Last week witnessed heightened funding activity in the Indian startup ecosystem with entrepreneurs successfully raising a total of nearly $400 million across 20 deals. Some of the notable startups that managed to secure significant capital infusions included OYO, Ather Energy and Neo Group.
Travel technology giant OYO finally closed its anticipated funding round fetching $175 million. The round was led by Ritesh Agarwal's Singapore based firm Patient Capital and also saw participation from J&A Partners and ASK Financial Holdings. While the large raise came as a relief for OYO after weeks of speculation, it is worth noting that the valuation was reportedly cut by 76% from its earlier $10 billion peak.
Electric vehicle manufacturer Ather Energy also had a good week as it raised $71 million in funding led by National Investment and Infrastructure Fund. This should help the Bengaluru based company strengthen its research & development as well as ramp up production.
In a large deal in the enterprise technology space, Neo Group secured $46.7 million from investors including MUFG Bank and Euclidean Capital. The capital is expected to aid Neo Group's plans to digitally transform enterprises and help them embrace emerging technologies.
Along with these big-ticket rounds, several other startups across sectors like fintech, healthcare, retail, logistics and clean technology also landed funding of varying sizes. The uptick in investment activity and successful fundraising efforts by Indian startups indicate growing interest from investors who continue to recognize the immense potential of the country's vibrant startup ecosystem.
