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Funding and acquisitions in Indian startups this week [26 Feb - 2 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [26 Feb - 2 Mar]
Medial

As many as 30 Indian startups raised funding amounting to nearly $384 million this week. These deals include nine growth-stage deals and 18 early-stage deals. The early-stage deals also include five startups that kept their transaction details undisclosed. Last week, about 25 early and growth-stage startups collectively raised over $125 million, including two undisclosed deals. [Growth-stage deals] Among the growth-stage deals, nine startups raised $310.7 million in funding this week. Logistics company Shadowfax spearheaded with its $100 million Series E funding round. Customer loyalty and engagement technology platform Capillary Technologies expanded its Series D round with a $95 million raise while D2C jewelry brand Kushal’s secured $34 million. Further, Omnichannel pharmacy platform Zeno Health, Fintech startup Mswipe, and D2C luggage brand Mokobara among others also raked in funding this week. [Early-stage deals] Equivalent to 18 early-stage startups scooped funding worth $73.46 million during the week. Blockchain startup Avail led the list followed by interview preparation platform Interview Kickstart, renewables EPC company InSolare, energy efficiency startup Smart Joules, cybersecurity provider Silence Labs, and nanotechnology startup Chiral. The list further includes Business process automation Zvolv, spacetech startup Digantara, business-to-business agri-food startup Farmtheory, and foodtech firm TWF Flour among others. For more information, visit TheKredible. The list of early-stage startups also includes five startups which kept the amount undisclosed. The startups are Knocksense, StepChange, Biggies Burger, Zactor Tech, and Local (Tui Bon Natural). [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 18 deals amounting to 74% of the total fundraise during the week. This was followed by Mumbai, Delhi-NCR, Pune, Jaipur, and Lucknow. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, eight startups raised funding in their seed round followed by five Series A deals. While pre-Series A, pre-seed, and Series C deals followed with 5, 5, and 3 deals, respectively. [Week-on-week funding trend] On a weekly basis, startup funding jumped 3X to $384.16 million as compared to $126 million in the previous week. The average funding in the last eight weeks stands at around $197 million with 27 deals per week. [Mergers & Acquisition] This week, online seafood firm Captain Fresh has acquired CenSea Inc., a US-based frozen fish and seafood importer and distributor. According to a report, Captain Fresh has fully acquired CenSea in a cash-and-stock deal, with 90% of the consideration paid in cash. [Fund launches] Asset management firm Rockstud Capital has marked the first close of its second alternative investment fund (AIF) at Rs 68 crore or $8.2 million. With a target corpus of Rs 300 crore ($36 million), Rockstud Capital Investment Fund II aims to help companies fund their bridge rounds, scale products and raise capital from institutional investors. The fund focuses on sectors, including digitalization, sustainability, financial inclusion, health & safety, and consumption. It invests between $0.5 and $1 million across startups at their Pre-Series A round. [Layoffs] WayCool Foods has reportedly fired at least 70 employees over the last month in what was the second layoff exercise at the agritech startup within a year. The startup, which houses subsidiaries such as WayCool Censa, WayCool BrandNext, also shut its warehouses over the last month. Surgery-focused hospital chain Pristyn Care has reduced its workforce by 7% as the firm eyes profitability and initial public offering in the next few years. Pristyn Care said that it is discontinuing three redundant categories and the move will impact less than 7% of the 1,700 employees, with the majority in entry-level and support functions. It has also decided to exit six cities that were not adding adequate value to the business. [Departures] Vijay Shekhar Sharma stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL). The company also announced that it has reconstituted its board of directors with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Mphasis launches AI intelligence platform for document processing ▪️ Bhavish Aggarwal-led Krutrim launches