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Harsh Dwivedi
•
Medial • 6m
Top News of the Week: 1. Funding: - On a weekly basis, startup funding declined 28% to $222.7 million as compared to around $310 million raised during the previous week. - During the week, as many as 27 Indian startups raised nearly $222.7 million in funding. These deals include 7 growth-stage deals and 17 early-stage deals. - For Comparison, Last week, about 37 early and growth-stage startups collectively raised around $310 million in capital. - Among the growth-stage deals, 7 startups raised $150.6 million in funding this week. Financial services firm Northern Arc led the list with $80 million in funding. - The list was followed by network-as-a-service provider CloudExtel, trucking aggregator for enterprises LetsTransport, online marketplace for financial products BankBazaar, provider of business, property, and school financing Clix Capital, agri-fintech platform Samunnati, and co-working space provider Smartworks which raised $24 million, $22 million, $9.6 million, $6 million, $5 million, and $4 million, respectively. - 17 early-stage startups scooped funding worth $72.08 million during the week. Omni-channel fashion brand Lyskraft spearheaded the list followed by space-tech startup Dhruva Space, real estate and infra decarbonization platform Accacia, B2C credit management firm CheQ, and an open-source project management platform Plane. 2. Exits & Layoffs: - Piyush Gupta, the managing director of Peak XV Partners, is set to depart from the firm by the end of this month. Reports suggest that Gupta is planning to establish a secondary-focused fund after his tenure at Peak XV. - SaaS startup HealthPlix laid off 100 employees, constituting 25% of its workforce, as part of a restructuring and annual performance review. According to a report, approximately 60 employees were terminated due to poor performance, while the rest were affected by role redundancies. - Bengaluru-based healthtech startup Healthify (formerly Healthifyme) laid off around 150 employees, or about 27% of its workforce, in a restructuring exercise 3. Mergers & Acquisitions - Awign, a work-as-a-service platform, announced the acquisition of a majority stake in Mynavi Corporation. As part of this partnership, some of Awign’s early backers, such as Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will also depart.
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