Weekly Funding Report of Indian Startup Companies [18 April - 22 April 2022]

Weekly Funding Report of Indian Startup Companies [18 April - 22 April 2022]

The total amount of venture capital inflow into Indian businesses was at the $500 million level in April, with mid-sized acquisitions providing a boost this week. The overall amount of venture capital raised in the third week of April was $441.43 million, spread across 29 deals, compared to $500 million the previous week.

This week, 37 Indian businesses secured finance, with 30 receiving $564.44 million in total. CoinDCX received the most money, over $135 million, followed by which received $120 million. Last week, 37 domestic businesses raised $806.21 million in fundraising.

The $135 million capital infusion into crypto exchange CoinDCX was the highlight of the week, but there were additional deals in the $20-$50 million area that boosted funding this week.

However, it remains to be seen how this momentum will hold up in the next weeks, as there is a widespread belief that fund inflows will slow due to the poor macroeconomic environment. This may necessitate some caution on the side of the entrepreneurs.

Top deals of the week

  • Pantera, Steadview, Kingsway, DraperDragon, Republic, and Kindred contributed $135 million to the Indian crypto exchange CoinDCX.
  • Kinara Capital, a fintech firm, has raised Rs 380 crore ($50 million) in funding from Nuveen, global investment management, and Triple Jump.
  • In VideoVerse, a video-editing SaaS company, A91 Partners, Alpha Wave Global, Binny Bansal, and Stride Ventures invested $46.8 million.
  • QED Investors, Aavishkaar Capital, Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorns, and others invested $31 million in fintech firm Financepeer.
  • Newton School, an ed-tech firm, has raised $25 million in funding from Steadview Capital, Nexus Venture Partners, and RTP Global.
  • General Catalyst, Elevation Capital, and Optum Ventures all contributed $25 million to Loop Health.
  • UrbanPiper, a tech firm, received $24 million in funding from Sequoia Capital India, Tiger Global Management, Swiggy, and Zomato.
  • W Health Ventures, ITC, Endiya Partners, Riverwalk Holdings, Alteria Capital, and Innoven Capital invested $17 million in health tech firm Mylo.
  • Vayana Network, a trade financing startup, raised Rs 114 crore ($15 million) in funding from IFC, PayU, Chiratae Ventures, March Capital, Marshall Wace, and CDC Grou.

Growth/late-stage deals 

CoinDCX's $135 million round, Rario's $120 million Series A round, and VideoVerse's $46.8 million round are among the ten growth and late-stage firms that have received funding this week. Udaan, a B2B e-commerce platform, did not disclose the sum of the deal.

Sr. No.

Startup Name

Segment

Amount Raised

(In $Mn)

Series

Valuation [on round]

Lead Investor/s

Investors Participated

1

CoinDCX

Crypto

135

Series D

$2 Bn

Pantera and Steadview

Kingsway, DraperDragon, Republic, and Kindred

2

VideoVerse

SaaS

46.8

Series B

 

Alpha Wave Global, Binny Bansa, and A91 Partners

Pacific Western Bank, Stride Ventures, and Innoven Capital

3

Financepeer

Fintech

31

Series B

$70 Mn

QED Fund

Nederlandse Financierings-Maatschappij Voor (FMO, a Dutch bank for entrepreneurship development) and Kaizen

4

Geniemode

B2B e-commerce

28

Series B

$162 Mn

Tiger Global

N/A

5

Loop Health

Healthtech

25

Series B

 

General Catalyst and Elevation Capital

Optum Ventures

6

UrbanPiper

Restaurant management

24

Series B

Undisclosed

Sequoia Capital India and Tiger Global

Pankaj Chaddah, Ankit Nagori, Saahil Goel, Khadim Bhatti and Vara Kumar

7

Mylo

Community

17

Series B

Undisclosed

W Health Ventures

ITC, Endiya Partners

8

WoodenStreet

Furniture

15

Series B

$148 Mn

WestBridge

N/A

9

Vayana Network

Fintech

15

Series C

Undisclosed

International Finance Corporation (IFC) and Prosus-owned PayU

CDC Group, March Capital, Marshall Wace, Chiratae Ventures, Jungle Ventures

10

Euler Motors

EV

5

Series B

$70 Mn

N/A

N/A

   

