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The figures are remarkable for many reasons, the most obvious being that startups are finding it difficult to raise capital at a time when most top tier funds in India — Sequoia India and Southeast Asia, Lightspeed Venture Partners, Accel, Elevation Capital, Matrix Partners India — have raised record large funds this year.
Indian startups that had set up overseas holding companies or were considering merging with blank-cheque companies to explore foreign listings are reversing their strategies and considering local public offers.
MoS Rajeev Chandrasekhar told Hindustan Times that the Indian government would share anonymized data sets collected and harmonized under the National Data Governance Framework with Indian startups and researchers to innovate systems and create better policy solutions.
The firm invested $270K in each of the startups out of the Residency platform. The investments include Sangti, a carbon management platform; Guardians, a medical emergency response platform; and Motif.
Singh also said that the reforms in the space industry have unleashed the innovative potential of startups. From a couple of startups in the spactech domain four years back, the ecosystem has seen the emergence of 102 startups across areas such as space debris management, nano satellite, launch vehicle, ground systems, research, among others, he added.
With listed startups being battered at the stock markets, the ones that were planning to go public seem to be developing cold feet. Wearables company BoAt has become the latest Indian startup to withdraw its IPO plans. BoAt has formally withdrawn its DRHP, which it had filed in January this year. BoAT had received a go-ahead from SEBI for the IPO in May. But the company now has withdrawn its IPO application.