[Weekly funding roundup Nov 2-8] VC funding wanes

November has not started on a good note for the Indian startup ecosystem as venture capital (VC) funding came in around the $ 100 million level. This is mostly likely due to lower activity given that the year is coming to a close.

The total funding for the first week of November stood at $101 million across 21 deals. In comparison, the previous week saw a total amount of $289 million.

This lower amount of funding for the week was largely due to the absence of large deals. Additionally, the months of November and December generally tend to see lower activity as it is the last two months of the year.

Now the Indian startup ecosystem will start to prepare for next year and it is unlikely there will be any dramatic change. The VC inflow is expected to remain steady with no major downside expected in the present environment.

The Indian startup ecosystem saw heightened activity during the week with the IPO of Swiggy getting subscribed more than three times. The numbers from Ola for the second quarter were a mixed bag.

Key transactions

Easy Home Finance raised $35 million from Claypond Capital, Asia Rising Fund, Xponentia Capital, Finsight Ventures and Harbourfront Capital.

Fitness brand Boldfit raised Rs 110 crore ($13 million approx.) from Bessemer Venture Partners (BVP).

Spacetech startup GalaxEye raised $10 million from MountTech Growth Fund, Mela Ventures, Speciale Invest, ideaForge and Samarthya Investment Advisors.

Robotics startup CynLr raised $10 million from Pavestone, Athera Venture Partners, Speciale Invest and Infoedge (Redstart).

Drone technology firm Marut Drones raised $6.2 million from Lok Capital.

Hala Mobility raised Rs 51 crore ($6 million approx.) from a network of angel investors and family offices.

Backpacker hostel brand The Hosteller raised Rs 48 crore ($5.6 million) from V3 Ventures, Blacksoil, Synergy Capital Partners and Unit e-Consulting.