Total

341.8

       

Early-stage deals 

27 startups have raised financing in early-stage agreements, including six secret rounds. Rario, a cricket NFT firm, and Recur Club, a financial startup, topped the list with a $120 million and $30 million round. Everstage, a SaaS business, and Rigi, a content creator platform, are also on the list.

Sr. No.

Startup Name

Segment

Amount Raised

(In Mn $)

Series

 

Lead Investor/s

1

Rario

NFT

120

Series A

 

Dream Capital, Dream Sports’ investment arm. Falcon Edge Capital (formerly Alpha Wave Global)

2

Recur Club

Fintech

30

Seed

 

InfoEdge Ventures and Village Global

3

Everstage

SaaS

13

Series A

 

Elevation Capital

4

Rigi

Content creator

10

Series A

 

Stellaris Venture Partners, Sequoia Capital India, and Accel India.

5

iNurture

Edtech

9.8

Debt

 

Undisclosed

6

Eeki Foods

Agritech

6.5

Undisclosed

 

General Catalyst

7

Prakriti E-mobility

EV

5

pre-Series A

 

IEG Investment Banking Group

8

Celcius

Cold-chain marketplace

4.5

Undisclosed

 

Venture Capitalists (VCats), Keiretsu Forum, Supply Chain Labs, Huddle, Endurance Capital, Mumbai Angels, EVAN

9

Nat Habbit

D2C personal care

4

Series A

 

Fireside Ventures

10

SaveIN

Fintech

4

Seed

 

Oliver Jung

11

WIOM

Telecom tech

3.9

Undisclosed

 

YourNest, 9Unicorns

12

Pescafresh

D2C

2

pre-Series A

 

Elara India Opportunities Fund

13

Tirex

EV

2

Undisclosed

 

Undisclosed

14

WorkIndia

HR tech

1.5

Debt

 

BlackSoil

15

DCGpac

B2B e-commerce

1.4

pre-Series A

 

Venture Catalysts, 9Unicorns

16

Expertia Ai

SaaS

1.2

Seed

 

Chiratae Ventures and Endiya Partners

17

Flippy

Crypto

1.15

Seed

 

Redstart Labs

18

Good Flippin’Burgers

Foodtech

1

Seed

 

Nikhil Bharadwaj

19

SuperProcure

Logistics

0.98

Undisclosed

 

IndiaMART

20

Jidoka

Enterprise tech

0.39

Undisclosed

 

The Chennai Angels (TCA)

21

Speed Finance

Fintech

0.32

pre-Series A

 

Undisclosed

   

Total

222.64

     

 

Undisclosed deals 

Wellbeing Nutrition, OneImpact, Wholsum Foods, Udaan, Fabrik, and GreenSat didn't provide financial information.

City and segment-wise fundings 

In terms of the number of startup agreements and the money raised this week, Delhi-NCR and Bengaluru were on top. According to Fintrackr, 11 Delhi-NCR-based firms raised $188.3 million this week, accounting for $33.36 per cent of total funding. Bengaluru-based companies raised $155.45 million in 11 deals this week, followed by Mumbai, Pune, and Chennai, which raised $6,3, and 2 deals. Fintech and SaaS businesses raised the most money in terms of several deals, with each raising $80.32 million and $61 million throughout five agreements. Next on the list were cryptocurrency, B2B e-commerce, Foodtech, and direct-to-consumer companies.

Acquisitions this week

The second week has seen two acquisitions. GlowRoad was acquired by Amazon, and BookMyShow acquired TribeVibe.

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