[Weekly funding roundup May 1-5] VC investment bumps with large deals

The month of May has started on a relatively positive note when it comes to venture funding into Indian startups, with enterprise-focused firms raising reasonable amounts of capital given the current macroeconomic environment.

The total venture funding for the first week of May stood at $184 million spread across 21 deals. This is higher than the previous week when $124 million were raised.

Startups including BluSmart Mobility, Ace Turtle, and Pando secured capital of $30 million and above—a rarity as investors shift their focus to smaller early-stage deals.

There were other positive signs for the startup ecosystem this week with VC firm Chiratae raising Rs 1,000 crore for a new fund to pump into growth-stage startups. PE player Multiples also closed a new fund.

In other uplifting development, SaaS unicorn Freshworks turned operationally profitable, with fintech startup MobiKwik also joining the club.

However, the mood among startup and tech employees continues to be grim, with companies including Meesho, Teachmint, and Cognizant resorting to layoffs.

Key transactions

Mobility startup BluSmart Mobility raised $42 million in equity and debt funding from BP Ventures and the founding team.

Ace Turtle, a tech startup, raised $34 million from Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital.

Supply chain software platform Pando raised $30 million from Iron Pillar, Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, and Next47.

THB (Technology l Healthcare l Big Data Analytics), an enterprise healthcare SaaS startup, raised $20 million from Filter Capital and Edelweiss Discovery Fund Series-I, among others.

Audio OTT startup Pocket FM raised $16 million in debt funding from Silicon Valley Bank.

ZestIoT, a tech startup, raised $6.5 million in a Series A funding round led by IvyCap Ventures and Loyal VC.

Credit card platform Kiwi raised $6 million from Nexus Venture Partners, Stellaris Venture Partners, and angel investors.

Udaipur-based fashion ecommerce brand Beyoung raised Rs 40 crore ($4.8 million approx) from revenue-based financing startup Klub.

Proptech startup PropertyPistol.com raised Rs 45 crore ($5.5 million approx) from ICICI Bank and Baring Private Equity Partners.