Major investors Sequoia Capital, Tiger Global, Alpha Wave and
Have done more than 6 deals in different sectors.”
Of Tiger Global’s total investments, 40 percent were in the fintech sector and 20 percent in the enterprise technology sector. For Sequoia, venture technology accounted for about 25 percent of the funding and 20 percent of fintech (fintech).
About 60 percent of the investments by Tiger Global and Sequoia were in the development stage of the startups.
The April-June quarter saw only four unicorns – neobanking firm Open, SaaS platform LeadSquare, edtech start-up Physicswala and online beauty products marketplace Purple.
Open becomes the first Neobanking Unicorn after raising USD 50 million in Series D funding from IIFL.
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LeadSquare raised US$153 million in Series C funding from Westbridge Capital to become Unicorn, while Physicswala raised US$100 million in Series A funding from Westbridge and GSV Ventures. Purple raised USD 34 million from Paramark Ventures as part of its Series E funding round.
Earlier, 16 new unicorns were created in the January-March period, which declined to just four in the reporting quarter due to declining fund inflows into the Indian startup space.
According to the report, investments in Indian tech startups fell nearly 17 per cent to USD 6 billion in April-June 2022 due to the macroeconomic slowdown.