Atlassian is an Australian Venture fund that has been recently looking forward to investing in Indian Startups. The Fund has big companies like General Motors and NASA as its customers. The Venture fund has a size of $50 Mn which it plans to use to tap into the Indian Startup ecosystem. The firm is also planning to open its headquarters in Bengaluru and also expand its research.
Reach and plans of Atlassian
Atlassian is an Australian based software firm that has high hopes about the Indian Startup ecosystem. It believes that India has a rich talent pool and plans to use that and the $50 Mn fund to build products for its ecosystem. To help in the same, the firm also plans to build its own research and development centre in Bengaluru.
Talking about the scope of the fund, Dinesh Ajmera, site lead and head of engineering at Atlassian Bengaluru, “With India’s cloud market among the largest in the Asia Pacific region, we believe this fund will be an ideal opportunity for up-and-coming startups in India to access funding when building apps for our cloud products”.
The firm its press release commented on the type of startups it is planning to invest in. With over 4,200 apps on the internet and more than 174k customers, Atlassian has a huge reach with a variety of products. It said that startups that are willing to build apps for the Atlassian cloud and also help in scaling up their business will be funded by the firm. The investment made by them will be targeted towards Series A round and onwards.
Growth of Indian Startups
Between 2015-2020, there were over 55k startups launched in India. And the total funding raised by the best 3,200 of them amounted to $63 billion. In recent times with the adoption of technology, and the arrival of new firms, the funding seems to be increasing even more.
The pandemic has affected the growth of Indian Startups but slowly the market has been recovering. Some sectors like the deeptech have received much fewer investments in 2020 than in 2019 which is most probably due to the pandemic too.
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