After a week of record-breaking investment, August ended on a quieter note with $341 Mn in startup funding. Following a surge in the third week of August, investment levels saw a significant decline in the fourth week. 

Between August 28 and September 2, Indian startups collectively secured $52 Mn across 12 deals — a 77.4% drop compared to the $231 Mn raised in the previous week, which also marked the emergence of a new unicorn after an 11-month hiatus. 

Funding Galore: Indian Startup Funding Of The Week [Aug 28 – Sept 2]

Key Startup Funding Highlights Of The Week

• Healthtech startup MediBuddy raised an additional funding of $18 Mn from its existing investors for strategic acquisitions, making it the biggest fundraise of the week.
• Boosted by Medibuddy’s investment, the healthtech sector emerged as the most funded this week, securing $18.5 Mn across two deals.
• Fintech and  enterprisetech were the front-runners with the highest deal count, securing $12.2 Mn and $4.5 Mn respectively across three deals each
• After a record seed funding of $14 Mn last week, this week, five early stage funding deals were recorded.

Other Major Developments From This Week

• The Indian government under the Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) will provide a grant of up to INR 50 Lakh to startups to promote technical textiles in the country.
• Venture capital (VC) firm gradCapital launched its second fund with a total size of $6 Mn to invest in student startups. 

The post From MediBuddy To SatSure — Indian Startups Raised $52 Mn This Week appeared first on Inc42 Media.

The startup ecosystem in India has experienced a significant funding resurgence this week, following its lowest weekly funding levels since 2020. 

From August 21 to 26, Indian startups collectively secured $231 Mn across 16 deals, marking a staggering 5,151% increase compared to the previous week’s modest $4.4 Mn raised over seven deals. 

This week also put an end to an 11-month dry spell without a new unicorn, as Zepto secured $200 Mn in a Series E round, becoming the first startup of 2023 to achieve a billion-dollar valuation. We had previously reported that Zepto was on track to enter the exclusive unicorn club last month.

Funding Galore: Indian Startup Funding Of The Week [Aug 21 – Aug 26]

Key Startup Funding Highlights Of The Week

• Quick commerce startup Zepto raised $200 Mn in a Series E round from StepStone Group, Goodwater Capital, making it the biggest fundraise of this week.
• This week, the consumer services sector secured $200 Mn in funding across two deals, making it the most funded sector. 
• Ecommerce emerged as the frontrunner with the highest deal count, securing $13.1 Mn across five deals.
• After recording a low of $1.9 M in seed funding the seed funding rose to $14 Mn.
• This week, Nexus Venture Partners was the busiest investor as it participated in two deals. 

Other Major Developments From This Week

• Tata-owned watchmaking giant Titan acquired an additional 27.18% stake in omnichannel jewellery startup CaratLane for a sum of INR 4,621 Cr, thus valuing the startup at around $2 Bn. This acquisition will result in Caratlane employees receiving INR 340 Cr to INR 380 Cr from ESOP buyback.
• Bengaluru-based early stage VC – Veda VC announced the first close of its INR 250 Cr fund led by family offices and startup CXOs. It will invest in technology and tech-enabled startups.
• Japan’s SoftBank has sold INR 435 Cr worth of its stakes in FirstCry to Manipal Group’s Ranjan Pai’s MEMG Family Office, Marico’s Harsh Mariwala’s investment office Sharrp Ventures and the DSP family office of Hemendra Kothari. 
• Westbridge Capital picked majority stake in digital investment platform FundsIndia for an undisclosed amount.
• According to media reports, PharmEasy is raising INR 3,500 Cr through a rights issue to repay a large portion of its debt to Goldman Sachs.
• Qatar Investment Authority is investing INR 8,278 Cr ($1 Bn) into Reliance Retail Ventures Limited (RRVL) for 0.99% stake.
• Ahead of IPO, Mamaearth is raising about $120 Mn – $150 Mn in a new funding round at a valuation of $1.5 Bn. The unicorn is in talks with SoftBank, Singapore’s GIC, Qatar Investment Authority, and Fidelity Investments for this fundraise.

The post From Zepto To GradRight — Indian Startups Raised $231 Mn This Week appeared first on Inc42 Media.

During the third week of August, a significant decline in capital inflow hit the Indian startup ecosystem. Funding for Indian startups in this week amounted to only $4.4 Mn across seven deals, indicating a possible nadir in weekly funding not witnessed since 2020.

This week’s funding marks a staggering 95% drop compared to the collective $95 Mn raised by startups in the previous week across 17 deals.

Funding Galore: Indian Startup Funding Of The Week [Aug 14 – Aug 19]

Key Startup Funding Highlights Of The Week

• Speech AI startup Contiinex raised $2 Mn in Pre-Series A funding round from YourNest and Refex Capital, making it the biggest fundraise of this week.
• This week, the enterprisetech sector secured $2.5 Mn funding, making it the most funded sector. 
• Fintech emerged as the frontrunner with the highest deal count, securing $1.4 Mn across three deals.
• After recording $11.4 Mn last week, the seed funding plummeted to $1.9 Mn across three deals.

Startup Acquisitions Of This Week

• Logistics unicorn Xpressbees acquired New Delhi-based courier firm Trackon in an all-cash transaction to enter the SME courier space.
• InMobi has acquired San Francisco-based adtech company Quantcast Choice – a consent management platform (CMP) for an undisclosed amount.
• Former BharatPe cofounder Bhavik Koladiya-led venture capital firm Finix Partners has reportedly acquired fintech startup Slash.

Other Major Developments From This Week

• Bengaluru-based hyperlocal delivery startup Dunzo is in advanced talks to raise $100 Mn in its Series G round of funding. 
• Nazara Technologies has invested $500K (about INR 4.15 Cr) in Israel-based game developer Snax Games Ltd via its wholly-owned Singapore-based subsidiary Nazara PTE Ltd.
• BHIVE is launching a new coworking-focussed category II alternative investment fund (AIF) of INR 400 Cr.
• Singapore-based healthech investor HealthXCapital (HXC) has merged with marquee venture capital (VC) firm Jungle Ventures.
• Weeks after completely exiting Flipkart with $1 Bn – $1.5 Bn, Binny Bansal is planning to launch a startup in cross-platform ecommerce space.
• Peak XV Partners has signed ten term sheets in the first ten weeks since the split from its US-based parent Sequoia Capital.
• Serial entrepreneur Mukesh Bansal is in talks to raise $50 Mn in Series A funding from Peak XV Partners for his new venture in the premium fashion space.

Update | 21st August, 13:20

Headline updated to include the value of the funding.

The post Indian Startup Funding Hits A New Low — Just $4.4 Mn Raised This Week appeared first on Inc42 Media.

After a sluggish start in terms of overall funding raised in August, the second week of the month appears to be a sigh of relief for the country’s startup ecosystem. 

During the period from August 7 to August 12, 2023, Indian startups have raised a total funding of $95 Mn across 17 deals, marking a 763% increase from the $11 Mn raised between July 31 and August 5, 2023, and a 126% increase from the $42 Mn raised between July 24 and July 29, 2023.

