After witnessing a pronounced V-shaped recovery in the third week of July, the Indian startup ecosystem witnessed a significant drop in funding between July 24 and July 29. In this week, Indian startups managed to raise a mere $42 Mn in funding across 16 deals. This is a 62% drop from $111 Mn raised by Indian startups between July 17 and July 22, 2023 across 19 deals.
Further, this week’s funding is also 50% lower than the $85 Mn raised between July 10 and July 15, 2023 across 17 deals.
Key Startup Funding Highlights Of The Week
- Delhi-based telecom startup Wiom raised INR 140 Cr ($17.1 Mn) in a Series A funding round led by RTP Global, making it the biggest fundraise of this week
- Deeptech sector raised the highest amount of funding at $8.3 Mn this week across three deals
- With five deals, enterprisetech sector reported the highest number of investment deals with $4.6 Mn funding
- Early-stage startup funding dropped by 84% to $1.3 Mn this week from $8.1 Mn last week
- Hyderabad Angels was the busiest investor of this week as it participated in three deals.
Startup Acquisitions Of This Week
- Pantomath Financial Services Group acquired a 75% stake in global deal-making marketplace fundgini.com for an undisclosed amount
- FMCG major Marico signed a definitive agreement to acquire 58% – a majority stake – in D2C nutrition brand Plix for INR 369.01 Cr.
Other Major Developments From This Week
- Girish Mathrubootham led Together Fund announced the first close of its $150 Mn second early stage fund, Together Fund II, which is focussed on SaaS and AI startups
- GreenCell Mobility secured a debt funding of INR 3,000 Cr from state-owned REC Ltd (formerly Rural Electrification Corporation Limited)
- In a major development, troubled edtech decacorn BYJU’S lenders had reached a consensus in restructuring its $1.2 Bn term loan B
- Food delivery giant Swiggy initiated the second tranche of its ESOP liquidity programme worth $50 Mn that will benefit around 2,000 employees
- EV startup Zypp Electric announced an ESOP buyback programme worth INR 1.5 Cr that will benefit 15 employees.