Venture capital funding in India reaches $1.44 billion during third quarter

Venture capital funding in India followed the global trend and reached a high of $1.44 billion during the third quarter of calendar year 2021, according to KPMG.

There were 496 deals during the July-September quarter, up from 376 during the previous quarter. The deal value during the third quarter was 113 per cent higher compared with the second quarter (April-June) of 2021, where the amount was $6.7 billion.

According to KPMG’s Venture Pulse report, in addition to substantial raises by Flipkart and Byju of $3.6 billion and $1.7 billion, respectively, both PharmEasy and Ola raised $500 million during the quarter. The country saw nine new unicorns during the quarter including fintechs BharatPe and CoinDCX and edtechs UpGrad and Eruditus.