India got VC investments worth $10 bn last year, 7,000 new startups: report

India got venture capital (VC) investments worth nearly $10 billion in 2020–the highest ever after 2019—when lockdowns to contain the spread of Covid-19 pulled down the economy, said a report on Wednesday.

The “India Venture Capital Report 2021” said last year saw continued momentum in consumer tech and software as a service (SaaS). There was also significant fundraising activity with $3 billion raised by India-focused funds: a 40 per cent increase from 2019. This included marquee funds like Sequoia, Elevation Partners, Falcon Edge, and Lightspeed, which closed new funds for India investments despite the pandemic.