|
|
|
Women-founded tech startups see funding drop 24%
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 29 Oct, 2020
Amid Covid-19, funding for women-founded and co-founded startups in
India fell 24 per cent to $280 million in the first half of this year,
compared to $369 million in the same period last year, said a new report
on Thursday.
In H1 2020, funding declined across all three
stages -- early, growth, and late -- compared to H1 2019, said the
report by MAKERS India, a strategic partnership between Verizon Media
and YourStory Media.
Many women-led startups scaled down their
operations or pivoted their business models to stay afloat amid the
pandemic, said the report titled "State of Women in Tech
Entrepreneurship in India 2020".
Women behind some apparel startups branched out to manufacturing protective face masks and PPE kits.
However,
despite Covid-19, startups with at least one woman founder were able to
secure 71 funding deals in H1 2020, at par with H1 2019 (70 deals) and
H1 2018 (70 deals).
The report is based on in-depth interviews
with 100 women tech entrepreneurs across sectors and cities in India,
independent research and analysis of data for the period between January
2018 and June 2020.
The research showed that there has been a
phenomenal "11X increase" in the number of women entrepreneurs in tech
in the last decade (2010- 2020).
Female-founded and co-founded tech startups in India currently stand at 285, it said.
Between
1990 and 2010, only 26 startups had at least one woman founder.
However, 75 startups added at least one woman founder by 2014 and 184
more by 2019.
The total funding raised by tech startups led by
women founders only remains minuscule -- just 1.43 per cent ($480
million) across 80 deals between January 2018 and June 2020, said the
report.
During the same period, funding raised by startups with
at least one woman founder accounted for only 5.77 per cent ($1.69
billion) across 378 deals of the total funding.
However, women
entrepreneurs in tech are exploring offbeat, and male dominated sectors
such as automotive, cleantech, hyperlocal, SaaS, PaaS, spacetech, sports
and online gaming.
This trend has grown through the Covid pandemic, with investors testing the waters in niche areas.
While
fintech and financial services are sectors that raised the highest
amount in funding and saw the most number of deals by women
entrepreneurs between January 2018 and June 2020, edtech was a top
gainer in terms of funding in H1 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|