Investment into VC-backed Indian Tech companies topped $1B for the third straight quarter, reaching $1.36B in Q1’15, up 225% versus the same quarter a year prior.
While funding was down slightly versus Q4’14, deals reached a nine-quarter high, growing 60% vs. Q1’14 to 69.
Bangalore led all Indian cities in deal activity, due to the city’s booming early-stage activity. Mumbai was second in deals, and first in dollars among the top cities, as both Olacabs and FreeCharge call India’s most populous city home. One97 Communications, the parent company of mobile commerce platform Paytm was the biggest deal in Q1’15, raising $575M from Alibaba at a $2B valuation.
Sequoia Capital was the most active investor in India Tech in Q1’15. Sequoia participated in 3 of the 6 largest deals of the quarter to FreeCharge, CarDekho, and NewsHunt. Tiger Global Management was the second most active investor, with multiple early-stage deals to companies including Grofers, News in Shorts, and MoonFrog Labs, among others.
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