[Weekly funding roundup June 27-July 1] Steep decline in venture capital inflow into startups
The month of July has started on a weak note for the Indian startup ecosystem, with a steep decline in venture capital inflow due to the absence of large deals in the first week of the month.
The total funding for the first week of July stood at $278 million, cutting across 18 deals. In comparison, the VC funding stood at $800 million in the previous week.
The week did not see any deals which were in the $100 million plus category, and this contributed to the lower number. During the period, major deals were in the early-stage category.
Arzooo Co-founders: Rishi Raj Rathore (left) and Khushnud Khan,
This fall in venture funding comes after there was a positive traction in the month of June. This might be a sign of the near future as the commentary is around a decline in venture funding in the second half of the year.
Transactions of the week
B2B retail tech firm Arzooo raised $70 million from SBI Investment, Japan, and Trifecta Leaders Fund.
Proptech startup PropShare raised $47milllion led by WestBridge Capital with participation from existing investor Pravega Ventures.
Solv, a B2B digital marketplace for MSMEs, raised $40 million from SBI Holdings and SC Ventures.
Fintech startup Progcap raised $40 million from Creation Investments, Tiger Global, Sequoia Capital India, and Google.
Fintech startup GetVantage raised $36 million from Varanium Nexgen Fintech Fund, DMI Sparkle Fund, Chiratae Ventures, and Dream Incubator Japan.
Luxury fashion ecommerce platform Purple Style Labs raised $10 million from a group of angel investors.
EV startup Matter raised $10 million from Capital 2B Fund 1, Climate Angels Fund, Baring Private Equity Partners, and HNIs.
Fintech startup CheQ Digital raised $10 million from Venture Highway, 3one4 Capital, Multiply Ventures, Marshot Ventures, and Veda VC.
(The story was updated to make a correction in the headline)