This week, 22 Indian startups collectively raised $447.35 million in funding. These transactions comprised nine growth-stage deals and 11 early-stage deals, with two startups opting to keep their transaction details confidential.
During the previous week, approximately 30 early and growth-stage startups raised approximately $287 million, inclusive of four undisclosed deals.
Among the growth-stage deals, nine startups secured $420.35 million in funding this week. Leading the pack was healthtech firm Engrail with $157 million in funding. Following closely were audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group, each receiving $103 million, $35 million, and $30 million funding, respectively.
Furthermore, data collaboration software provider Atlan, cloud kitchen startup Curefood, B2B marketplace and retail platform Jumbotail, NBFC Dvara KGFS operating in remote rural areas, and coffee brand SubKo Coffee also secured funds this week.
In terms of early-stage deals, 11 startups collectively received $27 million in funding during the week. Topping the list was MSME-focused lending-tech startup Optimo Loan, followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih.
Other participants in this list include networking solution provider HCIN Network, AI music startup Beatoven.ai, B2B furniture cloud factory Relso, fintech firm Yenmo, and jewellery brand Jewelbox, among others. Additionally, two startups, Droom and Dairy Day, chose not to disclose their funding amounts.
For more detailed information, please visit TheKredible.
In terms of geographical distribution, Bengaluru-based startups led with 14 funding deals, followed by Delhi-NCR with three deals. Mumbai, Hyderabad, Kolkata, and Ahmedabad also secured funding deals.
The complete breakdown of city and segment-wise deals can be accessed on TheKredible platform.
This week’s funding trend showed seed funding deals as the most prevalent with five transactions. Four startups secured funding in Series B, followed by three pre-seed, three Series A, and two Series D deals.
On a week-to-week basis, startup funding surged by 56% to $447.35 million across 22 deals. In comparison, the previous week saw around $287 million raised across 30 deals.
The average funding over the past eight weeks has been approximately $254 million with an average of 26 deals per week.
In terms of mergers and acquisitions, there was one notable deal this week where French influencer marketing firm YKONE acquired a 70% stake in Barcode, a content and influencer marketing agency, for an undisclosed amount.
Furthermore, three startup-focused funds were launched this week:
1. American investment firm Alphatron Capital closed its maiden fund with $30 million in commitments from limited partners.
2. US-based venture capital firm B Capital completed the final close of its second opportunities fund with aggregate capital commitments of $750 million.
3. Cedar Capital, the fintech-focused venture capital arm of management consulting firm Cedar, along with fintech market intelligence platform IBS Intelligence, marked the first close of its $30 million FinTech Venture Capital fund.
In terms of shutdowns and layoffs, OKX, a major crypto exchange, announced the shutdown of its services in India due to regulatory hurdles. Prosus-backed virtual events platform Airmeet laid off approximately 20% of its workforce in its second restructuring effort within a year.
For more detailed insights and information on series-wise deals, funding amounts, fund launches, and other developments, visit TheKredible.
Additionally, several new launches and financial results were reported this week:
– PB Fintech plans to establish a subsidiary to venture into the PA business.
– Several startups disclosed their financial results for FY23, including EV startup BattRE, Advantage Club, ZingHR, BetterPlace, Eupheus Learning, and Safegold, showcasing varied revenue figures and performance metrics.
In other news, the co-founders of AI-focused startup Builder.ai have reportedly been booked by the Enforcement Directorate in connection with two separate criminal cases. Sachin Dev Duggal is implicated in an alleged money laundering case related to the now-bankrupt electronics giant Videocon, while Saurabh Dhoot is linked to an alleged loan fraud case. Additionally, the Ministry of Information and Broadcasting cautioned social media influencers against promoting offshore online betting and gambling platforms to Indian audiences, with penalties under the Consumer Protection Act for non-compliance. Furthermore, foodtech major Zomato received a GST penalty notice from Gujarat’s Deputy Commissioner of State Tax for fiscal 2018-19, amounting to Rs 4.11 crore in GST and additional interest and penalty charges totaling Rs 8.57 crore following an audit of its GST returns and accounts.