Its Chatbot ▪️ SaaS platform Zoho launches a new business division, Zakya ▪️ Juspay rolls out a new ride-hailing app Mana Yatri in Hyderabad [Financial results this week] ▪️ ApnaKlub’s gross revenue spikes 6X to Rs 278 Cr in FY23 ▪️ Razorpay posts Rs 2,279 Cr revenue in FY23; bottom line remains stagnant ▪️ Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90% ▪️ WeWork India posts Rs 1,314 Cr revenue in FY23; cuts losses by 77% ▪️ Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr ▪️ RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58% [News flash this week] ▪️ Paytm terminates inter-company agreements with payments bank unit ▪️ Amazon Pay gets a payment aggregator license from RBI ▪️ Paytm Payments Bank slapped with Rs 5.49 Cr fine by FIU-IND ▪️ Zepto launches a membership programme, Zepto Pass. ▪️ Google delists select Indian apps over violations of Play Store policies [Entrackr’s analysis] The weekly funding rebounded after a three-week decline, experiencing a three-fold growth. However, the week also saw two significant layoffs at WayCool and Pristyn Care, affecting approximately 200 employees. Paytm has terminated inter-company agreements between One97 Communications and Paytm Payments Bank Limited (PPBL), following regulatory actions by the Reserve Bank of India (RBI). The RBI imposed business restrictions on Paytm Payments Bank due to non-compliance and regulatory concerns. Separately, the Financial Intelligence Unit-India (FIU-IND) fined Paytm Payments Bank Ltd Rs 5.49 crore. Additionally, Google delisted several popular Indian apps, including Kuku FM, TrulyMadly, QuackQuack, and Altt, from the Play Store. Apps from Shaadi and Matrimony.com, as well as InfoEdge’s job portal Naukri and real-estate platform 99 acres, were also removed. This action follows Google’s blog post outlining its new app store policies and warning of potential consequences for non-compliance, such as ‘delisting’.

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Funding and acquisitions in Indian startups this week [04-09 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [04-09 Mar]
Medial

This week, equivalent to 27 Indian startups raised funding amounting to nearly $307.8 million. These deals include seven growth-stage deals and 17 early-stage deals. The early-stage deals also include three startups that kept their transaction details undisclosed. Last week, about 32 early and growth-stage startups collectively raised over $384 million, including five undisclosed deals. [Growth-stage deals] Among the growth-stage deals, seven startups raised $141 million in funding this week. D2C skincare and nutrition brand The Ayurveda Experience spearheaded with a $27 million Series C funding round. ID verification platform IDfy also shared the top spot with its Series E funding worth $27 million. D2C Craft beer brand Bira 91, B2B construction equipment supplier Zetwerk and education software company Educational Initiatives (Ei) also made it to the top five with their respective fundraises. Further, edtech startup PlanetSpark and electric vehicle financing platform Mufin Green also raked in funding this week. For more information, visit TheKredible. [Early-stage deals] As many as 17 early-stage startups scooped funding worth $166.8 million during the week. Surprisingly, an early stage startup mPokket led the overall funding chart with its $60 million debt this week. Generative AI startup Ema followed the list with social media startup Hunch, rural commerce startup Rozana, and D2C skincare brand Foxtale. The list further includes business tools provider Exly (formerly MyScoot), Sales enablement platform Louisa AI, and D2C coffee chain abCoffee among others. The list of early-stage startups also includes three startups which kept the amount undisclosed. The startups are Azimuth AI, Swizzle, and Onramp Money. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 10 deals followed by Bengaluru with 9 deals, collectively amounting to 65% of the total fundraise during the week. This was followed by Mumbai, Kolkata, Ahmedabad, Surat, Lucknow, and Hyderabad. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, nine startups raised funding in their seed round followed by five Series A deals. While three startups raised funding in pre-Series A, this was followed by debt, Series E, and Series B funding with 2 deals each. [Week-on-week funding trend] On a weekly basis, startup funding shrank 20% to $307.8 million as compared to $384.16 million in the previous week. The average funding in the last eight weeks stands at around $216 million with 26 deals per week. [Fund launches] The week witnessed four startup-focused fund launches. GetVantage has launched the Rise-Up Fund, dedicating Rs 100 crore to supporting women entrepreneurs’ businesses with capital, aiming to deploy the funds within the next 12 months. Colossa Ventures, a SEBI-registered venture capital management company, announced the first close of its Colossa WomenFirst Fund at Rs 100 crore. Additionally, climate tech venture studio NOW has officially launched in India with a dedicated $2 million fund to invest in early-stage Indian deeptech startups, aiming to support and nurture innovation in the deeptech space. An early-stage venture capital firm Navam Capital, focused on backing startups in frontier technology sectors, has also made the first close of its maiden investment vehicle. [ESOP Buyback] Community management app MyGate announced employees stock buyback program for more than 50 employees. The buyback came on the back of improved financial results for the Bengaluru-based company in the past couple of years. MyGate announced the buyback plan of 20% of vested shares for employees who have completed four years at the firm. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Flipkart launches UPI services to counter third-party apps ▪️ Cashfree unveils a new payment solution for software platforms ▪️ Gupshup rolled out Conversation Cloud to facilitate AI-backed B2C conversations ▪️ OYO to launch self-operated premium hotels under the ‘Palette’ brand ▪️ ZestMoney’s ex-CEO Lizzie Chapman to launch new venture, SwiffyLabs [Financial results this week] ▪️ Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant ▪️ Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23 ▪️ Trell revenue plummeted 94% to Rs 5 Cr in FY23; losses stood at Rs 59 Cr ▪️ BigHaat’s gross revenue nears Rs 700 Cr in FY23 ▪️ Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23 [News flash this week] ▪️ Infibeam Avenues receives RBI’s final nod for Payment Aggregator license ▪️ Flipkart to take on Zepto, Blinkit with quick commerce foray ▪️ Google agrees to temporarily restore delisted apps ▪️ Karnataka withdraws the electric bike taxi scheme citing its misuse ▪️ Tech Fini partners with NPCI to offer credit line on UPI ▪️ NITI Aayog to roll out the initiative to create DPI for policymaking and governance ▪️ Antfin offloaded a 2% stake in Zomato via bulk deals worth Rs 2,827 Cr ▪️ BlackBuck to raise $300 million, gearing up for IPO ▪️ Meesho to raise funds from Peak XV, Tiger Global via a secondary transaction [Entrackr’s analysis] The weekly funding slipped nearly 20% to $307.8 million as compared to $384.16 million the previous week. Fortunately, there was no news of major layoffs, shutdowns, or departures in the startup ecosystem. Additionally, four firms launched startup-focused funds to support Indian entrepreneurs. Google announced that it would temporarily restore applications removed from the Play Store due to policy compliance issues last week. This decision followed intervention by the Indian government after IT Minister Ashwini Vaishnaw criticized the delisting of select Indian apps. He later disclosed that he had engaged with Google representatives and app developers to address the issue. NITI Aayog is set to launch NITI for States, a digital cross-sectoral knowledge platform, to create a digital public infrastructure for policymaking and governance. The platform, accessible on various devices including mobile phones, aims to support the digital transformation of governance by providing practical knowledge and insights to improve decision-making for government officials, district collectors, and block-level officials across states and UTs. In another development, e-commerce giant Flipkart is gearing up to enter the quick commerce sector, with infrastructure ramp-up already underway. Meanwhile, Flipkart-backed logistics startup BlackBuck is preparing for an IPO in the next fiscal year, aiming to raise up to $300 million. Additionally, investors like Peak XV Partners and Tiger Global are reportedly eyeing a stake in e-commerce unicorn Meesho through a secondary transaction. Some angel and early investors of Meesho may offload shares worth around $200 million, with the deal expected to value between $3.5 billion and $3.9 billion based on final terms.