Key Startup Funding Highlights Of The Week

• Debt collection startup Credgenics raised $50 Mn in Series B funding round led by Westbridge Capital, and Accel, making it the biggest fundraise of this week
• This week, the fintech sector secured a whopping $55 Mn in funding, making it the most funded sector. 
• Ecommerce emerged as the frontrunner with the highest deal count, securing $4.3 Mn across six deals.
• After a week of minimal seed funding, this week the seed funding reported $11.4 Mn across eight deals
• Bombay Shaving Company founder Shantanu Deshpande proved to be the busiest investor, with two funding announcements for the week.

Startup Acquisitions Of This Week

• Enterprise upskilling startup Expertrons acqui-hired Bengaluru-based HRTech platform Foxmula.
• Ananya Birla-led Svatantra Microfin has signed a definitive agreement to acquire Chaitanya India Fin Credit Pvt Ltd for INR 1,479 Cr. 
• AnotherAcquisition acquired Delhi NCR-based AI-powered email solutions provider Nyxion.ai for an undisclosed amount.
• Bengaluru-headquartered GPS Renewables acquired Germany-based Proweps Envirotech GmbH.
• Global investment firm KKR is acquiring a majority stake in Indian pallet pooling platform LEAP India for an undisclosed amount.

Other Major Developments From This Week

• South Korean gaming giant KRAFTON has announced to invest $150 Mn in India over the next two to three years.
• Zerodha’s investment arm Rainmatter has earmarked an additional INR 1,000 Cr capital to invest in sectors such as health, education, and climate change.
• Japanese mobile entertainment company MIXI announced the launch of a $50 Mn corporate venture capital fund in India. The fund will invest in early stage entertainment and consumer services startups.

The post From Credgenics To Disprz — Indian Startups Raised $95 Mn This Week appeared first on Inc42 Media.

The first week of August proved to be disastrous for Indian startups in terms of funding raised. Between July 31 and August 5, Indian startups managed to secure a meager $11.5 Mn across nine deals, making it one of the lowest funding amounts raised in a week since 2020. 

This week’s funding is 73% and 89.6% lower than $42 Mn and $111 Mn raised by Indian startups in July last and third week respectively. 

Key Startup Funding Highlights Of The Week

• The biggest funding round was raised by community engagement and hiring startup — Unstop. It raised $5 Mn in a funding round led by Japan-based job board Mynavi.
• With $7 Mn in total funding, enterprise tech sector secured the maximum funding
• Ecommerce, enterprisetech, and fintech recorded two deals each.

Startup Fund Launches This Week

• Bengaluru-based growth venture capital firm Elev8 Venture Partners has announced the first close of Elev8-Capital Fund 1 at $67 Mn. It plans to participate in Series B and Series C funding rounds (typically in the range of $10 Mn to $15 Mn) of startups in sectors such as consumer tech, enterprise software, fintech, and healthtech.
• pi Ventures announced the final close of its second fund with a total commitment of INR 702 Cr ($85 Mn). The fund will invest in startups working in spacetech, biotech, blockchain, and material science, among others.
• Former BharatPe executive Pratekk Agarwaal launched GrowthCap Ventures, a SEBI-registered category II alternative investment fund (AIF) and is now looking to raise INR 50 Cr to invest in early stage startups. 

Startup Acquisitions Of This Week

• Public listed EaseMyTrip will be acquiring 51% stake each in three Indian travel companies – Mumbai-based Guideline Travels Holidays, Jammu & Kashmir-based TripShope Travel Technologies, and New Delhi-headquartered Dook Travels.
• Global investment firm KKR is acquiring a majority stake in Indian pallet pooling platform LEAP India for an undisclosed amount.

Other Major Developments From This Week

• Yudiz Solutions, a blockchain, artificial intelligence and game development company went to public listing on August 4th  to raise INR 44.84 Cr via the IPO.
• Foodtech major Zomato which turned profitable in Q1 of FY24 is allotting INR 2.52 Cr shares as employee stock option plans (ESOPs) to select employees of the company and its subsidiaries.
• The Netherlands-based investment firm Prosus said PayU is selling a part of its business to Israel’s Rapyd for $610 Mn to focus on the Indian market.
• Firstrcry’s logistics arm – Xpressbees is reportedly in talks with the Ontario Teachers’ Pension Plan Board to raise $100 Mn.

The post Indian Startup Funding Hits A Snag — Only $11 Mn Raised This Week appeared first on Inc42 Media.

After witnessing a pronounced V-shaped recovery in the third week of July, the Indian startup ecosystem witnessed a significant drop in funding between July 24 and July 29. In this week, Indian startups managed to raise a mere $42 Mn in funding across 16 deals. This is a 62% drop from $111 Mn raised by Indian startups between July 17 and July 22, 2023 across 19 deals. 

Further, this week’s funding is also 50% lower than the $85 Mn raised between July 10 and July 15, 2023 across 17 deals. 

Key Startup Funding Highlights Of The Week

• Delhi-based telecom startup Wiom raised INR 140 Cr ($17.1 Mn) in a Series A funding round led by RTP Global, making it the biggest fundraise of this week
• Deeptech sector raised the highest amount of funding at $8.3 Mn this week across three deals
• With five deals, enterprisetech sector reported the highest number of investment deals with $4.6 Mn funding
• Early-stage startup funding dropped by 84% to $1.3 Mn this week from $8.1 Mn last week 
• Hyderabad Angels was the busiest investor of this week as it participated in three deals. 

Startup Acquisitions Of This Week

• Pantomath Financial Services Group acquired a 75% stake in global deal-making marketplace fundgini.com for an undisclosed amount
• FMCG major Marico signed a definitive agreement to acquire 58% – a majority stake – in D2C nutrition brand Plix for INR 369.01 Cr. 

Other Major Developments From This Week

• Girish Mathrubootham led Together Fund announced the first close of its $150 Mn second early stage fund, Together Fund II, which is focussed on SaaS and AI startups 
• GreenCell Mobility secured a debt funding of INR 3,000 Cr from state-owned REC Ltd (formerly Rural Electrification Corporation Limited)
• In a major development, troubled edtech decacorn BYJU’S lenders had reached a consensus in restructuring its $1.2 Bn term loan B 
• Food delivery giant Swiggy initiated the second tranche of its ESOP liquidity programme worth $50 Mn that will benefit around 2,000 employees
• EV startup Zypp Electric announced an ESOP buyback programme worth INR 1.5 Cr that will benefit 15 employees. 

The post From Wiom To Kapture CX — Indian Startups Raised $42 Mn This Week appeared first on Inc42 Media.

The third week of July has witnessed a pronounced V-shaped recovery after a drop in funding momentum last week. Between July 17 and July 22, 2023, the startup ecosystem has raised $111 Mn funding across 19 deals. This is a 30.5% jump from $85 Mn funding raised by Indian startups last week across 17 deals.

However, this week’s funding is 28.3% lower than the $155 Mn raised by Indian startups between July 3 and July 8, 2023. 

Key Startup Funding Highlights Of The Week

• RenewBuy has bagged $40 Mn in its Series D funding round from Japanese insurance major, Dai-ichi Life Holdings, Inc. making it the biggest fundraise of this week
• Fintech sector raised the highest amount of funding at $47.2 Mn this week across four deals
• With six deals, ecommerce sector reported the highest number of investment deals with $43.2 Mn funding
• Early-stage startup funding stood at $8.1 Mn this week, a 237% jump as compared to the last week where early stage funding was $2.4 Mn.

