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Funding and acquisitions in Indian startups this week [06-11 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [06-11 May]
Medial

During the week, 24 Indian startups raised around $320 million in funding. These deals include 7 growth-stage deals and 13 early-stage deals. Meanwhile, four early-stage startups did not disclose the amount raised. Last week, about 28 early and growth-stage startups collectively raised around $340 million in capital. [Growth-stage deals] Among the growth-stage deals, 7 startups raised $287 million in funding this week. Data and AI governance company Atlan led the list with $105 million followed by dialysis chain NephroPlus which scooped $102 million in capital. Shared electric mobility startup GreenCell Mobility, Provider of full stack education, content, and technology services K12 Techno Services, and lending firm Lendingkart are next on the list with $36.7 million, $27 million, and $10 million, respectively. Further, the list counts deeptech AI startup Myelin Foundry and an agritech firm focused on drone-based hyperspectral remote sensing BharatRohan. [Early-stage deals] Subsequently, 13 early-stage startups scooped funding worth $33 million during the week. Direct-from-farm produce supply chain startup Superplum spearheaded the list followed by a platform for wholesale buying and selling Poshn, log analytics startup Parseable, fodder ecosystem to support dairy cattle farmers, Cornext, and re-engineered tyre startup Regrip. Moreover, ICON, Atomgrid, Eternz, Knit, Select Brands, 50Fin, and Treacle also raised funding during the period. The list of early-stage startups also includes four startups that kept the funding amount undisclosed: GyanLive, QUE, trackNOW, and Food Square. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 9 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Gandhinagar, Indore, and Kolkata. Segment-wise, e-commerce and SaaS startups grabbed the top spot with four deals each followed by agritech startups. The list further counts AI, edtech, fintech, and foodtech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 11 deals followed by 3 Pre-Series A deals while debt, Pre-Seed, Pre-Series A, and Series F are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable with a marginal 6.5% drop to $320 million as compared to around $341.5 million raised during the previous week. The average funding in the last eight weeks stands at around $249 million with 27 deals per week. [Key hirings and departure] Bhavesh Gupta, the chief operating officer and president of Paytm, has resigned citing personal reasons, marking the fourth high-profile exit at the Paytm Group in the last month. Among key hirings, Ishan Preet Singh, Co-founder of the now-defunct edtech startup FrontRow, has returned to Lightspeed Venture Partners as an investor after taking a year-long career break following the closure of his previous venture. Fintech unicorn Slice appointed Kotak Mahindra Bank’s group president and chief risk officer Arvind Kathpalia as its chief risk advisor, shortly after receiving Competition Commission of India (CCI) approval for its merger with North East Small Finance Bank. Additionally, Adda247 appointed ex-NIIT president Bimaljeet Singh as CEO to lead its skilling and higher education verticals. [Fund launches] InCred Alternative Investments, the alternative asset management arm of InCred Capital, marked the first close of its inaugural private equity fund. Concurrently, Client Associates, a wealth management and investment banking firm, also announced the first close of its inaugural Category II alternative investment fund at Rs 300 crore or approximately $36 million. [Layoffs] Unacademy Group’s medical entrance test preparation platform, PrepLadder, laid off around 145 employees, approximately 25% of the startup’s total workforce of roughly 560 employees. Fintech startup Simpl also underwent a restructuring, resulting in the layoff of around 100 employees. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato launches real-time hyperlocal weather info network ▪️ Zeta rolled out a digital credit-as-a-service product for banks [Financial results this week] ▪️ Urban Company turns profitable with Rs 7 Cr PBT in April ▪️ Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23 ▪️ WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable ▪️ Tiger Global-backed GOAT Brand Labs scales over 8X in FY23 ▪️ FreshToHome earns Rs 25 Cr net commission from India in FY23 ▪ Magicpin scales up over 83% in FY23; controls losses [News flash this week] ▪️ Groww moves domicile to India from the US ▪️ Digit Insurance to open IPO on May 15 with reduced size ▪️ PhonePe dominates UPI ecosystem with 49% market share in April [Conclusion] The weekly funding remained stable with a marginal 6.5% drop to $320 million. The week saw two new fund launches by VC firms namely InCred and Client Associates. The week also witnessed two layoffs as PrepLadder and Simpl fired a part of their workforces. Zomato has introduced a new service called ‘Weather Union’ that offers hyperlocal real-time weather information including temperature, humidity, wind speed, and rainfall. Currently accessible in 45 cities, the service will expand to other Indian cities soon. The data is sourced from over 650 on-ground weather stations, installed at locations like Zomato employees’ premises. Interested individuals can also host these solar-powered weather stations by signing up on the company’s website. Full-stack financial services platform Groww has transitioned its domicile back to India from the US, following the footsteps of PhonePe, which also relocated its domicile to India from Singapore. This move aligns Groww with a trend seen among several fintech companies, including KreditBee, Pine Labs, Razorpay, Meesho, and Zepto, which have been working on reverse flips. In another development, Go Digit General Insurance announced that its IPO will be open for subscription from May 15 to May 17. The company’s IPO consists of a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares. It’s worth noting that the company has reduced its IPO size from the initial plan, which included a fresh issue worth Rs 1,250 crore and an OFS of 10.94 crore equity shares. Additionally, PhonePe has maintained its position as the leading player in the unified payments interface (UPI) ecosystem, holding a market share of nearly 49% in April 2024 for both P2M (person-to-merchant) and P2P (person-to-person) transactions.

