding from Westbridge and GSV Ventures. Purplle raised USD 34 million as a part of its Collection E funding spherical from Paramark Ventures.

The previous January-March interval had witnessed creation of 16 new unicorns, which dropped to solely 4 within the reporting quarter on account of decline in fund inflows into the Indian startup area, it added.

Funding in Indian tech startups fell by about 17 per cent to USD 6 billion in April-June 2022 owing to macroeconomic slowdown, in keeping with the report.

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