Startup Acquisitions Of This Week

• Fashion startup Styched acquired online casual sneaker startup Flatheads for an undisclosed amount
• Bureau, a fraud detection startup besides raising an extended Series A funding round this week also has completed the acquisition of Y-Combinator backed identity verification startup inVOID
• Y Combinator-backed Decentro acquired Mumbai-based SaaS fintech platform Neowise Technologies for an undisclosed amount in a cash and share deal
• Plus91Labs, a cloud consulting and IT service,  acquired Pixely, a company specialising in customised solutions for the Southeast Asian market.

Other Major Developments From This Week

• Reliance Brands is in talks to acquire Bollywood actress Alia Bhatt’s children’s wear brand, Ed-a-Mamma for INR 300 Cr – 350 Cr
• Troubled quick commerce startup Dunzo is trying to raise $20 Mn from its existing backer Reliance Retail
• Ravi Lambah, sovereign fund Temasek’s India head and head of the investment group said that the fund intends to invest $9-10 Bn in India over the next three years 
• Beleaguered PharmEasy is in talks to raise INR 2,000 Cr-INR 3,000 Cr to repay the loan it took from Goldman Sachs.

The post From RenewBuy To Ati Motors— Indian Startups Raised $111 Mn This Week appeared first on Inc42 Media.

After a relatively better week, the capital infusion dropped in the second week of July, further indicating that funding winter is here to stay. This week, Indian startups collectively raised around $85.4 Mn across 17 deals. This is a 45% drop from the $155 Mn raised by Indian startups between July 3 and July 8, 2023. 

However, this week’s funding is 31.3% higher than $65 Mn raised by Indian startups across 42 deals in the last week of June. 

Key Startup Funding Highlights Of The Week

• LetsTransport secured $25 Mn funding in a round led by Bertelsmann India, making it the biggest fundraise of this week
• Logistics sector raised the highest amount, a $27.2 Mn funding this week across two deals
• Ecommerce sector recorded the highest number of four deals this week and raised $19.3 Mn funding
• Early-stage startup funding stood at $2.4 Mn this week, a 59% drop as compared to the last week where such startups raised $6 Mn
• LetsVenture and Venture Catalysts are the two most active investors of this week with two deal participation each.

Startup Fund Launches This Week

• Vertex Ventures, VC arm of Temasek, has marked the first close of its latest fund, Vertex Master Fund III, at around $900 Mn
• Hosts of the 100x Entrepreneur podcast – Neon Show, have launched a new $25 Mn fund, the Neon show, to invest in B2B SaaS startups
• Micro VC fund CapFort Ventures launched an INR 200 Cr India-focussed tech fund and plans to invest in 40 startups in the next two years.

Startup Acquisitions Of This Week

• US-based Cilio Technologies has acquired Delhi-NCR-based AutomationFactory.AI for an undisclosed amount
• Food delivery giant Swiggy has acquired FMCG retail distribution company LYNK Logistics Ltd for an undisclosed amount
• D2C meat delivery startup ZappFresh has acquired Dr. Meat, a brand operated by Sukos Foods 
• Let’s Work, a Delhi-based co-working space is going to get acquired by angel investors for an undisclosed amount
• CarTrade announced the complete acquisition of OLX India’s operations for INR 537.4 Cr.

Other Major Developments From This Week

• Walmart-backed Flipkart initiated releasing cash compensation worth $700 Mn to its employees as part of the PhonePe demerger
• Vivriti Capital-backed Yubi’s valuation has soared to $1.5 Bn from $1.2 Bn following a secondary share sale
• Wipro along with launching Wipro ai360, a comprehensive, AI-first innovation ecosystem, has also announced making a $1 Bn investment in improving AI capabilities over the next three years 
• Quick commerce delivery startup Zepto is likely to become the first unicorn of 2023 as it is in the final stages of raising $150 Mn at $1.3 Bn valuation
• Nazara Technologies said its board has approved a proposal to raise up to INR 750 Cr via qualified institutional placement, or preferential allotment, or a combination of both
• Sachin Bansal’s Navi Finserv is raising up to INR 500 Cr through the public issue of Non-Convertible Debentures (NCDs). 

The post From LetsTransport To SmartDukaan— Indian Startups Raised $85 Mn This Week appeared first on Inc42 Media.

The month of July kicked off on a relatively better note than the previous month in raising funds. This week, Indian startups have raised $155 Mn funding across 15 deals, which is a 138% jump from the previous week where startups collectively raised $65 Mn across 42 deals. 

This week’s funding is also a little over 4% higher than the $149 Mn funding raised by Indian startups between June 19 and June 24, 2023.

Key Startup Funding Highlights Of The Week

• Delhi NCR-based edtech startup Leverage Edu has raised $40 Mn in its Series B round of funding led by ETS, making it the biggest fundraise of this week.
• After a prolonged gap, Edtech, which is one of the worst hit sectors by the ongoing funding winter– has once again topped the charts in securing funds this week. The sector has raised $40.4 Mn across two deals.
• The enterprisetech sector recorded three deals this week – the highest in terms of deal counts – and raised $37.7 Mn funding.
• Early-stage startup funding stood at $6 Mn this week, a 73% drop in funding as compared to the last week where such startups raised $24 Mn.
• The most active investor this week was Blume Ventures as it participated in four deals.

Startup Fund Launches This Week

• Mumbai-based Varanium Capital announced the first close of its maiden venture debt fund with a target corpus of INR 250 Cr, and a greenshoe option of INR 50 Cr. It said it intends to back 100 startups in India via revenue-based financing and traditional venture debt.
• Zerodha’s Nikhil Kamath and Abhijit Pai’s Gruhas in collaboration with Collective Artists Network have launched a startup fund to invest in consumer-facing brands and products. The fund intends to invest up to $1 Mn in 10 startups. 

Startup Acquisitions Of This Week

• Sachin Tendulkar-backed JetSynthesys acquired KidzByte, an educational news and knowledge media platform for kids.
• Digital counselling and test prep platform Toprankers acquired Indore-based The Lex Guru for an undisclosed amount to expand its reach in Madhya Pradesh, Chhattisgarh and other neighbouring regions.

Other Major Developments From This Week

• Climate-focussed non-profit organisation Massive Earth Foundation has launched a climate tech accelerator program Low Carbon Earth (LCE), 2023, in partnership with the United Nations Environment Programme (UNEP), to help startups that are solving climate change and pollution problems.
• Troubled BNPL startup ZestMoney is likely to receive $5 Mn – $7 Mn funding from its existing investors including Quona Capital to stay afloat.
• Earlier this week, Google announced 20 Indian startups which have been selected for the seventh class of its Google for Startups Accelerator: India programme. Here’s a list of the selected 20 startups.
• PharmEasy is reportedly in talks to raise over INR 2,400 Cr at a 90% discount from its peak $5 Bn valuation to repay the loan it took from Goldman Sachs.

The post From Leverage Edu To GIVA — Indian Startups Raised $155 Mn This Week appeared first on Inc42 Media.

The month of June ended on a bleak funding front. Between June 26 and July 1, 2023, Indian startups managed to raise a mere $65 Mn across 42 deals. This is a 56% fall from the $149 Mn funding the Indian startup ecosystem raised across 20 deals in the past week. 