Funding and acquisitions in Indian startup this week [03-08 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [03-08 Jun]
Medial

As many as 17 Indian startups raised around $402.34 million in funding this week. These deals count 4 growth-stage deals and 11 early-stage deals. Moreover, two early-stage startups kept their transaction details undisclosed. In the previous week, about 39 early and growth-stage startups cumulatively raised close to $387.23 million capital. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $317 million in funding this week. Eyewear retailer Lenskart led the list with its $200 million secondary funding followed by a digital lending startup Fibe with $90 million, electric two-wheeler manufacturer Ather Energy with $15 million, and Small and medium enterprises-focused digital lending platform LendingKart with its $12 million debt funding. [Early-stage deals] Subsequently, 11 early-stage startups secured funding worth $85.34 million during the week. Spun off from Polygon, blockchain startup Avail spearheaded the list followed by online astrology platform AstroTalk, AI-based low-code test automation platform Testsigma, fintech platform iPiD, and robotics startup Botsync. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: IoT-driven green robotics solution provider Aegeus Tech and D2C nutrition brand Greenday (Better Nutrition). For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 7 deals followed by Delhi-NCR, Lucknow, Pune, Ahmedabad, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with three deals each. Robotics, SaaS, Blockchain, ClimateTech, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals led the list with 5 deals followed by 4 Seed and 3 pre-Series A deals. Further, the list includes Debt, Secondary, Series E, and Series F funding deals. [Week-on-week funding trend] On a weekly basis, startup funding barely increased 3.9% to $402.34 million as compared to around $387.23 million raised during the previous week. The average funding in the last eight weeks stands at around $326 million with 28 deals per week. [Key hirings] Among key hirings, Hardeep Singh has been appointed as CFO by Stride Ventures, Good Glamm Group appointed Lauren Bloomer as International OPS, while Abhaya Hota has been appointed as the Independent Director by Cashfree Payments. [Layoffs] Simpl, a Bengaluru-based fintech startup, has undergone its second round of layoffs in less than a month, cutting around 30 employees. This move follows a previous layoff of around 100 employees. Ashish Kulshrestha, head of communications at Simpl, explained that these layoffs are part of the company’s efforts to achieve profitability by mid-2025 and to enhance operational efficiency. The affected employees will receive a severance package including a pro-rated fixed salary up to the effective date and a two-month notice period salary as per the employment agreement. [M&A] Last week, Entrackr reported that Times Internet-owned MX Player is nearing an acquisition by Amazon. Amazon has now confirmed the acquisition of certain assets from MX Player, although the transaction isn’t yet complete. An Amazon spokesperson mentioned their continuous efforts to enhance customer experiences with local content available on Prime Video and miniTV in India. Additionally, Absolute Sports, the parent company of Sportskeeda.com and ProFootballNetwork.com and a subsidiary of Nazara Technologies is set to acquire all assets of SoapCentral.com, a leading entertainment content source in the US. The all-cash deal is valued at $1.4 million (approximately Rs 11.6 crore) and is expected to close within the next 30 days. [ESOP buyback] Leverage.biz, the company behind the study abroad platform Leverage Edu, Fly.Finance, and Fly Homes, has completed its second ESOP buyback exercise. This initiative benefited over 50 employees across various functions, although the exact amount of the stock buyback was not disclosed. Leverage Edu previously concluded its first ESOP buyback in June 2022. [Potential deals] Scimplify, a platform for sourcing and manufacturing specialty chemicals, is raising a new $5 million round led by Omnivore with participation from existing investors, just six months after its previous round. Meragi, an online platform for wedding-related services and products, is set to raise $8 million in a new round led by Accel, with existing investors Surge and Venture Highway also participating. The deal is in the final stages. Statiq, an electric vehicle charging network operator, is in discussions to raise $50 million in its Series B round, with existing investors Shell Ventures and Y Combinator, along with new investors. InsuranceDekho, the insurance arm of CarDekho, is in the final stages of acquiring a majority stake in wealth tech startup BankSathi through a share swap deal, allowing BankSathi shareholders to receive a stake in InsuranceDekho. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Financial results this week] After 4X growth in FY23, Ather Energy’s revenue declines in FY24 After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23 [News flash this week] UPI in May: PhonePe maintains domination, Paytm sees marginal growth Amazon says it has purchased some assets of MX Player, not entire company No hurry to sell, indefinite horizon on Zomato: Sanjeev Bikhchandani Trading app Investmint halts services; explores M&A deal Baron Capital marks up Swiggy’s valuation to $15.1 Bn [Conclusion] The weekly funding increased 3.9% to $402 million, driven mainly by Lenskart’s $200 million secondary funding. Additionally, the week saw a layoff as fintech startup Simpl has undergone its second round of layoffs in less than a month, cutting around 30 employees. PhonePe maintained its lead in the Unified Payments Interface (UPI) ecosystem with a market share exceeding 48% in May 2024, processing 6.8 billion of the 14 billion UPI transactions recorded by the National Payments Corporation of India (NPCI). Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. Info Edge, renowned for its recruitment portal Naukri, has seen significant success with its investments in Zomato and Policybazaar, with Zomato’s market cap increasing 2.3 times since its IPO. Under the leadership of founder and chairman Sanjeev Bikhchandani, the company remains patient with its profitable investments while nurturing its brands. Read here for more. Investmint, a signal-based trading app, has ceased operations due to challenges in establishing a reliable business model despite having decent traction and funds. The company is now exploring acquisition opportunities with wealth management firms. Baron Capital has increased Swiggy’s valuation to $15.1 billion, a 25% rise from the previous $12.1 billion valuation in December 2023. Following Baron’s lead, Invesco also raised Swiggy’s valuation to $12.7 billion in April.

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