Page 55 - Banking Finance March 2023

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Startup funding surges beyond hubs VC firm Inflection Point Ventures (IPV), which clocked the
largest number of early-stage deals in 2022, said that
The year 2022 was when the startup world's shine began
technology simplified access to entrepreneurs and ideas
to wear off as macroeconomic factors slowed consumer
across the country. "2022 showed that, as investors, we
spending. It was also when some new contender cities made
need to get out of the FOMO mentality - ideas and fiscal
their way onto the startup hub charts, and these are
discipline are more important than where founders come
expected to grow their share in coming years.
from," IPV founder & CEO Vinay Bansal said.
While in terms of absolute values, the usual suspects -
Arali Ventures managing partner Arun Raghavan said that
Bangalore, Delhi and Mumbai -continued to top the table
as the market matures, support ecosystems for startups take
in 2022, these cities recorded a decline in total investment
shape in places beyond the usual hubs. "The access to entry-
raised by startups on a year-on-year basis. Chennai,
level talent is also better and cheaper in smaller cities," he
Hyderabad and Pune emerged as top gainers in terms of
added.
deal value.
Research firm Tracxn's data also showed that Pune, Chennai
Data sourced from research firm Venture Intelligence and Hyderabad have grown their share of funding and saw
showed that Chennai and Hyderabad were the big-gest hectic unicorn activity in 2022. Three startups turned
gainers (see graphic). Experts told TOI this is likely due to unicorns this year from Pune, two from Chennai, and one
B2B and enterprise tech emerging as top picks in a difficult from Hyderabad, Tracxn co-founder Neha Singh said.
funding environment, and investors getting selective with
deploying dry powder to more economically solid Ideaspring Capital managing partner Naganand Doraswamy
companies. Investors noted that their portfolio today is more said that 2021 was perhaps an anomaly and a "year of
diverse with successful bets made on founders from Jaipur, irrational exuberance", thus making 2022 a funding
Surat, Coimbatore and other non-metros. Investors said winter in comparison. "But learnings like ensuring
there is a drive among entrepreneurs from these cities, and profitability, being frugal and achieving unit economics are
the DNA of these founders is mostly about setting up an key lessons from 2022, and will be taken forward for 2-3
efficient, profitable business and they are, by nature, frugal. years," he said.

FORM IV (SEE RULE 8)
1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13/1A, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sashi Prabha Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name Rr. Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own the Sashi Prabha Agarwala
newspaper and partners or shareholders holding Director, Sashi Publications Pvt. Ltd.
more than one percent of the total capital 25/1, Baranashi Ghosh Street, Kolkata - 700 007-

BANKING FINANCE | MARCH | 2023 | 49