This week’s funding is a further 65.7% drop in funding when compared to the $190 Mn raised by Indian startups collectively across 21 deals between June 12, and June 17, 2023. 

Key Startup Funding Highlights Of The Week

• Bengaluru-based lendingtech startup Lendingkart bagged the biggest cheque worth $24 Mn in a debt round from EvolutionX Debt Capital 
• The fintech sector topped the chart with $33 Mn in funding raised this week across three deals 
• Next, the ecommerce sector bagged 14 deals – the highest in terms of deal count – with a just $9.4 Mn funding 
• Early-stage startup funding saw an incremental rise in raising funds this week with $25.3 Mn investments; a whopping 200% jump from the $8.1 Mn raised last week. 

Startup Fund Launches This Week

• Early stage VC Good Capital launched its second fund with a target corpus of $50 Mn with a green shoe option of $25 Mn to back startups working with AI to solve distribution, personalisation, and business operations
• RTP Global, which backs Indian unicorns including CRED, Rebel Foods, among others, announced its latest fund – RTP IV with a corpus of $1 Bn. The fund will invest in Asia, Europe, and the US 
• Mumbai-based agri-focussed VC Omnivore announced closure of its third fund – the Omnivore Agritech & Climate Sustainability Fund – at $150 Mn
• Epiq Capital announced the closing of its fund – Epiq Capital II at $225 Mn. The VC firm will be participating in ten deals with a check size between $20 Mn- $25 Mn 
• Arkam Ventures launched a second fund with a target corpus of $180 Mn
• Dallas Venture Capital (DVC) announced securing INR 60 Cr commitments from Self Reliant India Fund and NewcrestImage for its INR 350 Cr India-focussed fund.

Startup Acquisitions Of This Week

• Coromandel International will pick up an additional 32.68% stake in drone manufacturer Dhaksha Unmanned Systems in an all-cash deal worth INR 204 Cr.
• Construction materials unicorn Infra.Market is acquiring a majority stake in Strata Geosystems for INR 910 Cr ($110 Mn) from the US-based Glen Raven Technical Fabrics

Other Major Developments From This Week

• Gurugram-based founders’ community PedalStart launched One-to-N, a 6-9 months long domain agnostic cohort. The selected startups will further receive $100K as a direct investment from PedalStart
• Six  Indian startups have received grants from Maruti Suzuki’s Nurture program, Grand Idea Hunt. Here’s a list of all the winners. 
• Rajesh Sawhney-led GSF has invested around INR 1- 2 Cr each in five Indian startups as part of its winter cohort. Click the link here to read more on this
• Ronnie Screwvala-led upGrad is reportedly in talks to acquire US-based Udacity to further strengthen its foothold in the foreign land.
• The Netherlands-based Prosus has written off its entire investment worth $38 Mn in the troubled BNPL startup ZestMoney.

The post From Lendingkart To Scapia — Indian Startups Raised $65 Mn This Week appeared first on Inc42 Media.

During the third week of June, the Indian startup ecosystem experienced a dip in total funding raised. From June 19 to June 24, Indian startups secured $149 Mn across 20 deals.

This week’s funding is a 21.5% drop compared to $190 Mn raised between June 12 and June 17. However, this week’s funding is 13% higher than $132 Mn raised between June 5 and June 10, 2023. 

Key Startup Funding Highlights Of The Week

• Bengaluru-based pet food brand – Drools–  raised $60 Mn from L Catterton at around $600 Mn valuation. 
• Ecommerce sector secured the top position both in terms of funding amount and deals.  The sector bagged $66.8 Mnr across six deals.
• Early-stage startup funding saw a gradual increase as compared to the previous week. This week, early stage startups raised $8.1 Mn across seven deals, a 20% increase from $6.7 Mn reported a week prior
• Kunal Shah, Gemba Capital, and ah! Ventures were the busiest investors this week as they participated in two deals each. 

Startup Acquisitions Of This Week

• Google-backed Adda247 acquired Ahmedabad-based Veeksha for an undisclosed amount to offer interactive learning modules to the students.
• Edtech unicorn Unacademy Groups’ Graphy acquired community platform Scenes for an undisclosed amount.
• Fintech unicorn CRED has acquihired Y Combinator-backed micro-savings platform Spenny.

Other Major Developments From This Week

• Airavat Capital announced the launch of a global technology fund, Airavat Global Technology Fund R (AGTF R) based out of GIFT City. The fund has already received an interest worth over $40 Mn.
• Climate-focussed VC firm Avaana Capital has raised $70 Mn in first close of Avaana Climate and Sustainability Fund and is targeting a total corpus of $100-125 Mn for the same.
• Blume Ventures announced the first close of its new opportunity-cum-continuity fund, Fund 1Y and has already raised INR 200 Cr of the INR 400 Cr target corpus for the round.
• Gaming-focused venture capital Lumikai announced the launch of its second fund with a total corpus of $50 Mn.
• IPO-bound drone startup ideaForge has raised INR 255 Cr from anchor investors.
• Early stage VC 100X.VC announced a new portfolio of 22 startups that it has funded with $3.4 Mn worth of capital. Here’s the complete list of startups in the cohort. 

The post From Drools To Digantara — Indian Startups Raised $149 Mn This Week appeared first on Inc42 Media.

Indian startups fared better in raising funds in the second week of June after two consecutive weeks. Between June 12 and June 17, Indian startups have collectively raised $190 Mn across 21 deals. This is a 44% jump  from $132 Mn funding raised by Indian startups last week across 19 deals. 

However, this week’s funding is 9% lower than $209 Mn raised by Indian startups collectively between May 29 and June 3 across 13 deals.

Key Startup Funding Deals Of This Week

• Continuing its fundraising spree, eyewear unicorn Lenskart now secured $100 Mn investment from ChrysCapital, thus taking its total capital infusion to nearly $850 Mn within the past one year
• Ecommerce sector secured the top position with raising $110 Mn funding across five deals
• Early-stage startups funding dropped to $6.7 Mn this week as compared to an exceptionally high $18.6 Mn raised in the previous week 
• NABVENTURES and Rainmatter Health were the busiest investors this week as they participated in two deals each. 

Startup Acquisitions Of This Week

• Tiger Global-backed SaaS startup UrbanPiper acquired Ordermark’s US business for an undisclosed amount
• Marketing startup Wondrlab acquired a majority stake in a Salesforce consulting and data analytics platform – Cymetrix
• Adani Enterprises’ wholly-owned subsidiary Adani Digital Labs signed an agreement to acquire railway ticketing startup Trainman.

Other Major Developments From This Week

• Lee Fixel’s VC firm Addition, which invested in Delhivery,  plans to raise $1.5 Bn as part of its new fund
• Bengaluru-based CaHa Capital launched a climate tech and climate finance-focussed venture studio, VAIA Climate Studio and plans to raise a maiden fund of $25 Mn for it
• South Korea Mirae Global has infused INR 1,240 Cr into its Indian arm, Mirae Asset Capital Markets to scale its brokerage platform m.Stock
• Proparco, a subsidiary of Agence Française de Développement Group, has invested $35 Mn in private equity (PE) firm Quadria Capital.

The post From Lenskart To Indifi — Indian Startups Raised $190 Mn This Week appeared first on Inc42 Media.

