[Weekly funding roundup Oct 17-21] Sharp rise in venture capital inflow
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 unicornraising 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.
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.
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