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Funding and acquisitions in Indian startup this week [12 - 17 Aug]

EntrackrEntrackr · 11m ago
Funding and acquisitions in Indian startup this week [12 - 17 Aug]
Medial

During the week, 25 Indian startups raised around $432 million in funding. These deals count 6 growth-stage deals and 16 early-stage deals while 3 early-stage startups kept their transaction details undisclosed. During the previous week, 28 early and growth-stage startups cumulatively raised $151.18 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $350 million in funding this week. Hospitality platform Oyo spearheaded its $175 million worth Series G round. Electric scooter manufacturer Ather Energy raised $71 million to join the unicorn club followed by wealth and asset management firm Neo, wealthtech startup Syfe, trade credit infrastructure platform Vayana, and payment gateway and point of sales (PoS) provider Innoviti with $48 million, $27 million, $20.5 million, and $8.5 million in funding, respectively. [Early-stage deals] Further, 16 early-stage startups secured funding worth $82.09 million during the week. Electric vehicle maker Kinetic Green led the list followed by Electric scooter manufacturer Fresh Bus, D2C home, kitchen, and personal care brand Beco, e-mobility startup Kazam, and Healthcare startup 4baseCare among others. As many as 3 startups that did not disclose the funding amount raised are; Adukale, CricHeroes, and Flam. 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, Pune, Chennai, Kochi, and Ahmedabad. Segment-wise, Fintech startups are in the top spot with 7 deals. E-commerce, EV, AutomotiveTech, Healthech, Proptech, and Food & beverages startups followed this list among others. [Series-wise deals] During the week, Seed funding deals are on top with 8 deals followed by 6 Series A, 2 pre-Series A, 2 Series B, and 2 Series G deals. Pre-seed, pre-Series B, Series C, Series D, and Series E deals are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding jumped 186% to $432.09 million as compared to around $151.18 million raised during the previous week. The average funding in the last eight weeks stands at around $232.42 million with 26 deals per week. [Fund launches] Two startup-focused funds launched this week. 35North Ventures has successfully raised Rs 100 crore for its second AIF, focusing on early-stage investments. Simultaneously, Prudent Equity has launched a new PMS fund targeting stable returns through a value investing approach. [Key hirings and departures] Equivalent to 5 key hirings took place this week including Amrit Singh, Henrik Aslaksen, Balaji Prasanna by Lighthouse Canton, Akanksha Srivastava Byrnes by Vahdam India, and Vinod Dasari by Zetworks. While, Freshworks’ chief product officer, Srinivasagopalan Ramamurthy left the firm. [Mergers and Acquisitions] As many as 4 merger and acquisition deals were witnessed this week. Agritech firm Jai Kisan acquired Kushal Finnovation Capital, Veefin took over Nityo Tech, OYO acquired Checkmyguest, and Radio Mirchi’s parent ENIL purchased Gaana.com. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [In Talks] Zepto to raise $340 Mn a $5 Bn valuation [Financial results this week] Unpacking Oyo’s profitability and its financial position in FY24 True Balance’s profit zooms over 2X to Rs 138 Cr in FY24 Nykaa profits spike over 50% in Q1 FY25; invests Rs 265 Cr in Dot & Key Awfis posts Rs 257 Cr revenue in Q1 FY25, improves profits Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17% TBO reports Rs 418 Cr revenue and Rs 61 Cr profits in Q1 FY25 Yatra profits plunges 27% in Q1 FY25; revenue continues to fall EaseMyTrip posts Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25 MapMyIndia posts Rs 35.8 Cr profits in Q1 FY25 [News flash this week] PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike Ecom Express, ArisInfra, and Smartworks next to launch IPO, files DRHP To cut costs, Byju’s shuts half of tuition centers: Report Unicommerce and FirstCry’s IPOs list at 118% and 40% premium Shadowfax and OfBusiness are planning to launch an IPO soon RBI clamps down on P2P lending irregularities Paytm fined Rs 47.12 lakh for stamp duty non-payment [Conclusion] The weekly funding spiked 186% to $432.09 million this week. Meanwhile, two startup-focused funds launched this week namely Prudent Equity and 35 North. Edtech giant BYJU’S is undergoing significant cost-cutting measures as it faces financial challenges. The company is reportedly shutting down nearly half of its 250 tuition centers across India. This decision comes amidst delayed salary payments for employees and a broader financial crunch. After a muted listing of Ola Electric last week, Unicommerce and FirstCry listed with 118% and 40% premium this week. Meanwhile, Ecom Express, ArisInfra, and Smartworks have filed the DRHP with SEBI and are next to launch an IPO. Following the trend, Shadowfax and OfBusiness are also planning for public listing soon. Additionally, the Reserve Bank of India (RBI) has tightened regulations for Non-Banking Financial company peer-to-peer (NBFC-P2P) lending platforms to curb violations and enhance transparency. The new guidelines prohibit practices such as promoting P2P lending as an investment product, cross-selling insurance, and certain fund transfer mechanisms. Paytm has been issued a fine of Rs 47.12 lakh by the Office of Collector of Stamps, New Delhi, for non-payment of stamp duty on the allotment of equity shares in previous years. The fintech giant has stated that while there were delays in submitting some applications, all relevant documents were filed on time.

