[Weekly funding roundup Oct 10-14] Investments dry out as VC firms hold back
The funding winter seems to have a firm grip on the startup ecosystem which is reflected in the steady decline of VC money.
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Venture capital inflow into the Indian startup ecosystem continues to decline, mirroring global trends. The funding winter continues to haunt startups as October does not show any sign of a bounce back in investments.
The total venture capital funding for the second week of October stood at $97 million, cutting across 19 deals. As compared, the previous week saw a venture capital inflow of $112 million. This is for the first time this year that the total funding for a week has fallen below $100 million.
The global macroeconomic environment plagued with recessionary conditions looms over Western Europe and the US. This has tightened the money supply and, in turn, has had a negative impact on VC firms.
A recent report by consulting firm PwC said Indian startups received $2.7 billion in funding for the three-month period between June and September this year—the lowest in nearly two years.
The absence of large venture capital deals brings a note of pessimism to the startup ecosystem. However, it remains to be seen how long this environment is going to last and indications are that it is not likely to end anytime soon.
Deals
Adda247, a government test prep platform, raised $35 million from WestBridge Capital, Google, Info Edge, and Asha Impact.
Isthara CoLiving, a co-living startup, raised $10 million led by Dubai-based Eagle Investments.
D2C healthtech startup Good Health Company raised $10 million from Left Lane Capital, Khosla Ventures, Quiet Capital, and Weekend Fund.
Deeptech EV Solutions startup Vecmocon raised $5.2 million from Tiger Global, Blume Ventures, and angel investors.
Flickstree, a content and marketing technology startup, raised $5 million led by Venture Catalysts.
SaaS startup Explorex raised $5 million from a group of angel investors which include Taher Savliwala, Kevin Lin, and James Park, among others.
Edited by Kanishk Singh