Pune has bucked the funding slowdown and is one of the few startup hubs in India to buck the funding slowdown.
In Maharashtra too, Pune has seen a 69% annual increase in startup funding deals and a jump of 35% in funding value with $52.5 million raised across 59 deals in 2016, according to VCCEdge Funding Insights focused on Startup Funding in Maharashtra.
Startup funding in Maharashtra during the same time was down 22% . Mumbai and Pune continue to be epicenters of startup funding in Maharashtra in 2016 cornering 96% of number of deals and 99% of deal value, says VCCEdge.
In 2016, the state witnessed 219 funding deals worth $285 million as against 282 funding deals amounting to $496 million in 2015, a drop of 22.3% in the number of deals and 42.4% in terms of deal value, says the VCCEdge report.
Angel/ seed funding of startups in Maharashtra as a percentage of total number of deals has touched a five year high of 80% in 2016. Deal value of angel/seed investments is up 11.5% from 2015.
Mumbai cornered $232 million worth of funding from 151 deals in 2016; falling from 233 deals amounting to $418 million in 2015.
Pune showed an annual 69% increase in startup funding deals and a jump of 35% in funding value with
$ 52.5 million raised by startups across 59 deals; thereby being one of the few startup hubs in India to buck the funding slowdown.
Maharashtra-based startups received $1,312 million across 866 deals (angel/seed, Series A, Series B) in the last five years. There has been a rise of angel/ seed investing in Maharashtra in 2016 and the contribution of angel/ seed funding of startups in the state to total number of deals has touched a five year high of 80% in 2016 with 175 angel/ seed funding deals amounting of $ 76.23 million, a 9% drop in number of deals but a 11.5% increase in deal value y-o-y.
According the to the VCCEdge, fintech and foodtech startups in the state continued to rake in maximum investor interest in 2016. Fintech startups cornered $ 27.55 million funding from 15 deals while foodtech startups came second with $16.5 million raised from 9 funding deals.