The first week of June again witnessed a downward funding trend. Between June 5 and June 10, the Indian startups have collectively raised $132 Mn across 19 deals. This is a 37% drop from the $209 Mn, Indian startups collectively raised across 13 deals in the last week. 

To further give comparison, this week’s total funding is 72% lower than the $476 Mn raised by Indian startups across 16 deals between May 22 and May 27, 2023. 

Key Startup Funding Deals Of This Week

• Bengaluru-based fitness startup HealthifyMe raised $30 Mn in its Pre-Series D funding round led by LeapFrog Investments and Khosla Ventures
• Enterpristech secured the top position in terms of total funding raised this week. The sector mopped $38 Mn across 3 deals. 
• The Fintech sector witnessed the highest number of deal counts this week. The sector raised $34 Mn across four deals.
• Early-stage startups reported an exponential rise with $18.6 Mn funding this week, a 173% jump from the $6.8 Mn raised last week.

Startup Acquisitions Of This Week

• GoKwik has acquired chat commerce startup Tellephant for an undisclosed amount
• Fintech startup CredFlow acquired Y Combinator-backed business management startup TechBiz in an all-cash deal
• Bengaluru-based Capillary Technologies marked its third US acquisition with Tenerity’s product Digital Connect 
• Identity theft protection platform IDfy acqui-hired the team of SaaS platform – Salesroom
• VLCC to acquire men’s grooming D2C brand Ustraa or an undisclosed amount.

Other Major Developments From This Week

• AWE Funds has announced the first close of its maiden fund in India – the Achieving Women Entrepreneurs Early Growth Fund I – at $15 Mn
• Mumbai-based B2B payments solutions provider PayMate is likely to refile its Draft Herring Red Prospectus (DRHP) with the market regulator SEBI within the next 90 days
• This week, Sequoia Capital announced a major rebranding and separation exercise, with Sequoia India & Southeast Asia being renamed as Peak XV Partners 
• Edtech decacorn BYJU’S said it will launch the initial public offering (IPO) of its subsidiary Aakash Educational Services Limited (AESL) around mid-2024. 
• Healthcare venture studio 2070 Health raised $30 Mn as part of its seed funding round from US-based venture capital firm W Health Ventures.

The post From HealthifyMe To RevSure.AI — Indian Startups Raised $132 Mn This Week appeared first on Inc42 Media.

After witnessing a sustained upward funding trend over the past couple of weeks, the last week of May plummeted again. Between May 29 and June 3, 2023, the Indian startups collectively raised $209 Mn across 13 deals, which is relatively better than most of the weeks since the onset of the funding winter. However, this week’s funding is 56% lower than the $476 Mn raised across 16 deals last week.

Still, this week’s funding is 22% higher than $171 Mn raised by Indian startups between May 15 and May 20 across 18 deals.

Key Startup Funding Deals Of This Week

• Consumer appliances brand Atomberg bagged $86 Mn in its Series C round of funding from Google -– making it the biggest fundraiser of this week 
• Ecommerce secured the top spot this week with $86 Mn funding
• In total deal count, fintech sector clinched the first spot with three deals and $6.5 Mn funding
• Early-stage startups reported an incremental rise in funding with $6.8 Mn this week, a 152% jump from $2.7 Mn raised last week.

Startup Acquisitions Of This Week

• Sequoia-backed MedGenome has acquired Prognosis Laboratories to expand its geographical presence for an undisclosed amount  
• Bengaluru-based upskilling edtech soonicorn Scaler acquired Delhi-based Pepcoding for an undisclosed amount
• Once a popular marketplace for home rental – NestAway is undergoing a possible distressed sale. Aurum PropTech’s board approved the acquisition of NestAway for $10.93 Mn

Other Major Developments From This Week

• Early stage VC Aeravti Ventures announced the first close of its maiden INR 100 Cr fund focussed on emerging tech startups
• Info Edge, one of the largest investors in Rahul Yadav’s 4B Networks, has hired Deloitte to initiate a forensic audit into the proptech startup
• This week, US AMC BlackRock reduced BYJU’S valuation by 62% to $8.3 Bn, whereas, Janus Henderson has reduced PharmEasy’s valuation by 52% to $2.7 Bn from $5.6 Bn 
• SaaS unicorn Gupshup also got impacted by the valuation markdown. The US-based asset management company (AMC) Fidelity Investments slashed the unicorn’s valuation by 31.6% to $957 Mn.

The post From Atomberg To Pixxel — Indian Startups Raised $209 Mn This Week appeared first on Inc42 Media.

Further amplifying its fundraising prowess, Indian startups have collectively raised $476 Mn across 16 deals between May 22 and May 27, 2023. This is a 178% jump from $171 Mn raised by Indian startups between May 15 and May 20 across 18 deals.

Further, this week’s funding is a whopping 561% higher than the $72 Mn raised by Indian startups across 17 deals between May 8 and May 13, 2023.  

Key Startup Funding Deals Of This Week

• London-headquartered AI-focussed startup Builder.ai raised $250 Mn in a Series D funding round led by Qatar Investment Authority (QIA), making it the biggest fundraiser of the week
• Enterpristech secured top positions both in raising funds and bagging the maximum number of investment deals this week. The sector mopped up $269.9 Mn investment across five deals 
• Early-stage startups reported a total funding of $2.7 Mn, a 48% drop as compared to $5.19 Mn raised last week
• Jungle Ventures and Mohan K were the busiest investors this week as they participated in two deals each

Startup Acquisitions Of This Week

• Feminine hygiene startup Sirona entered the sexual wellness category with the acquisition of vegan condom brand Bleü 
• Capri Global Holdings – the parent entity of Capri Loans – acquired a 51% stake in CarLelo, an online new car marketplace, for INR 150 Cr
• Fintech unicorn Yubi acquired 100% stake in FinFort Infotech LLP, a digital credit analytics company

Other Major Developments From This Week

• • Physis Capital, a growth stage-focussed VC firm, announced the first close of its maiden Category II Alternative Investment Fund (AIF) at $7 Mn
  • Matrix Partners India has increased the size of its fourth India-focussed fund to $525 Mn from $450 Mn
  • Info Edge in its earning report has written-off the entire investment of INR 76.6 Cr in B2B marketplace Bijnis. Info Edge said this was a technical write-off
  • Baron Capital has now further slashed the valuation of food delivery giant Swiggy to $6.5 Bn as of March 31, 2023
  • Bengaluru-based Ola Electric has reportedly raised $300 Mn in its latest funding round at a valuation of $6 Bn.

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  Update: 27th May, 20:00 IST
  The feature image has been updated to include the correct logo of NIC

The post From Builder.ai To Chalo — Indian Startups Raised $476 Mn This Week appeared first on Inc42 Media.

Indian startups have picked up the funding momentum again in the third week of May after a drab week. Between May 15 and May 20, Indian startups have collectively raised $171 Mn across 18 deals. This is a 138% jump from $72 Mn raised by Indian startups across 17 deals in the last week.  

However, this is a 1.7% drop from $174 Mn raised collectively by the country’s startup ecosystem between May 1 and May 5, 2023 across 19 deals.

