[Weekly funding roundup May 30-June 3] Sharp rise in venture investments

The first week of June has begun on a positive note in terms of venture funding, with soonicorn startups giving the much-needed boost.

The month of June has started on a positive note with a sharp rise in venture investments into the Indian startup ecosystem, with soonicorns leading the pack.

The total venture funding for the first week of June stood at $326 million—cutting across 24 deals—as compared to $191 million in the comparable period of the previous week. If one takes into account the expected infusion of $300 million into ShareChat, then the total funding this week certainly exceeds expectations.

The key deals during the first week of June were largely from the soonicorn startups, which were in the $50 million and below range.

Manan Khurma, Founder & Chairman, Cuemath

However, despite June beginning on a high note, the mood still remains quite cautious and startups have started cutting costs amid the prevailing macroeconomic uncertainities.

Key transactions

Short video app ShareChat raised nearly $300 million in funding from Google, Times Group, and Temasek Holdings, Reuters reported. The deal values the company at $5 billion.

Google-backed math learning startup CueMath raised $57 million led by Alpha Wave Global at a valuation of $407 million.

D2C brand SUGAR Cosmetics raised $50 million from L Catterton, A91 Partners, Elevation Capital, and India Quotient.

Fintech unicorn Slice raised $50 million from Tiger Global, Moore Strategic Ventures, Insight Partners, and GMO VenturePartners.

Cloud kitchen startup Curefoods raised $50 million from Winter Capital, Three State Capital, Chiratae Ventures, Accel, Iron Pillar, and others.

Fintech startup StrideOne raised Rs 250 crore (over $32 million) in a mix of equity and debt led by Elevar Equity.

Healthcare startup Orange Health raised $25 million from Bertelsmann India, General Catalyst, Accel, Y Combinator, Good Capital, and others.

Alternative data platform for investors Synaptic raised $20 million in a Series B round of funding led by Valor Equity Partners.

Live video streaming platform Eloelo raised $13 million from KB Investments, Kalaari Capital, WaterBridge Ventures, and Lumikai Fund.

Spacetech startup Bellatrix Aerospace raised $8 million from BASF Venture Capital, Inflexor Ventures, StartupXseed, Pavestone Capital, and others.

Agritech startup Nutrifresh raised $5 million from a group of angel investors—Theodore Cleary, Sandiip Bhammer, Sky Kurtz, Mathew Cyriac, and others.

Edited by Kanishk Singh