[Weekly funding roundup Oct 25-31] VC inflow maintains positive momentum

October ended on a positive note for the Indian startup ecosystem, as the last week saw venture capital (VC) inflow into Indian startups at a reasonable level—once again boosted by a single large deal from Snapmint.

The total funding for the last week of October was $287 million across 25 deals. In contrast, the comparable previous week saw a funding amount of $347 million. Despite a dip in funding, the overall momentum continued to remain strong, as weekly VC funding for October has consistently remained over $250 million.

This is a positive development for the Indian startup ecosystem as the surge in VC funding in the month makes for a strong finish for the year. During this week, the ecosystem saw funding deals across all stages, including transactions in the growth-stage category.

The week also saw PhonePe receiving $600 million from General Atlantic. This was a secondary transaction primarily towards the company's ESOPs. Overall, the month has remained positive for the Indian startup ecosystem.

At the same time, the startup ecosystem witnessed interesting developments after the initial public offering (IPO) of Lenskart was fully subscribed on the first day of bidding. Startups like BoAT and Curefoods are in the final stages of launching their IPOs.

The hope is now that the VC funding momentum in October will be extended to November.

Key transactions

Fintech startup Snapmint raised $125 million from General Atlantic, Prudent Investment Managers, Kae Capital, and Elev8 Venture Partners.

Quick service app Snabbit raised Rs 265 crore ($31.7 million approx.) from Bertelsmann India Investments, Lightspeed India, Elevation Capital, and Nexus Ventures.

Fintech startup Optimo Capital raised Rs 150 crore ($29.3 million approx.) from Prashant Pitti, Blume Ventures, and Omnivore.

Bus network operator IntrCity SmartBus raised Rs 250 crore ($28 million approx.) from A91 Partners.

Silver jewellery brand Goyaz has raised Rs 130 crore ($14.6 million approx.) led by Norwest.

Healthtech startup Pluro Fertility raised Rs 125 crore ($14 million approx.) from Bessemer Venture Partners and angel investors.

Fintech startup Jupiter Money raised Rs 115 crore ($12.9 million approx.) from Mirae Asset Venture Investments, BeeNext, and 3one4 Capital.

Fintech startup SalarySe raised $11.3 million from Flourish Ventures, Susquehanna Asia VC, Peak XV Surge, and Pravega Ventures.

Deeptech startup PointAI raised Rs 47 crore ($5.2 million approx.) from Yali Capital and Tremis Capital.