1947 Tech Newsletter 🇮🇳

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1947 Tech 🇮🇳: 194

1947tech.substack.com

1947 Tech 🇮🇳: 194

A lot is happening in India!

shiva singh sangwan
Apr 21, 2022
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1947 Tech 🇮🇳: 194

1947tech.substack.com

1. Global investors boost investments in Indian Web3 startups

India’s thriving ecosystem of 4 million developers, experienced tech operators, and a well-knit web3 community seem to have caught the attention of global investors, who have committed to invest millions of dollars in Indian web3 start-ups.

Last week, venture arm of Coinbase (American cryptocurrency exchange), Coinbase Ventures along with Buidlers Tribe announced a startup pitch session for Indian web3 companies and has allocated a prize pool of upto $1 million for winners. This was closely followed by UAE-based VC firm, Cypher Capital allocating 40 per cent of its $100 million blockchain fund to invest in Indian crypto and blockchain startups.

Similarly, US-based investment firm General Catalyst said it is bullish on India and noted Web3 as one of its focus investment areas. Speaking to BusinessLine about the growing interest of global investors, Vaas Bhaskar, Principal at Elevation Capital said, “the Indian engineering talent pool is among the largest in the world (4–5 million developers) and a growing number of them are transitioning to Web3. Further, India also has a large number of tech operators with deep expertise across domains needed to build large global companies along with a rapidly developing ecosystem and a well-knit Web3 community.”

Global investors boost investments in Indian Web3 startups

2. Funding for Indian SaaS to rise 62.5% to $6.5 billion this year: report

Indian Software-as-a-Service (SaaS) startups are expected to grow at a compounded annual growth rate (CAGR) of 55–70% to clock overall revenue of $116 billion by 2026, venture capital firm Chiratae and management consultancy Zinnov said in a report.

According to the report, titled ‘India SaaS: Punching through the global pecking order’, overall funding for Indian SaaS startups is expected to touch $6.5 billion this year, from $4 billion in 2021 — an increase of 62.5%.

Of the 14 startups that turned unicorns in the first quarter of 2022, five were SaaS companies.

These are HR software provider DarwinBox, analytics company Fractal, Uniphore, cloud broadcasting software company Amagi Media Labs, and developer tools platform Hasura.

Funding for Indian SaaS to rise 62.5% to $6.5 billion this year: report

A few tweets

Twitter avatar for @amitabhk87
Amitabh Kant @amitabhk87
India will have 250 unicorns by 2025 - Iron Pillar’s Tech Unicorn Report. India has 129 Unicorns of which 100 were added from Jan 2019 generating a value of $535 billion. Unicorns from India include 58 global Cloud Cos,59 B2C & 13 B2B Companies.
1:15 AM ∙ Apr 20, 2022
3,495Likes626Retweets

Twitter avatar for @akothari
Akshay Kothari @akothari
Indian startups are now outsourcing development work to people/firms outside India. It took me days to fully digest this...
5:35 AM ∙ Apr 21, 2022
4,113Likes381Retweets

Worth your attention:

  1. Cricket NFT platform Rario raises $120 million led by Dream Capital Link

  2. Lenskart all set to close $250 million round Link

  3. Neobank Fi finalizing funding at $700 million valuation Link

  4. TPG-backed FirstCry nears $700 million IPO filing Link

  5. Exclusive: Medikabazaar Funding — Medikabazaar raises $65 million in funding led by Lighthouse… Link

  6. Pine Labs picks up majority stake in Mosambee, to bolster offline payments play Link

  7. India’s Meesho likely to postpone new funding amid market uncertainty Link

  8. Indian investors alarmed as crypto exchanges block transfer network Link

  9. Swiggy and Zomato, food delivery rivals in India, back UrbanPiper in $24 million funding Link

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)

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