2 min read.Updated: 18 Oct 2021, 07:46 PM ISTLivemint
This comes as the recent PwC India report said that Indian startups received a record funding of USD 10.9 billion across 347 deals in the third quarter of 2021
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Chairman of RPG Group conglomerate Harsh Goenka took to Twitter on Monday to appreciate Indian startups, including Zomato and Zerodha, for building themselves from ground zero and providing value to the customers.
“Hats off to our startups Paytm, Zomato, Byjus, Ola, Zerodha, Oyo, Pharmeasy and so many - they have created value for their customers, their investors and so many jobs," wrote Goenka.
“Most importantly, they started from scratch. No inheritance, no backups. Just BLOOD SWEAT and TEARS! (sic)," he added.
Hats off to our startups Paytm, Zomato, Byjus, Ola, Zerodha, Oyo, Pharmeasy and so many - they have created value for their customers, their investors and so many jobs. Most importantly, they started from scratch. No inheritance, no backups. Just BLOOD SWEAT and TEARS!
Following this, some of his Twitter followers expressed their agreement to him.
“Important is that many of employees of @Flipkart,@BYJUS @zomato @pharmeasyapp @zerodhaonline @oyorooms @OlaElectric are millionaires today sir. In traditional jobs, employees reach to levels at fag end at salary , which many at young age with shares are getting," one Twiter user wrote.
Some other even reminded him of his earlier criticism of startups going for IPO and said that they are “glad" he acknowledges the success stories.
“I am glad you acknowledged , your earlier tweet was very critical about the startups for which I had said that our evaluation method should be based on value created rather than assets or simple traditional method of profits generated (sic)," wrote a person.
This comes as the recent PwC India report said that Indian startups received a record funding of USD 10.9 billion across 347 deals in the third quarter of 2021.
This is twice the amount of funding received in Q3 of the calendar year 2020 and an approximate increase of 41% compared to the second quarter of 2021.
An increase in funding activity was witnessed across all sectors in terms of value and volume.
However, FinTech, EdTech and SaaS are the top three hot investment sectors in the calendar year 2021 (CY21), together accounting for approximately 47% of the total funding activity, the report - Startup Perspectives - Q3 CY21 - said.
In the first three quarters of 2021, investments worth USD 4.6 billion in the FinTech space were recorded, which is an increase of approximately three times from USD 1.6 billion in 2020.
Investments worth USD 2.5 billion for 53 deals closed in the FinTech segment were recorded in the third quarter of CY21 alone across various stages of investment, it said.
Approximately 84% of the funding activity was driven by growth and late-stage deals. Around 61% of the total deal activity consisted of early-stage funding rounds for USD 1.6 billion – (average ticket size per round USD 4 million), the report said.
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