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ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week

Economic TimesEconomic Times · 11m ago
ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week
Medial

Startups saw a sharp decline in funding during the fourth week of July, with only $58.3 million raised compared to $293 million in the same period last year. This marks an 80.1% decrease in funding and a 72.3% drop from the previous week. Only eight funding rounds took place, down from 28 rounds last year. Space startup Unimech Aerospace secured the largest deal, raising $30 million in a funding round led by Steadview Capital, ValueQuest Scale Fund, and Evolvence India. Other significant deals included wealthtech startup Stable Money raising $15 million and flexible workspace provider Incuspaze raising $8 million. Nasher Miles, a direct-to-consumer luggage brand, also raised $4 million.

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

EntrackrEntrackr · 12m ago
Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

Co-working startup Incuspaze raises $8 Mn in maiden funding

EntrackrEntrackr · 12m ago
Co-working startup Incuspaze raises $8 Mn in maiden funding
Medial

Workspace solution provider Incuspaze has raised around $8 million led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round. This strategic investment will beef up Incuspaze’s capabilities to provide top-tier workspace solutions to enterprises, MSMEs, and startups, the company said in a statement. Incuspaze claims that it has a portfolio of 3 million square feet in 18 cities across 44 locations. The firm recently leased 220,000 square feet of space in Gurugram’s M3M Urbana project. Led by Sanjay Choudhary, the eight-year-old firm aims to expand its portfolio in southern India, with a focus on Bengaluru, Chennai and Hyderabad. PhonePe, Byju’s, Flipkart, and Girnarsoft, among others are its top clients. For the fiscal year ending in March 2023 (FY23), Incuspaze reported a more than three fold jump in its operating revenue to Rs 50 crore against Rs 14.84 crore in FY22. During FY23, it managed to cut losses to Rs 98 lakh from Rs 5 crore. Incuspaze is yet to file its annual report for the last fiscal year (FY24). According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period. Bengaluru and Delhi-NCR alone accounted for 65% of the overall demand. In November last year, Pantomath Financial Services Group closed its pre-IPO fund called the India Inflection Opportunity Fund (IIOF) at $60 million. While Incuspaze has not commented on its IPO plans, the strategic money from the IIOF hints at a definitive public listing roadmap as the investment firm majorly invests in IPO-bound companies. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. Recently, another co-working startup Smartworks took a step towards potential public listing and converted itself into a public company. Entrackr exclusively reported the development in the first half of July.

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