After a sluggish start in terms of overall funding raised in August, the second week of the month appears to be a sigh of relief for the country’s startup ecosystem.
During the period from August 7 to August 12, 2023, Indian startups have raised a total funding of $95 Mn across 17 deals, marking a 763% increase from the $11 Mn raised between July 31 and August 5, 2023, and a 126% increase from the $42 Mn raised between July 24 and July 29, 2023.
Key Startup Funding Highlights Of The Week
- Debt collection startup Credgenics raised $50 Mn in Series B funding round led by Westbridge Capital, and Accel, making it the biggest fundraise of this week
- This week, the fintech sector secured a whopping $55 Mn in funding, making it the most funded sector.
- Ecommerce emerged as the frontrunner with the highest deal count, securing $4.3 Mn across six deals.
- After a week of minimal seed funding, this week the seed funding reported $11.4 Mn across eight deals
- Bombay Shaving Company founder Shantanu Deshpande proved to be the busiest investor, with two funding announcements for the week.
Startup Acquisitions Of This Week
- Enterprise upskilling startup Expertrons acqui-hired Bengaluru-based HRTech platform Foxmula.
- Ananya Birla-led Svatantra Microfin has signed a definitive agreement to acquire Chaitanya India Fin Credit Pvt Ltd for INR 1,479 Cr.
- AnotherAcquisition acquired Delhi NCR-based AI-powered email solutions provider Nyxion.ai for an undisclosed amount.
- Bengaluru-headquartered GPS Renewables acquired Germany-based Proweps Envirotech GmbH.
- Global investment firm KKR is acquiring a majority stake in Indian pallet pooling platform LEAP India for an undisclosed amount.
Other Major Developments From This Week
- South Korean gaming giant KRAFTON has announced to invest $150 Mn in India over the next two to three years.
- Zerodha’s investment arm Rainmatter has earmarked an additional INR 1,000 Cr capital to invest in sectors such as health, education, and climate change.
- Japanese mobile entertainment company MIXI announced the launch of a $50 Mn corporate venture capital fund in India. The fund will invest in early stage entertainment and consumer services startups.