[Weekly funding roundup Nov 18-24] Marginal recovery in venture capital inflow
The fourth week of November saw a little boost in the venture capital funding momentum due to a few reasonably sized deals.
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The fourth week of November saw venture capital inflow recovering a little from the double-digit drop during the last week, aided by certain reasonably sized deals.
The week witnessed the Indian startup ecosystem receiving total venture funding of $120 million, cutting across 21 deals. In comparison, the third week of the month saw a VC inflow of just $34 million.
The major reason behind the number crossing $100 million was the transactions of and .
These developments also reveal the challenges being faced by the startup ecosystem not just in India but also across the globe in terms of raising capital. There are transactions happening across the segment but there is an absence of large deals which continues to have a bearing on the overall fund flow.
The situation is unlikely to change anytime soon even though October had raised some hope as VC funding during the month had crossed $1 billion, however, November has not followed that trend.
The Indian startup ecosystem continues to have positive and negative developments. Honasa Consumer, the parent company of saw its shares rising sharply after it doubled its net profit.
On the other end, saw its shares trading at a lower price on Friday following developments of Warren Buffet-led Berkshire Hathaway selling its stake in the fintech major.
This reveals the highs and lows of startups getting onto the public markets.
Key transactions
Global Dental Services, which operates the oral care chain Clove Dental, raised $50 million from Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar.
Scapia, a fintech firm, raised $23 million in a Series A funding round led by Elevation Capital and 3STATE Ventures.
Purple Style Labs (PSL), the parent company of Pernia's Pop-Up Shop, raised $8 million in a Series D funding round led by Sanket Parekh of the Pidilite Family Office.
Fintech startup Kiwi raised $13 million from Omidyar Network India, Nexus Venture Partners, and Stellaris Venture Partners.
EV startup Baaz Bikes raised $8 million from BIG Capital, Rakuten Capital, Kalaari Capital, 9Unicorns, and Sumant Sinha.
Edited by Kanishk Singh