Startup Funding Recap
This week, Indian startups witnessed significant funding activity, with 30 startups raising a total of $172.71 million. The funding rounds comprised eight growth-stage deals and 16 early-stage deals. Additionally, six early-stage startups chose not to disclose their funding amounts. Comparatively, the previous week saw approximately $125.73 million raised by 17 early and growth-stage startups.
Growth-Stage Deals
Among the growth-stage deals, eight startups secured a total of $130.1 million in funding. Ola Electric, led by Bhavish Agarwal, secured the largest amount with $50 million in debt funding. Other notable deals include investments in SingleInterface, Infinity Fincorp, Nivara Home Finance, Innoviti, M2P Fintech, Bombay Shaving Company, and Assembly.
Early-Stage Deals
Sixteen early-stage startups received funding amounting to $42.61 million. Leading the pack was D2C health and wellness brand Traya, followed by BeepKart, SiftHub, Planys, and Metalbook. Other recipients of early-stage funding include Rocksport, Wify, Vodex, and ONO.
City and Segment-Wise Distribution
Bengaluru-based startups dominated the funding landscape with 11 deals, followed by Mumbai, Delhi-NCR, Chennai, and Hyderabad. The breakdown of deals across cities and segments can be accessed for more details.
Series-Wise Distribution
Series A funding deals took the top spot with eight transactions, followed by Seed deals, accounting for around 55% of the total funding. Pre-Series A, Debt, and Pre-seed rounds also contributed to the funding distribution.
Weekly Funding Trends
Startup funding witnessed a significant increase of 37.4% compared to the previous week, totaling $172.71 million. Over the past eight weeks, the average weekly funding stood at approximately $252 million, with an average of 26 deals per week.
Key Exits and Fund Launches
Seven key exits were observed in the Indian startup ecosystem this week. Notably, executives from Paytm, CRED, and Swiggy Instamart resigned from their positions. Additionally, three startup-focused funds were launched, including Centre Court Capital, Sagar Sinha’s fund, and an early-stage fund for defense tech startups.
Layoffs and ESOP Buybacks
Troubled edtech giant BYJU’S reportedly laid off 500 employees amid funding challenges, while Pune-based fintech SaaS startup Lentra conducted a restructuring exercise affecting approximately 70-80 employees. On the brighter side, Pocket FM completed its first ESOP buyback, while XYXX announced its first Employee Stock Ownership Plan (ESOP) buyback.
Mergers & Acquisitions
Zeno Health acquired Tablt Pharmacy in an all-stock deal, expanding its presence in several regions across India. Quess Corp Limited acquired Taskmo, a Bengaluru-based gig economy platform, for an undisclosed amount.
New Launches and Financial Results
Founders of CoinSwitch launched Lemonn, a wealth-tech platform, while Zomato piloted a new service for last-mile deliveries. Financial results for various startups were also reported, showcasing revenue growth and profitability across sectors such as logistics, digital services, and e-commerce.
News Flash
Several startups, including Purplle, Rapido, Navi Technologies, and Zepto, are reportedly in talks to raise significant funding rounds. The RBI announced plans to establish a public register of whitelisted lending apps to combat illegal lending practices, while Zomato faced challenges related to service tax payments.
Disclaimer
Bareback Media, the publisher of this report, recently secured funding from investors. While some investors may have interests in competing businesses or other companies mentioned in our coverage, our reporting remains impartial and unbiased. For a list of our investors, refer to our website.
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