Funding and acquisitions in Indian startups this week [18-23 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [18-23 Mar]
Medial

This week, equivalent to 22 Indian startups raised $447.35 million in funding. These deals include nine growth-stage deals and 11 early-stage deals. Two early-stage startups kept their transaction details undisclosed. Last week, about 30 early and growth-stage startups collectively raised around $287 million, including four undisclosed deals. [Growth-stage deals] Among the growth-stage deals, nine startups raised $420.35 million in funding this week. Healthtech firm Engrail led the pack with $157 million in funding. Audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group followed with $103 million, $35 million, and $30 million funding, respectively. Further, data collaboration software provider Atlan, cloud kitchen startup Curefood, B2B marketplace and retail platform Jumbotail, NBFC operating in remote rural parts, Dvara KGFS, and coffee brand SubKo Coffee also raised funds this week. [Early-stage deals] As many as 11 early-stage startups scooped funding worth $27 million during the week. MSME-focused lending-tech startup Optimo Loan topped the list followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih. The list further includes networking solution provider HCIN Network, AI music startup Beatoven.ai, B2B furniture cloud factory Relso, fintech firm Yenmo, and jewellery brand Jewelbox among others. The list of early-stage startups also includes two startup that kept the amount undisclosed. The startups are Droom and Dairy Day. 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 14 deals followed by Delhi-NCR with 3 deals. Mumbai, Hyderabad, Kolkata, and Ahmedabad are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, seed funding deals are on the top spot with five deals. Four startups raised funding in Series B, followed by three pre-seed, three Series A, and two Series D deals. [Week-on-week funding trend] On a weekly basis, startup funding grew 56% to $447.35 million across 22 deals. Last week, 30 startups raised around $287 million in funding. The average funding in the last eight weeks stands at around $254 million with 26 deals per week. [Mergers and Acquisitions] This week witnessed only one acquisition deal. French influencer marketing firm YKONE acquired a 70% stake in Barcode, a content and influencer marketing agency for an undisclosed amount this week. [Fund launches] The week witnessed three startup-focused fund launches. American investment firm Alphatron Capital, which primarily makes limited partner-style bets on venture capital firms in India, has closed its maiden fund and received $30 million in commitments from its limited partners (LPs) for the fund. US-based multi-stage venture capital firm B Capital made the final close of its second opportunities fund with aggregate capital commitments of $750 million. Cedar Capital, the fintech-focused venture capital arm of management consulting firm Cedar and fintech market intelligence platform IBS Intelligence, also marked the first close of its $30 million FinTech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore. [Shutdown and Layoff] OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. Prosus-backed virtual events platform Airmeet laid off around 20% of its entire workforce earlier this week, as part of its second restructuring exercise within a year, people aware of the matter informed Inc42 on the condition of anonymity. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ PB Fintech plans to incorporate a subsidiary to enter the PA biz [Financial results this week] ▪️ EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too ▪️ Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight ▪️ ZingHR posts Rs 84 Cr revenue in FY23; losses surge 84% ▪️ BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47% ▪️ Eupheus Learning reports Rs 99 Cr revenue in FY23; improves economics ▪️ Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable [News flash this week] ▪️ Builder.ai Co-founders booked by ED in two criminal cases ▪️ MIB warned influencers on promoting offshore online betting and gambling platforms ▪️ Zomato gets GST penalty notice from Gujarat’s Deputy Commissioner Of State Tax [Conclusion] After the stagnant funding in the past few week, the weekly funding grew 57% and crossed $450 million. In a positive development, this week again three VC firms launched startup-focused funds to support Indian entrepreneurs. While the layoffs and shutdowns reappeared this week as crypto exchange OKX is shutting down its services in India and virtual events platform Airmeet laid off around 20% of its entire workforce. 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 named as a suspect in an alleged money laundering case, while Saurabh Dhoot is linked to an alleged loan fraud case. Duggal’s involvement stems from the ED’s money laundering probe into the now-bankrupt electronics giant Videocon. The agency issued a summons to Duggal in 2022 to appear as a witness in the probe into alleged “unexplained transactions” between his company (not Builder.ai) and Videocon. Moreover, the Ministry of Information and Broadcasting advised endorsers and influencers on social media to refrain from promoting or advertising offshore online betting and gambling platforms. The ministry also directed online advertisement intermediaries not to target such promotional content towards the Indian audience. Failure to comply may lead to proceedings under the Consumer Protection Act, 2019, including removal or disabling of social media posts or accounts and penal action under applicable statutes. Additionally, foodtech major Zomato has received a GST penalty notice from Gujarat’s Deputy Commissioner of State Tax for fiscal 2018-19. Zomato has been asked to pay Rs 4.11 crore for GST, along with additional interest and penalty charges totaling Rs 8.57 crore following an audit of its GST returns and accounts.

