[Funding Galore] From KreditBee To SarvaGram — Indian Startups Raised $254 Mn This Week

The year 2023 started on a better note with $254 Mn funding across 14 deals. The first week of the year, i.e between January 2 and 7, the Indian startup ecosystem collectively raised $254 Mn across 14 deals. When we compare, this week’s capital infusion is 119% higher than the last week of 2022, when Indian startups raised a meager $116 Mn across six deals.

This week’s funding is even 162% higher than $97 Mn that the Indian startups raised collectively between December 19 and 24 of 2022.

The week’s biggest cheque was raised by lendingtech startup KreditBee which raised an additional $100 Mn in funding from Advent International in its extended Series D round. With this, the startup also closed its $200 Mn Series D round as another $20 Mn came from its existing investors.

The second highest funding this week was from used car marketplace CarDekho’s insurance arm – InsuranceDekho. The insurancetech vertical was able to raise $36.5 Mn from Wall Street banker Goldman Sachs. The round also saw participation from TVS Capital Fund, Investcorp Private Equity, Avataar Ventures, and Alstroemeria Investments.

Lendingtech startup SarvaGram secured the third-highest funding round this week. It raised a $35 Mn Series C funding round. Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds participated in the round.

This week, the most active investor were Blume Ventures, and NB Ventures as they have participated in two deals each. 

Funding Deals Of The Week

From Startup Acquisition Desk

• InCred Capital has announced acquisition of wealthtech startup Orowealth in an all-cash deal for the launch of its retail-focussed wealthtech platform ‘InCred Money’.
• B2B edtech startup Uolo has acquired online learning platform Tekie for an undisclosed amount.
• Listed travel tech startup RateGain has announced plans to acquire data exchange platform Adara for $16.1 Mn (INR 134 Cr).
• Servify has announced acquiring Jubi.ai, an AI-enabled engagement platform, in a cash and equity deal.
• Private equity firm ChrysCapital has acquired Silicon Valley-headquartered technology services firm Xoriant for an undisclosed amount.
• Edtech unicorn LEAD is going to acquire London Stock Exchange-listed education group Pearson’s K-12 learning business in India. 
• Men-focused jewellery startup Meta Man has announced acquisition of Drip Project for $1 Mn.
• Ambit Fintech, the NBFC arm of Ambit Group has acquired the lending business of SME Corner.