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Funding and acquisitions in Indian startups this week [12 - 17 Feb]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [12 - 17 Feb]
Medial

This week as many as 27 Indian startups raised funding amounting to nearly $162 million. These deals consist of five growth stage deals and 22 early stage deals. The early stage deals also include four startups which kept their transaction details undisclosed. Last week, 39 early and growth stage startups collectively raised around $240 million, including two undisclosed deals. [Growth-stage deals] Among the growth stage deals, five startups raised $74.2 million capital this week. B2B animal protein marketplace led the pack with $25 million funding followed by global student housing solution provider Amber and pet care product marketplace Supertails which raised $21 million and $15 million, respectively. Further, MSMEs-focused fintech lender FlexiLoans and electric vehicle manufacturing startup Tork Motors also scooped funding this week. [Early-stage deals] Equivalent to 18 early-stage startups secured funding worth $87.66 million during the week. Spiritual tech platform Astrotalk spearheaded the chart followed by metals supply chain company Metalbook, mobility fintech firm Moove, risk-focused compliance automation platform Scrut Automation and agrifood fintech platform Ayekart. The list further includes EV financing firm Ascend Capital, rewards-focused internet browser Veera, and travel-focussed social media platform Explurger among others. During the week, consumer medical startup Arcatron Mobility, digital banking platform Freo, D2C haircare brand iluvia and D2C ice-cream brand Frubon also raised capital but did not disclose the funding amount. For more information, visit TheKredible. [City and segment-wise deals] In terms of city-wise number of funding deals, Bengaluru-based startups again led the list with eight deals. This was followed by Delhi-NCR, Mumbai, Pune and Jaipur. The complete breakdown of the city and segment can be found at TheKredible. [Series wise deals] This week, around 14 startups raised funding in their Series A round followed by debt (5) and Pre-seed (3) deals. The list further includes Series B, Seed, and Series C funding deals. [Week-on-week funding trend] On a weekly basis, startup funding declined 32.5% to $162 million this week as compared to $240 million in the previous week. The average funding in the last eight weeks stands around $152 million with 23 deals per week. [ESOP buyback] Edtech company Classplus announced employee stock ownership plan (ESOP) buyback for more than 150 employees. This is the second buyback announcement by the company in the last three years. [Fund launches] The week witnessed four fund launches: Hyderabad Angles Fund (HAF) announced its maiden venture capital fund with a corpus of Rs 100 crore, Endiya Partners is set to launch its third fund between Rs 800 crore and Rs 1,000 crore, PedalStart announced a $250,000 Series-2 fund for early-stage startups, and InCred Alternatives Investments launched its maiden Category II AIF in private equity. [Layoffs/Shutdown] Fintech startup Wint Wealth reportedly fired around 20% of its workforce in an internal restructuring exercise impacting employees across departments, including marketing, sales, and tech. [Merger & Acquisition] Nazara Technologies’ subsidiary Nodwin Gaming International Pte Ltd is set to acquire e-sports and gaming company Ninja Global FZCO for $3.5 million. The move aims to bolster Nodwin Gaming’s presence in Turkey and the Middle East. The transaction will be conducted using a combination of cash and stock. Visit TheKredible to see series wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Unacademy to launch language learning app ▪️ Flathead founder launches a new venture, Aurm [Financial results this week] ▪️ With over 2X growth, Miko’s revenue crosses Rs 225 Cr in FY23 ▪️ Yatra churns profits in Q3 FY24, revenue crosses Rs 110 Cr ▪️ Bloom Hotels turns profitable with Rs 144 Cr revenue in FY23 ▪️ Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44% ▪️ Zoomcar’s scale shrinks 19% in Q3 FY24, improves bottom line [News flash this week] ▪️ RBI asks Visa, Mastercard to suspend card-based commercial payments ▪️ NCLT accepts insolvency plea against Dream 11-parent over 7.6 Cr default ▪️ Ixigo and Ullu Digital next in line to go public, file DRHP [Entrackr’s analysis] After a nearly three-fold surge in funding last week, the weekly funding again shrank over 30% to $162 million this week. The week also witnessed the launch of four startup focused funds: Hyderabad Angels Fund, Endiya Partners, PedalStart and InCred. The Reserve Bank of India (RBI) has directed Visa and Mastercard to cease card-based commercial payments, impacting fintech companies such as Enkash, and Paymate, which facilitate these transactions. Additionally, the NCLT has accepted an insolvency plea against Dream11, citing a rent default exceeding Rs 7.6 crore. Regarding the recent developments with Paytm Payments Bank Limited (PPBL), the RBI has provided temporary relaxations for affected customers. They can make deposits, credit transactions, or top-ups in their accounts until March 15, 2024, instead of the earlier deadline of February 29, 2024. However, the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated by February 29, 2024. Customers are allowed to withdraw or utilize their balances without any restrictions. In response, Paytm has shifted its nodal account to Axis Bank for merchant settlements. RBI deputy governor clarified that the crackdown on Paytm’s payments bank followed conversations and warnings. As a result, Paytm’s shares have plummeted to an all-time low. Additionally, ixigo and Ullu Digital have filed their Draft Red Herring Prospectus (DRHP) this week, signaling their intentions to go public soon.

