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.

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.

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.