India’s Fund of Funds for Startups (FFS) scheme, in partnership with Alternative Investment Funds (AIFs), has facilitated the emergence of 18 unicorn startups, as per a recent government impact study. Over the past nine years, FFS has engaged with 129 AIFs, committing a corpus of Rs. 10,229 crores across various segments. These investments have catalyzed Rs. 17,534 crores in funding for 969 unique startups, mobilizing over Rs. 75,000 crores in domestic capital. Notably, investments in Tier 2 and Tier 3 cities have surged, fostering growth beyond urban hubs. Moreover, FFS has boosted industry-wide deal activity, particularly in healthcare and agriculture sectors, showcasing its significant role in promoting startup ecosystems nationwide. Additionally, FFS has supported first-time investment managers and enhanced corporate governance practices, solidifying its status as a cornerstone of startup funding in India.
India experienced a surge in women-led tech startups, with over 8,000 ventures raising nearly $23 billion, reveals a Tracxn report. These startups capture 14.8 percent of total funding, showcasing women’s growing prominence in innovation. Delhi-NCR hosts over 2,300 women-led firms, while Bengaluru attracts $9.5 billion in funding. Tier-II cities like Jaipur and Indore show promise, expanding women entrepreneurship geographically. Despite challenges, women entrepreneurs constitute over 18 percent of tech startups. Funding peaked at $6.5 billion in 2021 but faced setbacks in 2023. Women-led startups excel in various sectors, from B2C e-commerce to SaaS. Investors like LetsVenture and Venture Catalysts actively support them. IPOs of Honasa Consumer, Yatra Online, and Appetite Food underscore their market success. Lawsikho’s IPO debut in 2024 highlights women entrepreneurs’ resilience and potential in India’s startup landscape.
29 students affiliated with the IIT Madras startup ‘Melvano’ achieved exceptional scores exceeding the 99 percentile in the JEE Main 2024 Session 1. K Vignesh led the pack with a remarkable 99.89 percentile, followed closely by Sanjay Bishnoi, Soumyaneel Mukherjee, Rehan Farishta, and Rohit Kumar. Over 80 Melvano students scored at or above the 98 percentile, earning cash rewards for their achievements. Melvano, incubated at Nirmaan, IIT Madras, utilizes Artificial Intelligence to enhance exam preparation by focusing on weak areas. With Rs 4 crores in seed funding from Angel Investors, Melvano aims to revolutionize exam practice with its AI-driven Question Bank. In the NTA JEE Mains 2024 exam, 12,25,529 students participated, highlighting the growing significance of startups in educational innovation.
GenAI startup Ema, founded by former Google employees Souvik Sen and Surojit Chatterjee, raised $25 million in funding led by Accel, Prosus, and Section 32. Prominent backers include Sheryl Sandberg and Jerry Yang. Ema offers Enterprise Machine Assistant, enabling businesses to build generative AI personas and applications for automation and productivity. The funds will fuel R&D, product enhancements, and go-to-market efforts. With a workforce of 30 across India and the US, Ema aims to streamline enterprise processes by leveraging AI to engage in conversations, comprehend context, and make informed decisions.
Edtech startup MyCaptain recently secured Rs. 14 crore in funding from investors, including Inflection Point Ventures, MyNavi, and Ankur Capital. This follows a previous $3 million pre-Series-A round led by Ankur Capital. The capital will fuel expansion plans, establishing regional sales centers and introducing new courses. Founded by Mohammed Zeeshan, Sameer Ramesh, and Ruhan Naqash, MyCaptain offers live cohort-based courses connecting students with industry professionals. With over 20,000 enrollments and projected revenue of Rs 31 crore for FY23-24, MyCaptain aims for 50,000 yearly enrollments and Rs 100 crore bookings by FY25-26, fostering career growth across diverse fields.
