Indian Startups raised $12 bn in the First Quarter of this year

According to a report, Indian startups raised around $12 bn in the first quarter of this year. It is a significant growth in the amount of funding by Indian startups as last year they managed to receive only $4 billion in the same quarter. As per the data tracking platform Fintrackr, in the first quarter of this year, 528 startups, including 324 in their early stage and 123 in their growth stage, have announced their funding rounds which are worth $12.06 billion. Leading startups publications informed that India in December had 82 unicorns with total funding of over $38.4 billion. According to the Hurun Research Institute, India is the third-largest startup ecosystem in the world this year only behind the United States of America, and China. Another report claims that because of the boost in funding, India is likely to have 100 Unicorns by the end of this year. In the last five years, the number of software-as-a-service (SaaS) firms have doubled in India and by the year 2025 are expected to reach $30 billion in revenue