Weekly Funding Report OF March 2nd Week

During the past week, 14 Indian startups managed to secure funding of approximately $171.3 million, with Mintifi and Zetwerk being the most successful in raising funds, receiving $110 million and $12 million, respectively. The previous week, funding for Indian startups had been at its lowest point in 2023, with only $56 million being raised. 

However, it should be noted that the exact funding amount for one of the startups was not disclosed.

Growth/late-stage transactions

In the current week, five startups in the growth and late stages of development have successfully secured funding. The largest amount was raised by Mintifi in a Series D funding round, which amounted to $110 million. Bira 91 managed to raise $10 million, while Zaggle raised $6.2 million in a debt round.

Early-stage transactions

A total of nine startups in their early stages of development have managed to raise funds, with one round of funding remaining undisclosed. The largest amount raised was by gaming startup Fantasy Akhada, which secured $11 million in a Series A funding round. Other startups on the list include GrayQuest, Pidge, Probus, and Houseware, among others.

Deals by city and segment

In the current week, startups based in Delhi-NCR have been the most successful in raising funds, according to data from Fintrackr. Of the total funding raised, $29 million or 18.2%, was raised by five startups based in Delhi-NCR. Meanwhile, three deals in Bengaluru resulted in a total of $17.3 million in funding for startups based there.

Layoffs

Although there has been a decrease in the number of layoffs at startups over the past few weeks, upGrad has had to reduce its total workforce by 30%.