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Funding and acquisitions in Indian startups this week [5 - 10 Feb]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [5 - 10 Feb]
Medial

Funding infusion in the startup ecosystem surged 2.4x this week compared to the previous seven days. Of 39 startups which scooped up $240 million cumulatively this week, 29 deals belonged to the early stage startups. Remaining eight deals went to growth stage startups. Two startups did not disclose the amount it raised. Last week, 13 early and growth stage startups collectively raised around $84.5 million, including two undisclosed deals. [Growth-stage deals] This week, eight growth startups raised nearly $140 million funding. Electric vehicle manufacturer River spearheaded the lot with $40 million fundraise followed by real estate consultancy firm Anarock and clean energy firm Lohum which raised $24 million and $23 million B funding, respectively. E-commerce roll-up firm GlobalBees and electric vehicle financing platform Mufin Green Finance also raised notable funding to make it to the top five deals. Agritech startup BigHaat, vernacular news aggregator DailyHunt’s parent Verse Innovation and D2C apparel brand Bombay Shirt Company also raised capital this week. [Early-stage deals] Among the early-stage startups, 29 startups secured funding worth $100 million. Smart home automation firm Keus is on top of the list with a $12 million fundraise followed by two-wheeler electric vehicle finance platform OTO, biotechnology startup Pandorum, creator-focused commerce startup Wishlink and office space provider DevX. The list further includes SaaS startup Attentive, EV firm Vidyut, cleantech company Metafin, healthtech entity Khyaal and home appliance firm Upliance.ai. During the week, the manufacturer of reusable rockets that bring both the stages of the rocket back into earth, EtherealX and digital infrastructure innovations startup PlanckDOT also raised capital but did not disclose the funding amount. For more information, visit TheKredible. [City and segment-wise deals] In terms of city-wise number of funding deals, Bengaluru-based startups again led the list with 12 deals. This was followed by Mumbai, Delhi-NCR, and Chennai. Pune, Hyderabad, Ahmedabad, Kolkata, Vadodara, Navi Mumbai and Thane are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series wise deals] This week, equivalent to 17 startups raised funding in their seed round followed by Series A (11) and Series B (4) deals. The list also counts debt, pre-Series A, Series C and pre-Series C funding deals. [Week-on-week funding trend] On a weekly basis, startup funding soared 184% to $240 million as compared to $84.5 million in the previous week. The average funding in the last eight weeks stands around $251 million with 24 deals per week. [Departures] The week also saw a few notable departures. Ather Energy’s CFO Deepak Jain is departing the company, with Sohil Parekh taking over his role. Swiggy’s independent director Mallika Srinivasan has resigned after a year, and Freshworks’ CRO Pradeep Rathinam is stepping down after almost four years, to be succeeded by Abe Smith as the new global field operations leader. Shinjini Kumar and Manju Agarwal have reportedly quit Paytm’s payments bank board. [Fund launches] Cactus Venture Partners (CVP) closed its first fund at over Rs 630 crore, while GrowthCap Ventures, led by former BharatPe executive Pratekk Agarwaal, has reached the first close of its debut fund at Rs 20 crore. Additionally, Orient Growth Ventures has closed its second fund for India and Southeast Asia (SEA) at $90 million. [Layoffs/Shutdown] This week, Licious and Blissclub laid off a part of their workforce, affecting 3% and 18% of employees respectively. Meanwhile, Muvin shut down operations due to RBI regulations on UPI co-branding. [Merger & Acquisition] The week also witnessed six M&A deals including the acquisition of Spartan Poker by OneVerse, Kuvera by CRED, LotusPay by Juspay, and Qdigi Services by Onesitego. Healthtech firm Thyrocare and logistics firm Deliver.sg also joined the list with the acquisitions of Think Health Diagnostics and BusyBee, respectively. Visit TheKredible to see series wise deals and amount breakup, complete details of fund launches, departures and more insights. [New launches] ▪️ Cleartrip launches Out of Office to foray into the corporate travel space ▪️ Meesho launches logistics marketplace Valmo ▪️ Flipkart introduces 3-hour fresh flower delivery service [Financial results this week] ▪️ Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23 ▪️ Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable ▪️ FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23 ▪️ Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70% ▪️ Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24% ▪️ Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24 [News flash this week] ▪️ Vanguard marks down Ola’s valuation to $1.88 Bn ▪️ Zoho, Juspay, Decentro get RBI nod for payment aggregator biz ▪️ Orios Venture gets 45X returns in a partial exit from Country Delight [Entrackr’s analysis] Evident from the numbers, weekly funding has made a strong comeback with investments worth nearly $240 million. The back-to-back startup focused fund announcements also hint at the optimism in the Indian startup ecosystem. Continuous layoffs and business closures, however, give a hard reality check to the sector, which is trying to recover from the so-called funding winter. US-based asset management company Vanguard has marked down Ola’s valuation, pegging it at less than $2 billion. This marks the third consecutive devaluation of Ola by Vanguard since February 2023. Meanwhile, several prominent players have secured payment aggregator licenses from the central bank. This includes SaaS unicorn Zoho and fintech firms Juspay and Decentro. Additionally, early-stage venture capital firm Orios Venture Partners took a partial exit from dairy startup Country Delight with a 45X return on the firm’s initial investment. In a positive development, publicly traded companies such as Zomato, MamaEarth, and Nykaa have persistently remained in green, indicating their steady progress towards evolving into sustainable enterprises.

Funding and acquisitions in Indian startups this week [28 Aug-02 Sep]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [28 Aug-02 Sep]
Medial

During this week, 13 Indian startups secured approximately $52 million in funding, with MediBuddy and SatSure leading the way with $18 million and $15 million respectively. In comparison, the previous week witnessed 19 Indian startups amassing a total of around $233 million in funding, with one startup's details undisclosed. Among the 13 rounds this week, only MediBuddy, a growth stage startup, raised $18 million, while the remaining 12 were early-stage startups. Bengaluru-based startups dominated the funding scene, accounting for $41 million or 78.68% of the total funding, followed by Delhi NCR and Hyderabad-based startups. Fintech startups secured the most deals, followed by logistics and healthtech. Additionally, four companies, namely CoinSwitch, Kenko Health, Omuni, and Khatabook, announced employee layoffs during this week, and TripCrafters merged with Holidify.

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