Key Startup Funding Deals Of This Week

• Puma India’s outgoing executive, Abhishek Ganguly’s startup – Agilitas Sports – has raised $52 Mn in its maiden funding round led by investment firm Convergent Finance.
• Ecommerce topped the funding charts this week with $65.7 Mn investment across four  deals.
• Ecommerce and enterprisetech both bagged the maximum number of deals with four deals each. 
• Early-stage startups saw a slight drop in funding as compared to last week. This week this stage of startups collectively raised $5.19 Mn.
• Together Fund, Anicut Capital, and Capital A were the busiest investors this week as they participated in two deals each.

Other Major Developments From This Week

• The promoters of major Indian consumer brand Godrej Industries are setting up a family office to support new-age businesses.
• Apple supplier Foxconn to set up a $500 Mn manufacturing facility in Telangana’s Kongar Kalaan.
• Virat Kohli launched one8 Fitness app, part of his sportswear brand one8, on both Android and iOS.
• US-based ecommerce roll-up giant Thrasio has diluted its stake in Lifelong Online Retail. Founders of Lifelong Online have now retained majority of the stakes.
• US-based asset management company (AMC) Baron Capital has slashed Swiggy’s valuation in its books by 34%, pegging it at $7.3 Bn.

The post From Agilitas Sports To Rooter — Indian Startups Raised $171 Mn This Week appeared first on Inc42 Media.

After an encouraging start of the month, funding again declined in the second week of May. Between May 8 and May 13, Indian startup ecosystem raised $72 Mn in funding across 17 deals. This is a 59% drop compared to the last week when startups collectively raised $174 Mn across 19 deals. 

However, this is 76% more from the $41 Mn raised between April 24 and April  29, 2023 by the Indian startups. 

Key Startup Funding Deals Of This Week

• Bengaluru-based distribution and logistics startup Ripplr raised $40 Mn in its Series B funding round led by Fireside Ventures – making it the biggest fundraiser of the week 
• Logistics sector topped the funding charts this week with $46 Mn investment across three deals 
• Enterpristech continued to bag the most number of deals. This week, the segment took home three deals
• Early-stage startups saw a drop in funding as compared to last week. This week this  stage of startups collectively raised $5.2 Mn
• 9Unicorns, Venture Catalysts, and Agility Ventures were the busiest investors this week as they participated in two deals each.

Startup Fund Launches This Week

• Bengaluru-based venture capital (VC) 3one4 Capital has closed its fourth early-stage investment fund, the Fund IV, at $200 Mn to invest in deals ranging from Pre-Seed to Series-A, with cheques worth between $0.5 Mn to $5 Mn
• Early-stage VC fund AdvantEdge has unveiled its third fund worth $100 Mn to invest in seed stage, mobility solutions startups
• Venture debt firm Stride Ventures announced the first close of its third venture debt fund at $100 Mn fund to invest in fast-growing startups with strong unit economics. 

Other Major Developments From This Week

• Investment firm Invesco slashed the valuation of one of its major Indian portfolio companies Swiggy to $5.5 Bn. This is the second time within a span of five months, Invesco has cut down the foodtech’s valuation
• Listed gaming startup Nazara Technologies is increasing its stake in its subsidiary Nextwave Multimedia (Nextwave) to 71.88% by investing INR 15.5 Cr 
• US-based investment firm Vanguard Group trimmed Bhavish Aggarwal’s Ola’s valuation by 35% from $7.4 Bn to $4.8 Bn
• NY-based Neuberger Berman marked down the valuations of two of its major Indian portfolio companies – PharmEasy and Pine Labs. The investment firm has slashed Pine Labs’ valuation by 38% to $3.1 Bn from $5 Bn, PharmEasy’s valuation was trimmed by 21% to $4.4 Bn from $5.6 Bn
• Aditya Kothari, the cofounder of social short video platform Chingari, has quit the startup without disclosing his future plans. 

The post From Ripplr To Agrizy — Indian Startups Raised $72 Mn This Week appeared first on Inc42 Media.

The month of May started on a slightly positive note after a disappointing fundraising month of April. Between May 1 and May 5, 2023, Indian startups collectively raised $174 Mn in funding across 19 deals. This is a whopping 324% jump from the previous week when the Indian startups raised a mere $41 Mn across 16 deals. 

This week’s funding is a further 159% higher than the $67.2 Mn raised by nine startups between April 17 and April 22, 2023. 

Key Startup Funding Deals Of This Week

• Electric mobility startup BluSmart raised $42 Mn in a mix of equity and debt funding round from BP Ventures  – making it the biggest fundraise of the week 
• Enterpristech topped the startup funding charts this week both in terms of funding and deal count. The sector with five deals bagged $70.6 Mn funding, which is 40.5% of the total fund raised this week 
• Early-stage startups just received $6.5 Mn this week
• Stride Ventures and Nexus Venture Partners were the busiest investors this week as they participated in two deals each.

Startup Acquisitions Of This Week

• Foodtech startup Pluckk acquired DIY meal kit platform KOOK at $1.3 Mn in a combination of cash and equity
• Healthtech startup Bonatra acquired women’s health and wellness startup MyAva for an undisclosed amount
• Thriwe acquired digital health and financial wellness platform – UCare Health in an all-cash deal to foray into the prepaid card space
• SaaS unicorn Mindtickle acquired Enable Us to offer personalised content experiences.

Startup Fund Launches This Week

• Early-stage VC firm Chiratae Ventures announced final close of ‘Growth Fund I’, at INR 1,001 Cr. It will be a sector-agnostic fund and deployed in 15-20 growth stage startups
• PE firm Multiples Alternate Asset Management announced the first close of its Fund IV with a subscription of over $640 Mn

The post From BluSmart To Pando — Indian Startups Raised $174 Mn This Week appeared first on Inc42 Media.

The month of April is ending on a despondent note in raising funds. Between April 24 and April 29 2023, Indian startups have merely raised $41 Mn across 16 deals. 

This is a 38.6% decline from $66.8 Mn raised by nine startups between April 17 and April 22, 2023. 

Just to give a comparison, in the first week of April, Indian startups raised $564 Mn across 18 deals. This is almost a 93% drop in funding raised this week as compared to the first week of April. 

Key Highlights From Startup Funding Deals This Week

• Fintech startup Niro raised $11 Mn in a mix of debt and equity round from Elevar Equity, GMO Venture Partners, Rebright Partners, among others – making it the biggest fundraise of the week 
• Fintech topped the startup funding charts this week with $11 Mn funding, which is 27% of the total fund raised this week 
• With four deals, the enterprisetech sector recorded $8.8 Mn funding this week 
• Early-stage investment just received $364K this week.

Startup Acquisitions And Fund Launches Of The Week

• Chanakya Fund Trust has launched a maiden fund worth INR 100 Cr to invest in small and medium sized SMEs 
• Capria Ventures has marked the first close of its target $100 Mn fund to invest across 20-25 tech-focused startups in India, Southeast Asia, Latin America, the Middle East, and Africa
• Edtech soonicorn BrightCHAMPS marked its third acquisition with the acquisition of edtech startup Metamorphosis Edu in a cash and stock deal.
• Malaysian sovereign fund Khazanah Nasional Berhad acquired a $40 Mn worth stake in Xpressbees from Elevation Capital.

The post From Niro To HerKey — Indian Startups Raised $41 Mn This Week appeared first on Inc42 Media.

