India got VC investments worth $10 bn last year, 7,000 new startups: report

Consumer tech and SaaS saw 'continued momentum' despite lockdowns to contain Covid-19, says report.

India got venture capital (VC) investments worth nearly $10 billion in 2020--the highest ever after 2019—when lockdowns to contain the spread of Covid-19 pulled down the economy, said a report on Wednesday. 

The "India Venture Capital Report 2021" said last year saw continued momentum in consumer tech and software as a service (SaaS). There was also significant fundraising activity with $3 billion raised by India-focused funds: a 40 per cent increase from 2019. This included marquee funds like Sequoia, Elevation Partners, Falcon Edge, and Lightspeed, which closed new funds for India investments despite the pandemic. 

"In terms of key sectors