Startups in India raise over $97 million in election result week
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The Indian startup ecosystem, the world’s third largest, saw $97.3 million in funding across 10 deals this week as Lok Sabha election results were declared, paving the way for the BJP-led NDA to return to power.
The fintech sector led the overall startup funding. Digital lending platform Fibe secured $90 million ($65.5 million in primary capital and the rest via secondary transactions) led by TR Capital, Trifecta Capital and Amara Partners.
Akshay Mehrotra, Co-founder and CEO, Fibe, said with this capital injection, the startup is set to expand its reach, strengthen technological infrastructure and deepen its impact across the country.
Artificial Intelligence (AI)-driven, low-code test automation platform Testsigma raised $8.2 million in funding led by MassMutual Ventures. It had earlier raised $4.6 million led by VC firm Accel.
Another AI-driven sales prospecting platform Clodura.AI raised $2 million led by the Bharat Innovation Fund with additional backing from Malpani Ventures.
The funding will help the startup further develop its AI capabilities and expand its user base.
Apart from primary startup funding, leading eyewear retailer Lenskart raised $200 million in secondary investment from global investment firms Temasek and Fidelity Management and Research Company (FMR).
With this funding, Lenskart’s market valuation has touched $5 billion.
