1947 Tech 🇮🇳: 174

IPOs & crypto!

1. India comes second in unicorn race in Q3

India added close to 10 unicorns in Q3, versus seven by China and Hong Kong, and four each by the UK and Canada, signalling the rapid pace of investment activity.

However, the US continued to lead the chart by a distance, adding close to 68 unicorns in the September quarter.

The quarter also saw Indian startups raise $10.9 billion across 347 deals; the first time investments in Indian startups have crossed more than $10 billion in a quarter, PwC said.

As per industry estimates, Indian startups have raised more than $24 billion in the first three quarters of 2021.

India comes second in unicorn race in Q3

2. Funding spree continues for local crypto companies

Investors are lining up for companies in the Indian cryptocurrency and blockchain industry.

The total risk funding in domestic crypto and blockchain startups shot up to $587.16 million as of October 17 this year, compared to $37 million in the previous year, the highest ever, according to data shared with ET by industry tracker Tracxn.

The bulk of the capital has come from international investors eager to cash in on India’s large customer base as they backed companies with significant traction, industry players said.

Crypto exchange platforms CoinDCX and Coinswitch Kuber — the two new crypto unicorns in India — have alone raked in almost 60% of the capital raised this year.

Indian investors are also starting to formulate plans for dedicated crypto funds and experiment with some investments. Industry sources said a few VCs are in the process of setting up India-focussed blockchain and crypto funds that will have a corpus size of $15-$50 million.

Funding spree continues for local crypto companies

A podcast:

Shiva Singh Sangwan @shivassangwan

1947 Rise 008 ☀️ I had a delightful time unpacking Abhi Kumar's (@abhivoice) fascinating journey. Abhi through @M12vc has been helping Indian startups go global. Learn about his journey so far and his work through M12.

anchor.fm8: Abhi Kumar (M12) by 1947 RiseAbhi Kumar heads M12 Asia, the venture arm of Microsoft. He leads series A-C venture equity investments for M12 in Asia (ex China), partnering with stellar entrepreneurs and teams to help amplify their growth. Develop the brand, ecosystem partnerships & peer engagement for M12 across APAC. SHOW NOTE…

Worth your attention:

1. Cred closes $251 million fresh fundraise at a valuation of $4 bn Link

2. CarDekho drives into unicorn club after $250 mn fundraise Link

3. PolicyBazaar’s parent firm gets Sebi nod for Rs 6,017 crore IPO Link

4. Nykaa gets Sebi’s nod for IPO, to file updated DRHP today with bigger primary issue Link

5. Exclusive: Pristyn Care in talks to close new round at over $1.2 billion valuation Link

6. PharmEasy closes pre-IPO funding round at $5.6 billion valuation Link

7. Indian startups raise $10 billion in a quarter for the first time, report says Link

8. Exclusive: NoBroker in talks to raise $100 Mn in a new round Link

9. Exclusive: CityMall in talks to corner around $70 Mn in new fundraise Link

10. Mattress maker Duroflex raises $60 million from Norwest Link

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