Startups

Start-ups in State raised $332 mn in Q2

Around 10 received angel investments

Around 10 received angel investments

Tamil Nadu-based start-ups have raised $332 million through 10 deals in the second quarter of 2021 (April-June).

During the same period last year, start-ups in the State attracted $14 million in private equity and venture capital in six deals, show data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations. But this quarter cannot be compared with the same period last year as the entire nation was under lockdown, and there was uncertainty across sectors.

In the first quarter of 2021, $510 million came through 10 deals. Some of the big deals that happened during the quarter ended June 30 are Star Health and Allied Insurance Company ($164 million), ChargeBee ($125 million), Detect Tech ($12 million), AgniKul Cosmos ($11 million) and Ki Mobility Solution ($11 million).

Around 10 start-ups received angel investments in the second quarter, compared with four deals during the same period in 2020. In May, SuperOps.ai, Rhapsody Music Education and Fabheads Automation got funded. Last month, Rocketlane, Grinntech Motors and Blaer Motors were some of the companies that got funding.

At the national level, private equity and venture capital investments rose 33% in the first six months of 2021 to $27.1 billion (442 deals), compared with $20.4 billion (433 deals) during the same period last year. Private equity and venture capital investments during the second quarter of 2021, at $14.3 billion through a total of 215 deals, registered a 12% quarter-on-quarter increase (compared with the $12.8 billion through 227 deals in the first quarter).

The first half of 2021 saw the creation of 16 Unicorns (venture capital-funded start-ups valued at $1 billion or more), 11 of which were minted in the second quarter. Overall, Unicorn start-ups in India attracted close to $5.1 billion in the second quarter of 2021.

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Source: https://www.thehindu.com/news/national/tamil-nadu/start-ups-in-state-raised-332-mn-in-q2/article35088881.ece

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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