Funding and acquisitions in Indian startups this week [19-24 Feb]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [19-24 Feb]
Medial

This week as many as 26 Indian startups raised funding amounting to nearly $129.5 million. These deals count five growth-stage deals and 19 early-stage deals. The early-stage deals also include two startups that kept their transaction details undisclosed. Last week, 27 early and growth-stage startups collectively raised around $162 million, including four undisclosed deals. [Growth-stage deals] Among the growth stage deals, five startups raised $73.7 million in funding this week. Furniture rental brand Rentomojo topped the list with its $25 million fundraise. This was followed by D2C ice cream brand NIC and electric two-wheeler startup Yulu which raised $20 million and $19.25 million, respectively. Further, education-focused NBFC Auxilo and train ticketing platform RailYatri also secured funding this week. [Early-stage deals] Equivalent to 19 early-stage startups raked in funding worth $55.77 million during the week. EV financing and vehicle lifecycle management platform Vidyut scooped $10 million in funding while agriculture financing startup Samunnati, climate-tech firm Varaha, EV company Pure EV, and digital-first retailer Pratech Brands also raised a significant amount to make it to the top five early-stage startups. The list further includes foodtech platform Ghost Kitchens India, augmented reality startup AutoVRse, healthcare edtech startup Virohan, elder care company Samarth Life, and B2B fintech supply chain startup QuiD among others. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups are on the top of the list with nine deals. This was followed by Delhi-NCR, Mumbai, Hyderabad, Pune, Chennai, and Udaipur. The complete breakdown of the city and segment can be found at TheKredible. [Series wise deals] This week, eight startups raised funding in their seed round followed by five pre-seed, four Series A, and two Series C deals. The list further includes debt, Series D, Series B, and other funding deals. [Week-on-week funding trend] On a weekly basis, startup funding declined by 20% to $129.5 million as compared to $162 million in the previous week. The average funding in the last eight weeks stands at around $158 million with 25 deals per week. [Mergers & Acquisitions] This week saw a few acquisition deals. DroneAcharya Aerial Innovations Ltd is acquiring a majority (76%) stake in Aerophile Academy Pvt Ltd, which provides drone pilot training. Signzy has acquired fraud risk management solutions provider Difenz for $5 million. Redcliffe Labs-owned Medicentre Sonography & Clinical Labs has acquired Prime Sonography & Diagnostic Centre and Xoriant, backed by ChrysCapital, has acquired technology-solutions provider MapleLabs Inc. [Fund launches] Aroa Venture Partners has launched a new fund targeting a corpus of Rs 400 crore. Spyre PropTech Venture Fund, supported by Venture Catalysts and Neovon, has initiated a Rs 400 crore fund to invest in over 30 Indian startups in the PropTech sector. Equirus Capital achieved the first close of its maiden venture capital fund shortly after receiving SEBI approval for a category-I alternative investment fund (AIF). [Departures] Amid efforts to improve profitability, Flipkart, led by Walmart, has seen the departure of four senior vice presidents. Cleartrip’s Ayyappan R, Flipkart’s Amitesh Jha, Dheeraj A, and Bharath Ram, who held key positions in various departments, have recently left the company. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Razorpay launches an AI chatbot, RAY ▪️ Pocket FM rolls out e-novel platform Pocket Novel ▪️ Google to roll out SoundPod to more merchants [Financial results this week] ▪️ RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58% ▪️ Smallcase spends Rs 176 Cr to earn Rs 31 Cr in FY23 ▪️ Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X ▪️ EatClub posts Rs 315 Cr revenue and Rs 69 Cr loss in FY23 ▪️ Fintech firm CASHe’s revenue crosses Rs 560 Cr in FY23; remains profitable ▪️ Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62% [News flash this week] ▪️ RBI’s additional steps aim to protect ‘@paytm’ users, merchants ▪️ AR-based toy maker PlayShifu in talks to raise $6 Mn ▪️ NIIF to acquire a majority stake in iBus ▪️ Flipkart in talks to acquire Dunzo ▪️ Construction firm Infra.Market to raise $60 Mn debt ▪️ RBI grants Payment Aggregator license to Mswipe Technologies ▪️ X to withhold certain accounts, posts in India following govt orders [Entrackr’s analysis] The weekly funding again shrank by a significant margin, however, the week did not witness any major layoffs or business shutdowns. Additionally, the week witnessed three startup-focused funds: Aroa Venture, Spyre PropTech, and Equirus Capital. In another development, IRCTC partnered with Swiggy to deliver pre-ordered meals at four railway stations, following a similar move by Zomato four months ago. This reflects a growing trend of leveraging food delivery platforms for railway catering services. Meanwhile, Flipkart is reportedly in talks to acquire Dunzo, a hyperlocal delivery startup facing financial challenges for nearly a year. However, complexities surrounding Dunzo’s ownership, particularly its association with Reliance, are complicating the potential deal. Additionally, the RBI has moved to provide more safeguards to customers affected by its actions against Paytm Payments Bank. This includes migrating ‘@paytm’ handles to other banks and advising customers to make alternative arrangements before March 15, 2024. Meanwhile, drama has continued to unfold at Byju’s for one reason or another. On Friday, select shareholders held an Extraordinary General Meeting (EGM) to vote for leadership change and board restructuring. Later, Byju’s said the outcome of the EGM was “invalid and ineffective.” It also highlighted the interim relief provided by the Karnataka HC, which stated that any decisions made during the meeting would not be given effect until the next hearing.