For the third consecutive week, the Indian startup ecosystem has experienced a decline in the total funding raised. Between April 17 and April 22, 2023, only $67.2 Mn was raised across nine startup funding deals. This marks a significant drop from previous weeks and indicates a challenging period for startups seeking funding.

The funding for this week has experienced a sharp decline of 69% compared to the previous week, when Indian startups raised $216 Mn across 18 deals. Furthermore, this week’s startup funding is down by 88% compared to the $564 Mn raised by 18 startups between April 3 and April 8, 2023. These figures demonstrate a significant slowdown in investment activity in the Indian startup ecosystem.

Key Highlights From Startup Funding Deals This Week

• Cyber security startup Safe Security raised $50 Mn in its Series B funding round – the biggest fundraise of the week. Sorenson Capital led the round.
• Heart-focused startup Tricog Health secured $8.5 Mn in a Series B2 funding round from investors such as Omron Health Care and Sony Innovation Fund. 
• Enterprisetech topped the startup funding charts this week both in terms of total funding raised and the deal count. The sector raised $54.7 Mn across three deals. 
• Startups with a B2B model continued attracting significant investor interest this week, raising over $63.1 Mn or 94.4% of the total startup funding.
• Early-stage funding raised this week stood at mere $487K.

Startup Acquisitions And Fund Launches Of The Week

• SaaS startup BetterPlace acquired Malaysia-based recruitment and job placement startup TROOPERS to increase its market presence.
• Edtech platform Toprankers has acquired career guidance platform ProBano for an undisclosed amount. 
• Noida-based Health Care At Home (HCAH) acquired Bengaluru-based Nightingales Home Health Services in a share swap deal. 
• The insurance arm of CarDekho – InuranceDekho has acquihired IRSS to strengthen its distribution network and penetrate the crucial insurance market of western India. 
• French cosmetics giant L’Oréal invested an undisclosed amount in the India-focussed fund of Singapore-based venture capital (VC) firm DSG Consumer Partners.

The post From Safe Security To SwitchOn — Indian Startups Raised $67.2 Mn This Week appeared first on Inc42 Media.

Fundraising has dropped to 61% in the second week of April after Indian startups raised over half a billion dollars collectively in the opening week of April. Between April 10 and 15, Indian startups collectively raised a total of $216 Mn across 18 deals. 

Last week, Indian startups raised $564 Mn across 18 deals. However, this week’s total investment is a 111.7% jump from $102 Mn raised by the Indian startups across 14 deals between March 27 and April 1, 2023. 

Key Highlights From This Week’s Funding 

• • Bengaluru-based fintech decacorn PhonePe continued its fundraising spree. Earlier this week, it raised another $100 Mn from General Atlantic, taking the total funding raised by the startup to $750 Mn in 2023 
  • Fintech startup U GRO Capital raised INR 340 Cr ($41.3 Mn) from IFU and long-term shareholders, making it the second largest funding round of the week 
  • Bengaluru-based fantasy platform MPL’s new venture – Mayhem Studios raised $20 Mn in Series A, led by Sequoia Capital India in participation from Steadview Capital, Truecaller and others 
  • Like the past week, the fintech sector grabbed the maximum amount of funding this week too.The sector managed to raise $141 Mn across two deals 
  • In terms of deal count, enterpristech sector topped the list with six deals
  • B2B-focussed businesses continued witnessing greater investors’ interests this week  with 10 deals, raising $78 Mn investment 
  • Early-stage investment grew by 4%, at $10 Mn this week
  • This week, Mumbai Angels became the most active investor as it participated in two deals.

Startup Funding Deals Of This Week

From The Acquisition Desk

• B2B unicorn OfBusiness agreed to acquire 100% stake in Koeleman India, a subsidiary of Netherlands-based Koeleman Foods International
• Fintech startup Uni Cards has acquired OHMY Technologies (OMLP2P), a peer-to-peer lending platform 
• Alpha Wave-backed video editing platform VideoVerse acquired Reely.ai – the US-based, AI-enabled content generation platform. 

Other Major Developments

• Early-stage venture fund pi Ventures received commitments of INR 100 Cr or 15% of the corpus from the SIDBI-managed Fund of Funds for Startups (FFS)
• Venture Capital firm BoldCap announced the launch of its second fund with a corpus of $25 Mn to invest in early-stage SaaS startups
• Healthvista India, the parent company of healthtech startup Portea Medical, received SEBI approval for INR 1,000 Cr IPO
• Coworking giant WeWork India introduced a new initiative under which employees can surrender up to 25% of their vested stock options.
• JSW Group’s B2B ecommerce venture JSW One Platforms raised INR 205 Cr ($25 Mn) in a Series A funding round led by Mitsui & Co Ltd.

The post [Funding Galore] From PhonePe To MPL’s Mayhem Studios — Indian Startups Raised $216 Mn This Week appeared first on Inc42 Media.

The month of April started on a jovial note after an upsetting March-end in raising funds. Between April 3 and 8, 2023 Indian startups collectively raised $564 Mn across 18 deals. This is a 453% jump from $102 Mn raised by the Indian startups across 14 deals last week. 

This week’s funding is 213% more than $180 Mn raised by Indian startups across 10 deals between March 20 and 25, 2023.

Key Highlights From This Week’s Funding

• Mumbai-based DMI Finance raised the biggest cheque of this week with $400 Mn in a funding round led by Mitsubishi UFJ Financial Group. Existing investor Sumitomo Mitsui Trust Bank (SuMi TRUST Bank) also participated in the funding round
• Cloud kitchen aggregator Curefoods raised $37 Mn in a fresh round from Binny Bansal’s Three State Ventures, making it the second largest funding of this week 
• Delhi-based AVIOM Housing Finance Corporation bagged the third biggest investment of this week with $30 Mn in a Series D funding round led by Nuveen through a mix of primary and secondary investments in tranches
• The Fintech sector topped the charts in raising the biggest funding amount and in number of deals. The sector raised $458 Mn across five deals, which is 82% of the total funding being raised this week
• Unlike the last week, B2B-focussed businesses witnessed an increase in the total funding deal count with 12 deals, raising $69 Mn investment 
• This week, Sequoia Capital Surge became the most active investor as it participated in two deals 
• Of the total $564 Mn funding this week, only $14 Mn went to early-stage investment, a mere 2.4% of the total funding raised.

Startup Funding Deals Of The Week

From The Acquisition Desk

• Edtech startup iNurture acquired Jag Bros Consultants’ brand ‘Youth4Work’ for an undisclosed amount. As part of the deal, both the companies formed a new venture –Y4W Learning
• IPO-bound SaaS startup Capillary Technologies acquired US-based Brierley for an undisclosed amount
• CarDekho’s insurance arm InsuranceDekho has acqui-hired Sequoia and Lightspeed-backed SME insurance distribution company Verak, after raising $150 Mn
• Gaming giant Nazara’s NODWIN Gaming acquired a majority stake (51%) in Singapore-based mediatech startup Branded
• Religare Enterprises Ltd (REL) announced acquiring insurance web aggregator MyInsuranceClub (MIC) in an all-cash deal
• Edtech platform Imarticus acquired Hero Mindmine, the training arm of Hero Group.

