Two Indian cities have made it to the top 20 cities that attracted the most venture capital in high tech startups, according to a new report. Mumbai was placed at No. 15 with $ 497 million of venture capital raised, followed closely by Bangalore at no. 17 with $ 419 million raised. Predictably, San Francisco occupied the top spot with over $ 6 billion raised.
However, clearing the air and dismissing the possibility of an acquisition by either of the global companies, InMobi founder and CEO, Naveen Tewari, an ex McKinsey Consultant and Wharton alumni, has finally spoken up. In an interview with ET, Tewari states that there is no acquisition is on the cards and that the company will look to release an IPO as the only way.
Zomato is on course to double its revenue in the fiscal year ending March 31st. The company is also all set to become break even at the operational level – meaning it won’t make losses anymore on individual orders – by mid 2016. Zomato will be the first of the Indian unicorns to reach the milestone.
Madhya Pradesh isn’t a name that immediately springs to mind when you think of locations for tech startups. India’s tech scene usually has engineering offices in the startup hubs of Bangalore or Delhi, and prefers keeping its backend offices in close vicinity. But Paytm, India’s payments and e-commerce giant, is venturing into uncharted territory by setting up a center in Jabalpur.