[Weekly funding roundup Oct 17-21] Sharp rise in venture capital inflow
The third week of October was a bright spot amid the gloomy funding winter. It broke the trend of weak funding inflow and offered hope to the startup ecosystem.
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It looks like the spirit of Diwali has already entered the Indian startup ecosystem. In the third week of October, the ecosystem saw a sharp rise in venture funding boosted by edtech unicorn raising big money.
The week received venture funding of $419 million across 21 deals—which is a massive improvement as compared to the previous week when the figure was $97 million. It remains to be seen if this rise in funding inflow is a one-off event amid the funding winter or whether will this be the beginning of a trend.
[Funding roundup] Mistry.Store, Tirex Transmission, Miho, Intellemo raise early-stage funding
BUYJU's big deal was complemented by various venture capital firms, including Fireside Ventures and Indian Angel Network, closing many deals. This bodes well for the ecosystem as there is a reservoir of capital available to startups, however, the question remains when it will start to flow.
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Edtech unicorn BYJU'S raised $250 million from its existing investors, including Qatar Investment Authority (QIA).
Bengaluru-based EV Startup Ather Energy raised Rs 400.6 crore ($50 million approximately) from Caladium Investment and Herald Square Ventures.
Soothe Healthcare raised Rs 175 crore from US International Development Finance Corporation (DFC) A91, Symphony, Sixth Sense Ventures, and GII.
SnapMint, a fintech startup, raised $21 million led by Northern Arc Capital and HNIs.
B2B startup GlobalFair raised $20 million from Lightspeed Venture Partners, Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
Drivetrain AI raised $15 million from Elevation Capital, Jungle Ventures, Venture Highway, and angel investors.
EV financing platform RevFin raised $10 million led by Green Frontier Capital and existing investors.
BeepKart, a startup focused on the two-wheeler segment, raised $9 million from Vertex Ventures, Stellaris Venture Partners, and Chiratae Ventures.
Tring, a celebrity engagement platform, raised $5 million from Kalaari Capital, Blume Founders Fund, Redbrook Pte, and Sujeet Kumar of Udaan.
Leegality, a document infrastructure platform, raised $5 million from IIFL Fintech Fund and Mumbai Angels.
Eyewear brand ClearDekho raised $5 million from SphitiCap, Venture Catalysts, Dholakia Ventures, NB Ventures, and Estrela Ventures.
Edited by Kanishk Singh
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