Food and logistics startups raised significant funding last year as the pandemic spurred a surge in demand for online delivery of fresh and ready-to-eat food and quick logistics service. Funding in food tech startups such as Licious, FreshtoHome,Zomato and Swiggy more than doubled to $1.3 billion in 2020 from $619 million in 2019, according to Venture Intelligence data. Logistics startups like Delhivery and Ecom Express raised $965 million last year. Though lower than the $1.1 billion in 2019, they are expected to continue to draw investors.
Edtech mopped up $2.1 billion, the highest of all sectors, against $426 million in 2019, largely led by Byju’s, which raised over $1.25 billion. However, e-commerce, which typically bags the bulk of funding, saw a dip in 2020, raising only $779 million-less than a fourth of the $3.3 billion raised in 2019. This, in spite of the fact that the sector became highly competitive with aggressive strategies from giants such as Amazon, Flipkart, Myntra and Snapdeal.
Courtesyg: Google (photo)
