Startups in Pune reach peak funding of USD 1.5 billion in 8 years

Pune, Mar 19 (KNN) From 2014 to 2021, startups in Pune have received a massive funding of 1.5 billion dollars, as per a study. 

This was mapped by the Centre for Innovation Incubation and Enterprise (CIIE) at the Savitribai Phule Pune University. 

The Institute tracked the investment and progress in these startups in a study titled ‘Investor sentiments and emergence of Tier II city - Pune as a startup destination’. 

“Average deal size rose just 1.5 times from 7.83 million dollars in 2014 to 10.75 million dollars in 2021, but the amount of investment has gone up from 15.7 million dollars to 1.5 billion dollars in 2021,” revealed the report. 

The study found that investor sentiment was high in the pandemic, especially in the second half of the year.

It has been reported that startup funding that was limited to Bengaluru, Mumbai and Delhi/NCR has spread to eight cities including Hyderabad, Chennai, Pune, Jaipur and Ahmedabad. 

Head of CIIE, Apoorva Palkar, said that Pune has its own share of unicorns namely Firstcry, Druva, Icertis and Mindtickle. 

Palkar said that the newly added tier II cities offered a huge potential for growth and opportunity that is untapped.  (KNN Bureau)