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 [11-16 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [11-16 Mar]
Medial

The second week of March saw 30 startups funding deals worth $287 million. These deals include six growth-stage deals and 20 early-stage deals. While one growth and three early-stage startups kept their transaction details undisclosed. Last week, about 27 early and growth-stage startups collectively raised over $307 million, including three undisclosed deals. [Growth-stage deals] Among the growth-stage deals, six startups raised $234 million in funding this week. SaaS-based B2B fintech firm Perfios led the pack with $80 million in funding and turned unicorn. Battery tech startup Lohum, healthtech data analysis firm HiLabs, and AI-based workflow automation platform Nanonets followed the list with $54 million, $39 million, and $29 million funding. Further, D2C beauty and personal care brand CureSkin and alternative credit platform BlackSoil also secured funding this week. Medical device maker S3V Vascular did not disclose the funding details. [Early-stage deals] As many as 20 early-stage startups scooped funding worth $53 million during the week. Debt relief platform FREED topped the list followed by E2E business guide provider RapidCanvas, geriatric care service provider Kites Senior Care, D2C bottled water brand Clear Premium Water, and type 2 diabetes and prediabetes focused platform Sugar.fit. The list further includes a provider of smart metering solutions for power distribution Kimbal Technologies, fintech startup TapFin, provider of mortgage finance LoanKuber (Janasha Finance), Binny Bansal-led end-to-end solutions provider to e-commerce firm OppDoor, and brand analytics platform GobbleCube among others. The list of early-stage startups also includes two that kept the amount undisclosed. The startups are The Quorum Club, Indicold, and IntelloSync. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 11 deals followed by Bengaluru with 10 deals. Pune, Mumbai, Ahmedabad, Kolkata, and Mysore are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, Seed and Series A funding deals shared the top spot with eight deals each. Five startups raised funding in Series B, followed by three pre-Series A, three pre-Seed, and two pre-seed deals. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable at $287 million across 30 deals. Last week, 24 startups raised around $307.8 million in funding. The average funding in the last eight weeks stands at around $229 million with 27 deals per week. [Mergers and Acquisitions] Metaverse and gaming technology platform OneVerse acquired two companies: Calling Station, and BatBall11. Fast-moving consumer goods (FMCG)-focussed BIA Brands has bought beauty brand Asa Beauty for an undisclosed amount to expand its foothold in the beauty and personal care (BPC) space. While IPO-bound food delivery major Swiggy has reportedly merged its premium grocery vertical InsanelyGood with its quick commerce unit Instamart. [Fund launches] The week witnessed three startup-focused fund launches. Venture capital fund 8i Ventures today announced the launch of ‘Origami’, a seed funding program aimed at supporting early-stage founders. Prath Ventures has raised Rs 120 crore in a second close co-led by SIDBI Funds and others. The fund will seek to deliver Indian consumption opportunities to its LPs while adhering to the standards of institutional fund management. Small Industries Development Bank of India (SIDBI) has secured $24.5 Mn from the Green Climate Fund (GCF) for its maiden anchored sustainability and climate focussed fund Avaana Sustainability Fund (ASF). [ESOP] Meesho announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. As per a report, CRED also initiated its fourth Accelerated Wealth Programme (AWP) for employees earlier this week, offering employees the chance to purchase additional stock options with an accelerated vesting period. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Magicpin forays into logistics aggregation space, launches Velocity ▪️ CoinSwitch founders to launch an investment platform by June [Financial results this week] ▪️ FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23 ▪️ Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss ▪️ Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable ▪️ CoinSwitch’s scale dwindles 82% in FY23; posts Rs 385 Cr loss ▪️ Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still ▪️ Decoding the financial health of leading cloud kitchen startups ▪️ KaarTech posts Rs 359 Cr revenue in FY23; remains profitable ▪️ Stanza Living posts Rs 442 Cr revenue and Rs 495 Cr loss in FY23 [News flash this week] ▪️ Paytm gets NPCI nod to become third-party app provider for UPI ▪️ IB Ministry blocks 18 OTT platforms for publishing obscene content ▪️ Swiggy merges InsanelyGood with Instamart ▪️ IPO-Bound Ullu Digital faces complaints for pornographic content ▪️ Classplus named in cheating, forgery case by Abhinay Maths ▪️ Pune RTA rejects the applications of Ola and Uber for aggregator license ▪️ Pocket FM to raise $100 Mn in new funding from Lightspeed ▪️ JioCinema partners with Sharechat and Moj to showcase its sports content [Entrackr’s analysis] The weekly funding remained somewhat stable at $287 million across 29 funding deals. In a positive development, Meesho and CRED have reportedly initiated ESOP plans for their employees. Additionally, three VC firms launched startup-focused funds to support Indian entrepreneurs. Swiggy, the food delivery giant, has merged its premium grocery vertical, InsanelyGood, with its quick commerce unit, Instamart. The move comes as InsanelyGood operations are paused temporarily, with plans to integrate it into the Instamart offering. InsanelyGood, previously a standalone app, was integrated into Swiggy’s main app last year, receiving a separate tile alongside services like Instamart and others. The merger follows a scaling down of InsanelyGood’s operations from six cities to just Bengaluru, aimed at curbing cash burn. On a different note, Ullu Digital, an IPO-bound streaming platform, is under scrutiny for allegedly selling “pornographic” content involving school children. Various government bodies, including SEBI, the Ministry of Corporate Affairs, and MeitY, are investigating the platform following complaints. This investigation comes after the National Commission for Protection of Child Rights (NCPCR) raised concerns about the app’s content being accessible to children. The Pune Regional Transport Authority has rejected the pending applications of Ola and Uber for an aggregator license. The rejection was based on document discrepancies and failure to meet the standards outlined in the government’s Motor Vehicles Aggregators’ Guidelines, 2020. Used car marketplace Cars24 is piloting a new service in Gurugram that allows car owners to hire drivers on demand on an hourly basis. The service, launched earlier this month, offers options for round trips, one-way trips, and outstation journeys, with stringent driver verification and testing processes in place. Lastly, investment tech platform Jar is reportedly venturing into the peer-to-peer (P2P) lending space with its new offering, Jar Plus, in partnership with Mumbai-based NBFC, P2P LenDenClub. Jar Plus has been rolled out for select users and aims to connect lenders with potential borrowers, similar to other P2P lending platforms.

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.

