[Weekly funding roundup Aug 24-30] Zepto powers up VC inflow
The month of August ended on a positive note in terms of venture capital funding, primarily led by the large-value follow-on financing from Zepto.
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The month of August has ended on a strong note, with venture capital into Indian startups getting boost from the large follow-on financing raised by quick commerce unicorn Zepto.
The last week of August saw total funding of $447 million cutting across 27 deals, while, in contrast, the previous week saw an amount of $186 million.
The month, which saw very uneven weekly VC inflow, closed on a positive note, led by the $340-million transaction of Zepto.
The weekly fundraise of $447 million is also the third-highest capital that the Indian startup ecosystem has raised on a weekly basis. The highest weekly funding raised was $872 million in the month of June, followed by $536 million in May.
This rise in venture capital funding is largely due to the presence of large-value transactions and these cheques provide the much-needed lift to the ecosystem.
Given the VC momentum, it is likely that the total amount for the year might be about marginally higher than the $10.8 billion raised in 2023.
The Indian startup ecosystem continues to see positive developments, with fintech unicorn Phonepe announcing a strong set of numbers while VerSe Innovation continues with its acquisition spree.
The public markets continue to attract Indian startups as Swiggy has hired a new CEO while Zappfresh is looking to list on the BSE SME platform.
Key transactions
Quick commerce unicorn Zepto raised $340 million from General Catalyst Dragon Fund, Epiq Capital, StepStone, Lightspeed, DST, and Contrary.
Lal Sweets, a packaged sweets company, has raised Rs 330 crore ($39.35 million approx.) from MO Alternate Investment Advisors.
Agritech startup AGRIM has raised $17.3 million (Rs 145 crore) from Asia Impact.
Proptech startup HouseEazy has bagged $7 million from Chiratae Ventures, Antler and Alteria Capital.
Tech startup Convin secured $6.5 million from India Quotient, JSW Ventures, Kalaari Capital, Titan Capital Winners Fund, Sparrow Capital, and 9Unicorns.
Finarkein Analytics raised $4.75 million from Nexus Venture Partners, IIFL’s Fintech Fund, Eximius Ventures and angel investors.
Edited by Kanishk Singh