Authors : Manohar Lal; Dr. Sanjay Thakur

Volume/Issue : Volume 11 - 2026, Issue 2 - February

Google Scholar : https://tinyurl.com/ykerxk2m

Scribd : https://tinyurl.com/ycmrbsp4

DOI : https://doi.org/10.38124/ijisrt/26feb1389

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : The early-stage startup funding is crucial for enabling innovation, market ready product for expansion and business scalability. The relationship and direct impact of various funding on revenue generation at various stages remains unclear especially in new emerging startup ecosystems. The current study examines the relationship between startup raised funding and their revenue generation among DPIIT registered startups in Himachal Pradesh using structural equation modelling (SEM). The data was collected for 172 DPIIT registered innovation driven startups. The study evaluates the direct and indirect effects of funding through mediating constructs such as financial resource capability, innovation capability, and market expansion capability. The analysis results shows that mostly startup funding has a positive direct effect on revenue generation, the indirect effect is higher through capability development. The analysis and findings support and provides important policy and ecosystem level implications for improving funding effectiveness in regions with emerging startup ecosystems.

Keywords : Startup, Funding, Revenue, DPIIT Startups, SEM, Startup Ecosystem, Emerging Startup Ecosystem

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