Funding and acquisitions in Indian startup this week [5 - 10 Aug]

EntrackrEntrackr · 12m ago
Funding and acquisitions in Indian startup this week [5 - 10 Aug]
Medial

During the week, 29 Indian startups raised around $177.68 million in funding. These deals count 8 growth-stage deals and 19 early-stage deals while 2 early-stage startups kept their transaction details undisclosed. During the previous week, 32 early and growth-stage startups cumulatively raised $334 million in funding. [Growth-stage deals] Among the growth-stage deals, 8 startups raised $104.8 million in funding this week. Telehealth and wellness platform Visit Health spearheaded with its $30 million worth Series B round. Wealth and asset management company Neo, vernacular social media platform ShareChat, D2C dairy and daily essential brand Country Delight, and e-commerce solution provider ShopDeck followed with $26.5 million, $16 million, $8.45 million, and $7.85 million, in funding, respectively. [Early-stage deals] Further, 19 early-stage startups secured funding worth $9.8 million during the week. B2B agri-processing platform Agrizy led the list followed by platform for sourcing and manufacturing of specialty chemicals Scimplify, personal care e-commerce startup Kindlife, stock broking platform Punch, and extended reality (XR) startup Metadome.ai among others. As many as 2 startups did not disclose the funding amount raised are; IppoPay and FlexiBees. 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 11 deals followed by Delhi-NCR, Mumbai, Chennai, Pune, Udaipur, and Chandigarh. Segment-wise, Fintech and Healthtech startups shared the top spot with 5 deals each. E-commerce, Foodtech, Biotech, SaaS, and Agritech startups followed this list among others. [Series-wise deals] During the week, Series A funding deals are on top with 10 deals followed by 7 Seed, 4 Series B, 3 pre-Series A, and 3 Debt deals. Series C and Angel round deals are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding slipped 46.81% to $177.68 million as compared to around $334.04 million raised during the previous week. The average funding in the last eight weeks stands at around $297.56 million with 29 deals per week. [Fund launches] Three startup-focused funds launched this week. Consumer-focused VC firm Sauce VC closed its third fund at Rs 365 crore. Simultaneously, O’Neil Capital Management India launched a new quant fund aiming for stable returns. Pantomath Capital Management also secured a significant initial close for its second fund, focusing on value investing. [Key hirings and departures] Equivalent to 11 key hirings took place this week including Sairam Krishnamurthy by Swiggy Instamart, Ramesh Padmanabhan by Core Integra, Shashank Ranjan by EvenFlow, Ramesh Gururaja by Flipkart and Gaurav Kejriwal by Smart Joules among others. While, Amazon’s head of operations in India, Manish Tiwary resigned after an over eight-year stint with the company. [Mergers and Acquisitions] As many as six merger and acquisition deals were witnessed this week. Gaming firm Nazara acquired Fusebox Games, Instawork took over Able Jobs, Nazara’s Absolute Sports acquired DeltiasGaming.com, Shobitam acquired IsadoraLife, Exicom acquired Tritium, and Apax Partners picked up 52% stakes in greytHR. [Layoffs] BeepKart, a used two-wheeler retailer, let go of over 100 employees, constituting more than 20% of its workforce. Additionally, social media platform ShareChat announced a 5% reduction in its staff as part of its performance review process. [ESOP buyback] Fintech firm Propelld is conducting an ESOP buyback worth Rs 7.05 crore, benefiting 18 employees. In addition to the buyback, the company has increased its ESOP pool and granted additional ESOPs to its workforce. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Flipkart’s 10 min delivery service Minutes goes live in Bengaluru Niyo expands travel services with flight booking and visa Options [Financial results this week] PB Fintech reports 7.5% dip in Q1 FY25 revenue; maintains profit Mamaearth hits all-time high profit during Q1 FY25 Fasal reports Rs 34 Cr revenue in FY24; earns 91% from fruit sales [News flash this week] UPI daily transactions cross 500 Mn mark No appraisal for Unacademy employees in 2024 Namma Yatri expands zero-commission cab service to Delhi-NCR After a muted listing, Ola Electric’s share price surged 20% Tech IPOs subscription: Unicommerce 168X, FirstCry 12X Astroyogi accuses Astrotalk of trademark infringement SaaS unicorn Postman’s valuation takes a hit: Report [Conclusion] The weekly funding again shrank down by 46.81% to $177.68 million this week. Meanwhile, three startup-focused funds launched this week namely Sauce.vc, ONeil India Quant Fund, and IIOT. Edtech giant Unacademy has announced that there will be no appraisals for its employees in 2024. The decision comes after the company failed to meet its growth targets for the year, despite overall performance being described as “above average.” CEO Gaurav Munjal emphasized the company’s financial stability and resilience in a challenging market. Ride-hailing service Namma Yatri, known for its lifetime zero-commission model, has expanded its operations to Delhi NCR. The service, now branded as ‘Yatri,’ is part of the ONDC network. This follows the successful launch of the service in Bengaluru earlier this year. Ola Electric’s shares experienced a strong rally on their debut day despite a flat opening. The stock price surged nearly 20%, reaching a high of Rs 91.20, from its initial listing price of Rs 76. This positive performance comes after the company’s IPO was oversubscribed 4.27 times. Meanwhile, FirstCry, a kids-focused omnichannel brand, saw a 12.22X oversubscription led by qualified institutional buyers (QIBs). Meanwhile, enterprise tech startup Unicommerce witnessed an overwhelming response of 168X overall subscription rate from investors Astroyogi has filed a lawsuit against its competitor, Astrotalk, alleging unauthorized use of the ‘Astroyogi’ trademark. The company claims that Astrotalk has used the trademark name within its horoscope categories, leading to potential confusion among customers. Astroyogi has emphasized its commitment to protecting its brand and intellectual property rights. As per a media report, SaaS platform Postman has seen a significant decline in its valuation, with recent secondary deals happening at a 30-40% discount compared to its peak valuation of $5.6 billion. This sharp drop is attributed to the overall decline in valuations for SaaS companies. Angel and early-stage investors have partially cashed out their stakes in the Bengaluru-based API development platform.

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