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[Funding Galore] From InsuranceDekho To Garuda Aerospace — Indian Startups Raised $301 Mn This Week

[Funding Galore] From InsuranceDekho To Garuda Aerospace — Indian Startups Raised $301 Mn This Week

The third week of February seems to have gained some momentum for the startup ecosystem. After continuous dip in funding since last year, the past two weeks have seen an uptick in funding.

This week, the ecosystem amassed a total of $301 Mn across 19 deals. This is a 90% jump from the previous week where Indian startups collectively raised $158 Mn across 24 deals. Moreover, this week’s funding is a whopping 527% jump from $48 Mn raised by startups between January 30 and February 4.

Startup Funding Deals Of The Week

Key Insights For This Week’s Funding

  1. This week, we saw two funding mega deals bagged by fintech startups – InsuranceDekho and Phonepe. InsuranceDekho raised $150 Mn from Goldman Sachs and others, while PhonePe filled its wallet with $100 Mn from Tiger Global and Ribbit Capital.
  2. Fintech gained maximum funding to the tune of $252 Mn, almost 87% of the funding raised during the week
  3. While the top two deals went to fintech, the third biggest cheque went to drone startup Garuda Aerospace which received $17 Mn in a Series A funding round led by venture capital firm SphitiCap
  4. EV continued to bag funding this week too. After $58.8 Mn funding raised last week, this week EV startups bagged two deals
  5. Ecommerce too bagged three cheques, of the three, two deals were in B2B ecommerce
  6. Kae Capital, TVS Capital Funds, and JAFCO Asia were the busiest investors this week as they participated in two deals each.

Updates On Indian Startup IPO

Earlier this week, one of the largest Indian drone makers – IdeaForge filed its draft red herring prospectus (DRHP) with market regulator SEBI. The Qualcomm-backed startup’s IPO offer comprises a fresh issue of shares worth INR 300 Cr and an offer for sale (OFS) of nearly 48.7 Lakh shares. Inc42 has extensively written about their DRHP and can read it here

Other Key Developments From The Indian Startup Ecosystem

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