Startup funding crosses $10 billion in Q1; 14 unicorns created: report

New Delhi: The startup ecosystem has created 14 unicorns in the first three months of 2022, and for the third consecutive quarter, they have received over USD 10 billion in 334 funding deals, says an industry report.

According to a report by PwC India, with the creation of 14 more unicorns, the total number of startups with a valuation of over USD 1 billion in the country now stands at 84.

This is the third consecutive quarter ending March 2022 when fund inflows into the domestic start-up ecosystem exceeded USD 10 billion in fresh funding. 14 startups have become unicorns in the quarter, the report said, adding that total fund inflows in Q1 are USD 10.8 billion.

According to the agency, the maximum amount of money flowed into software-as-a-service (SaaS) companies, which generated more than USD 3.5 billion in the quarter.

Unicorns continued to grow with 14 startups achieving coveted status in the first quarter, with the SaaS sector accounting for the largest share of five unicorn-creators.

Amit Navka, Leader of Startups in Consultancy, told PTI that despite the uncertainties in the global economic environment, domestic startups continue to attract capital, especially in the growth capital phase.

He further added that as more startups mature, the conversation about corporate governance is now becoming mainstream and it will become important for startups to create a corporate governance roadmap that is in line with organizational development aspirations.

The amount of investment in the SaaS ecosystem has tripled in the past three years, he said, adding to the pandemic that has fueled this ecosystem globally, given the growing importance of remote working, productivity and overall digital transformation. .

In the past year, 15 SaaS businesses have entered the unicorn category in the country including Darwinbox, Fractal, Unifor, Hasura and Amagi Media Labs.

With Freshworks’ blockbuster listing on the Nasdaq due in late 2021, mature SaaS players are increasingly considering a public listing, he said.

The start-up ecosystem saw around 80 M&A transactions in the first quarter, mainly driven by roll-up e-commerce companies. And Curefoods, Mensa Brands, GlobalBees and MyGlamm, which have M&As as their core business strategy, remained top acquirers in Q1 as well, and Upscalio and Evenflow are other rolled-up e-commerce companies that have joined this bandwagon.

38 percent of M&As in Q1 were in the e-commerce and direct-to-consumer space and 22 percent of deals are in the SaaS space. Read also: WhatsApp’s new feature to make it easier to share or download large-sized documents; This way

Growth- and late-stage start-ups provided 89 percent of funding in Q1 in terms of value, representing 44 percent of total deals in volume. Growth-stage funding over the past three quarters totaled US$6.5–7 billion, with an average ticket size of US$55–70 million, while early-stage funding inflows of approximately US$761 million, with an average ticket size of US$4 million was dollars. 55 per cent of the volume, he said. Read also: Refurbished iPhone, Android smartphones are up to 76 percent off on Flipkart; check details

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