1947 Tech 🇮🇳: 139
Founders backing founders, India’s booming app economy, Licious, Fireside Ventures, Reliance and Future deal and more!
1. Kunal Shah, Deepak Abbott, and more invest $1 M in ex-Paytm execs founded Junio
A typical way a tech hub develops is this — founders and early employees get rich in an exit and start investing in their friends and co-workers.
Indian ecosystem has certainly reached its inflection point.
Junio, a children-focussed fintech startup, has raised $1 million angel funding led by Kunal Shah of CRED, Ashneer Grover of Bharat Pe, Yashish Dahiya of PolicyBazaar, Pravin Jadhav of First Cheque, Deepak Abbot of IndiaGold, and Amit Lakhotia, of Park+.
The above-mentioned investors are either founders or were early employees of some of the largest tech companies in India.
Founders and early employees investing in their friends and co-workers is becoming a norm in India.
2. India accounts for 14% of global app installs: InMobi
With the covid-led massive shift to online content, India’s digital economy entered its next phase of growth, accounting for around 14% of global app downloads — four-times higher than the global average, said a recent report by digital marketing firm InMobi.
After India imposed the lockdown on 25 March, mobile usage saw a 20% rise over the next three months. Indians on an average spent nearly 4.8 hours on a device every day in 2020, beating the global average of 4.2 hours.
Worth your attention:
Paytm, PolicyBazaar parent among 6 startups looking at global listing link
Fireside Ventures raises $118 million for second fund link
28 non-official members nominated to startup council link
India to permanently ban 59 Chinese apps, including TikTok link
Antler to deploy $100 million in Indian startups link
Licious eyes $80 million in funding at $800 million valuation link
Zomato set to close $500 million pre-IPO funding round link
AI-startup AlphaICs raises $8 million in Series B funding link
Indian stock exchanges approve $3.4B Reliance and Future deal in setback for Amazon link
Cred founder Kunal Shah backs Carl Pei’s upcoming venture link