Funding and acquisitions in Indian startups this week [25-30 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [25-30 Mar]
Medial

This week, as many as 17 Indian startups raised $125.13 million in funding. These deals include seven growth-stage deals and nine early-stage deals. These deals also include one early-stage startup which did not disclose the amount raised. Last week, about 23 early and growth-stage startups collectively raised around $447 million, including two undisclosed deals. [Growth-stage deals] Among the growth-stage deals, seven startups raised $103.43 million in funding this week. Vernacular social media platform ShareChat led the list with $49 million debt funding. The list was followed by three fintech firms namely Aye Finance, Sindhuja Microcredit, and KreditBee which raised $16.5 million, $14.5 million, and $9.4 million funding, respectively. Further, adtech startup AdOnMo, IPO-bound MobiKwik, and cybersecurity startup TAC Security also secured funds this week. [Early-stage deals] Subsequently, nine early-stage startups scooped funding worth $22.71 million during the week. Sustainable packaging startup Bambrew spearheaded the list followed by branded franchised retail chain SuperK, AI security and risk management startup SydeLabs, crypto exchange Nomoex Global, and proptech firm Aeria. The list further includes logistics solutions provider JustDeliveries, agritech startup Elevate Foods, AI-powered deep tech startup Daakia, and B2B footwear marketplace Kaarigar Mandi. The list of early-stage startups also includes edtech startup Aviotron Aerospace which kept the funding amount undisclosed. 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 5 deals followed by Delhi-NCR, Mumbai, Hyderabad, Patna, Kolkata, and Agra. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] During the week, Seed funding deals are on the top spot with four deals while debt deals are in second position forming around 57% of the total funding. Further, Pre-Series A and Series A are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding slipped 71% to $125.13 million as compared to $447.6 million raised during the previous week. The average funding in the last eight weeks stands at around $259 million with 27 deals per week. [Departure] This week, Praveen Sharma, senior vice president of business at Paytm’s parent entity One 97 Communications, resigned nearly after over four years, the company said in an exchange filing. Sharma, in his resignation letter, said he intends to pursue “other opportunities” after his exit from the company. [Fund launches] The week saw only one startup-focused fund launch. Mumbai-headquartered venture debt firm Alteria Capital has announced the final close of its third fund at approximately $186 million. The firm has backed startups such as Rebel Foods, BlueStone, OneCard, Ather, and Captain Fresh, and plans to continue its support for startups across various sectors including consumer brands, e-commerce, fintech, logistics, business-to-business platforms, rural and agritech, healthcare, and climate tech. [Shutdown] Investment tech startup GoldPe will cease to exist precisely one year after its inception on April 1, 2023. Co-founder Parth Shah stated that the decision was made due to the absence of a sustainable revenue stream, a flawed business model, and cash flow issues. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Mamaearth parent Honasa launches Staze to foray into cosmetics space ▪️ Cars24 rolled out Autopilot service to get car drivers on demand ▪️ CarDekho Group’s fintech arm Rupyy forays into personal lending space [Financial results this week] ▪️ Bounce’s revenue surges 6X to Rs 91 Cr in FY23; cuts losses ▪️ BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5% ▪️ Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23 ▪️ Myntra claims positive EBITDA in the last two quarters ▪️ IPO Prep: Swiggy paints a healthy financial picture in first 9 months of FY24 [News flash this week] ▪️ Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings ▪️ ICICI Securities reiterated the ‘BUY’ rating on Zomato ▪️ Innoviti gets payment aggregator licence from the RBI ▪️ Chiratae Ventures sells stakes of portfolio startup to Madison India Capital [Conclusion] The weekly funding saw a significant drop in investment flow as compared to the last week when the funding crossed $440 million. This week only one VC firm Alteria Capital launched a startup-focused fund amounting to around $186 million. Additionally, the week also witnessed a shutdown as investment tech startup GoldPe shut down the shop within one year of its inception. CCI has approved the subscription to CCPS B of API Holding by Ranjan Pai’s MEMG (Manipal Education and Medical Group) and 360 One. This decision follows CCI’s previous approval, where multiple combination proposals entailed investments by marquee investors such as Goldman Sachs, Naspers, Temasek, and CDPQ in API Holdings Ltd., the parent company of PharmEasy. Brokerage ICICI Securities has reiterated a ‘BUY’ rating on foodtech giant Zomato and raised its price target (PT) to Rs 300 per share. This represents an upside of more than 67% from the stock’s last close of around Rs 182 on Thursday (March 28). The brokerage attributed the increase in PT to the company’s “sustained growth trajectory and sustained improvement in profitability metrics”. Digital payments solutions company Innoviti has secured an online payment aggregator (PA) license from the Reserve Bank of India (RBI). Along with Innoviti, Navi Mumbai-based payment solutions provider Concerto Software and Systems also secured the PA license for its gateway ‘Vegaah’. This takes the tally of the number of entities to receive PA licenses in 2024 to 13. Earlier this month, Infibeam Avenues also secured final authorization from the central bank to operate as a payment aggregator via its payment gateway brand CCAvenue. Last month, Amazon Pay also received PA authorization. JusPay, Stripe, Tata Payments, and Mswipe are among the other players to receive the PA license this year.

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