1. Indian startups continued to create value, wealth during pandemic: PMĀ Modi
Noting that the number of unicorns in India has reached the 100-mark, Prime Minister Narendra Modi on Sunday said that even during the Covid pandemic, Indiaās startups continued to create wealth and value.
In his monthly āMann ki Baatā radio broadcast, he said that on the fifth of this month the number of unicorns in India reached the 100-mark.
āOne unicorn means a startup of at least Rs 7,500 crore turnover. The total valuation of these unicorns is USD 330 billion, that is over Rs 25 lakh crore. Surely it is a matter of immense pride for every Indian,ā the prime minister said.
āYou will be amazed to know that out of the total unicorns, 44 unicorns were formed only last year. Not only that, in a span of three-four months this year, 14 unicorns were made. This means that even during the global pandemic our startups continued to create wealth and value,ā he said.
Modi said the average annual growth rate of Indian unicorns is more than that of the US, the UK and many other countries.
Indian startups continued to create value, wealth during pandemic: PM Modi
2. Google backs Indiaās ShareChat in $300 million funding round at $5 billion valuation
The parent company of Indiaās ShareChat has raised nearly $300 million in fresh funding from Alphabet Incās Google, media giant Times Group and Singaporeās Temasek Holdings, valuing the social media firm at nearly $5 billion, two sources involved in the deal discussions told Reuters.
Googleās investment in a bearish market for Indian start-ups shows the appetite for the short video sector and the start-upās investment thesis, one of the sources said. Indiaās tech startups, which raised a record $35 billion in new funds in 2021, have been struggling to raise funds as corporate governance concerns loom large for investors facing a new uncertainty in global markets.
Short video apps like Moj and Josh shot up in popularity after India in 2020 banned ByteDanceās TikTok and some other Chinese apps following a border clash with China.
Google backs India's ShareChat in $300 million funding round at $5 billion valuation
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