Weekly Funding Report of Indian Startup Companies [18 April - 22 April 2022]
![Weekly Funding Report of Indian Startup Companies [18 April - 22 April 2022]](/Content/upload/2022/06/whatsapp-image-2022-06-09-at-40518-pm-2jpego0hlZN2Z.jpeg)
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.