Startup Fund Launches This Week

• Early-stage venture capital firm V3 Ventures forayed into India and is looking to invest up to 100 Mn euros (approximately INR 896.5 Cr) in the country, and Europe, the US. The fund will invest in early-stage digital and consumer businesses 
• Venture debt firm BlackSoil announced raising $25 Mn from multiple banks, family offices, corporate treasuries, and high-net-worth individuals
• Growth stage investor Iron Pillar closed a $129 Mn fund to invest in Series B and Series C stage SaaS startups in India
• VC firm Speciale Invest launched an INR 200 Cr growth fund to invest in spacetech, green hydrogen, robotics, green mobility, among others 
• Godrej Consumer Products (GCPL) will invest INR 100 Cr to anchor the early stage fund Early Spring, set up by Spring Marketing Capital. The fund, which will have a corpus of INR 300 Cr, will participate in Seed and Pre-Series A funding rounds. 

The post [Funding Galore] From DMI Finance To AVIOM Housing Finance — Indian Startups Raised $564 Mn This Week appeared first on Inc42 Media.

The month of March concluded on a low note in closing funding deals. Between March 27 and April 1, 2023,  the Indian startup ecosystem raised a mere $102 Mn, across 14 deals. The week further reported no mega deal. 

Further, this week’s funding is 43% lower than what the Indian startup collectively raised last week. Between March 20 and 25, Indian startups raised $180 Mn across 10 deals, with Stashfin raising a mega deal worth $100 Mn in a debt round. This week’s total funding is further 87% lower than $791 Mn raised across 22 deals between March 13 and 18. 

Key Highlights From This Week’s Funding 

• • Mumbai-based upGrad raised around $36.5 Mn via rights issue from Temasek and one of the cofounders, Ronnie Screwvala
  • Gurugram-based B2B marketplace startup Fashinza raised $30 Mn in Series B round – making it the second biggest funding round of this week
  • D2C clothing brand The Souled Store raised the third biggest cheque of this week worth $16.5 Mn in a strategic funding round led by Xponentia Capital
  • Ecommerce sector topped in grabbing total funding amount and deal counts, both. The sector raised $52.7 Mn, which is 51% of the total funding raised this week, across five deals 
  • B2C modelled business remained heavily funded despite being in dire straits with nine deals out of 14 deals this week 
  • Early stage investments continued to keep the capital inflow steady with eight deals, as late stage startups struggled to raise Series C and beyond funding rounds.

Startup Funding Deals Of The Week

From The Acquisition Desk

• Insurtech startup Medi Assist will be acquiring Raksha Insurance and has signed a definitive agreement for an undisclosed amount
• Fintech startup LoanTap acquired healthcare finance startup Unofin for an undisclosed amount
• Petcare brand Wiggles acquired its rival Capt Zack in a cash and stock deal 
• Sports focused media platform Sportcrazzy acquired another media control content platform Kabaddi Adda
• A consortium led by Lifelong Group is going to acquire troubled car servicing platform GoMechanic, two months after the latter’s founder admitted to financial misreporting. 

Other Key Developments

• D2C unicorn Mamaearth has put its IPO plans on hold. However, the startup said they are still engaging with SEBI on its DRHP and awaiting formal approval on the same
• Ritesh Agarwal-led OYO has decided to reduce the size of its IPO offer amid the prevailing market volatility and plunging valuations of tech companies
• Early stage VC firm pi Ventures has announced raising $2.6 Mn from Colruyt Group India, the Hyderabad-based IT arm of Belgian retail giant.
• Competitive coding platform CodeChef announced splitting with edtech unicorn Unacademy due to ongoing economic slowdown, two years after it was acquired. 
• Fintech giant PhonePe has called off the acquisition of BNPL startup ZestMoney due to lack of due diligence, disagreements over valuation, sustainability of the business and shareholding structure
• Virat Kohli-backed insurtech unicorn Go Digit General Insurance refiled DRHP with the market regulator SEBI for its $440 Mn IPO offer.

The post [Funding Galore] From upGrad To The Souled Store — Indian Startups Raised $102 Mn This Week appeared first on Inc42 Media.

The third week of March again witnessed a massive dip in the funding activities. If we recap, last week we saw the startup fraternity raising a whopping over $700 Mn funding. So, between March 20 and March 25, Indian startups collectively raised around $180 Mn across a mere 10 deals. 

This is 77% lower than the $791 Mn raised by the startup ecosystem between March 13 and March 18 which proved to be an outlier week. 

This week’s funding is however a bit higher when compared to $178 Mn raised across 18 deals between March 6 and 11. 

Key Highlights From This Week’s Funding 

1. Interestingly, this week’s biggest fund raise was a debt funding round. Stashfin, a neobanking fintech startup, secured $100 Mn in a debt round from Innoven Capital and Trifecta 
2. The second biggest funding was secured by EV charging startup CHARGE+ZONE. It raised $54 Mn in its Series A1 funding round, which was a mix of equity and debt, led by global impact investment manager BlueOrchard Finance
3. Airline retailing-focused B2B SaaS startup Mystifly took home the third biggest funding amount of the week. It mopped up $8 Mn in a Pre-Series B round from Cornerstone Venture Partners Fund (CSVP Fund)
4. LetsVenture was the most active investor with participation of three deals this week 
5. Enterprisetech sector recorded the highest number of deals with closing of six fundings, whereas the fintech sector bagged the highest funding amount at $100 Mn
6. Cleantech sector continued to grab investors’ interest this week as well. As of the total 11 deals, three were from this segment
7. Early stage investment rounds such as Seed and Pre-Series A funding continued to dominate this week – indicating investors’ high confidence in such startups amidst the funding winter. 

Startup Funding Deals Of The Week

From The Acquisition Desk

• Profitable edtech unicorn PhysicsWallah has acquired UAE-based, K-12 online learning platform Knowledge Planet for an undisclosed sum
• Mahindra & Mahindra (M&M) acquired agritech startup MITRA after increasing its stake from 47.33% to 100% 
• Listed wealth management firm Nuvama Wealth acquired a 74% equity in wealthtech startup Pickright Technologies giving exit to latter’s early investors – Mumbai Angels Network, JITO Angel Network, and 100x.VC
• IT giant Accenture acquired Bengaluru-based AI startup Flutura for an undisclosed sum. Including the latest acquisition, Accenture till date has acquired three Indian startups in the last three years
• Content to commerce unicorn The Good Glamm Group has made its ninth acquisition by acquiring social commerce platform Bulbul
• Nazara’s sports news platform Sportskeeda has signed definitive agreements to acquire a 73.27% stake in Pro Football Network LLC for $1.82 Mn (about INR 16 Cr) in an all-cash deal.

Other Key Developments

• Indian edtech unicorn PhysicsWallah is in talks to raise a fresh $250 Mn funding; this might almost triple its valuation to $3.3 Bn
• Gaming startup WinZO launched a $50 Mn ‘Game Developer Fund’ to invest in global gaming startups
• Two years after acquiring social commerce platform Simsim for $70 Mn, YouTube has now pulled the plug of the platform
• Yudiz Solutions, a blockchain, artificial intelligence and game development company, has filed draft papers with the NSE’s SME Platform, NSE Emerge, for its initial public offering (IPO). The company’s IPO offer consists of a fresh issue of 27,17,600 equity shares.

The post [Funding Galore] From Stashfin To Mystifly — Indian Startups Raised $180 Mn This Week appeared first on Inc42 Media.