Indian startups are experiencing steady funding until now this year. From the date of January 13 to 18, startups raised a total of $308.1 million across 24 deals. Although the number of deals increased from last week’s 20. Although the total funding saw a decline of 28.7% from the previous week’s $432.4 million.
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PC: Marquee Equity
Notable Developments
Inspite of the funding dip, here are a few positive trends that emerged this week:
- Netradyne Enters Unicorn Club: Logistics tech startup Netradyne raised $90 million in its Series D funding round, achieving a valuation of $1.34 billion. This funding round pushed the logistics sector to the highest capital infusion this week.
- Cleantech Sector Thrives: The cleantech sector witnessed the highest number of deals this week, with four startups like Bolt.Earth, WeVOIS, Euler Motors, and BGauss, raising a cumulative total of $47.8 million.
- Seed Stage Funding Surge: Seed stage funding skyrocketed to $8.2 million, marking a 215% increase from the $2.6 million raised in the previous week.
Fund Launches
Several new funds were launched this week, indicating a continued interest in supporting startups:
- Recur Club: It raised a $17.5 million fund, focusing on speeding up the growth of D2C brands in the quick commerce space, offering funding to 80-100 brands with ticket sizes between INR 80 lakh and INR 10 crore.
- Hissa Fund I: Hissa, an equity management platform, unveiled a $35 million investment vehicle for helping employees of growth-stage startups cash out vested stock options.
- Riceberg Ventures: Raised a $20 million fund to invest in 25-30 deeptech startups with an average cheque size of $500,000.
- Avendus: The first close of its Future Leaders Fund III (FLF III) saw INR 850 crore commitments from leading domestic family offices and Indian institutions.
- Cornerstone Ventures: A SaaS-focused VC firm, the first close of its $200 million fund at about $40 million.
IPO Updates
Several startups are preparing for public offerings, which will be a big market mover:
- Zetwerk: The B2B marketplace unicorn has shortlisted several banks, including Axis Capital and Goldman Sachs, for its upcoming $500 million IPO.
- Urban Company: Will file its draft papers for an INR 3,000 crore IPO before the end of March, with Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley as bankers.
- Groww: It was reported that they are looking at filing for an IPO within the next 10-12 months, targeting valuation between $6-8 billion.
- Ather: The Electric Vehicle startup looks to achieve valuation of $2.4 Bn for their upcoming IPO – an 80% premium of its last private valuation.
- Zepto: The IPO-bound company got NCLT nod to reverse flip into India. The company would be merging its Mumbai-based affiliate with its Singaporean counterpart.
- InMobi: Adtech unicorn to file for an IPO worth over $1 billion in the next 2-3 months with a valuation of $8-10 billion.
Other Notable Investments
- Kedaara Capital: Invested $350 million in California-based enterprise AI solutions provider Impetus Technologies.
- Flipkart: In advanced talks to lead a $35-40 million funding round for fintech startup Super.money.
- MoEVing: The EV fleet startup acquired Euler Motors’ mobility business to expand its fleet.
In summary, while the total funding may have dipped this week, the Indian startup ecosystem continues to show resilience and potential for growth, with exciting developments on the horizon.