In the midst of India’s election season, a team of tech entrepreneurs from across the country is making waves.
With funding from India’s Prime Minister Narendra Modi’s Cabinet and several other high profile companies, they’ve raised over $15.3 million in seed funding in a bid to help startups launch in the country.
And they’re all doing it in India, which is the country with the second largest population of Internet users in the world.
The funding is being funded by a variety of companies, including Snapdeal, the largest e-commerce marketplace in India.
The funding round, which was announced last week, is the largest single-stage venture investment in the Indian internet ecosystem since 2015.
The funds, which have raised over Rs 1,300 crore, are being invested in startups across sectors including technology, cloud computing, healthcare, digital products and services, payments, logistics, marketing, ecommerce and payments, says Snapdeal.
The companies are also targeting startups in Bengaluru, Hyderabad, Bengaluru and Pune, the company says.
According to the companies, the funding will enable them to expand their offerings in Bengalura, Bengalura’s largest city, and Hyderabad and Punes in Maharashtra.
It will also help them expand their existing services and expand their footprint.
They plan to use the funds to build an office in Bengalure.
This is the second time that Snapdeal has been part of the $15-million India Startup Series, which launched in 2015.
The company was one of the first companies to be part of this program, which has been a major factor in the growth of the Indian e-tail sector.
Last year, Snapdeal’s founders raised $5 million to fund a $10-million fund that was aimed at startups looking to grow their revenue and scale their business.
It is part of a larger fund set up by the government of India to support startup-focused companies in India’s fledgling internet sector.