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Weekly Startup Funding Roundup (November 07 to 11)

by Thomas Babychan
November 13, 2022
in Business, Events, India News, Markets, News, Other, Popular, Startups, Stories, Tech, Trending, Trends
Reading Time: 2 mins read
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Startups by The Week
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Indian startup ecosystem witnessed a severe decline in venture capital inflow last week as macroeconomic conditions across the globe remain highly volatile. Concerns about more interest rate hikes by central banks and the recent bad performance of tech startups are said to be reasons why venture capital investors are showing hesitation to pump funds.

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According to data, during the second week of October Indian Startup ecosystem received a total venture capital funding of 216 million dollars from 22 funding deals. In the previous week, the total venture capital funding was posted at 455.2 million dollars.

The continuing economic crisis in western European states and the decision of the US Federal Reserve to follow an aggressive rate hike policy until inflation is below 2% has dried up money flow in the economies. This has severely impacted the ability of venture capital investors to fund startups. A few days ago, the Executive Commission of the European Union said they expect nearly 19 member states of the EU will move into a recession by year-end.

Even though inflation has begun cooling down in the United States according to the October data, we will have to wait and see if US Federal Reserve will slow down interest rate hikes.

Major Funding Deals

Clove Dental, Series D – Dental services company raised $67 million in a series D round of funding led by global alternate investment firm Investcorp. The funding round also saw the participation of Tybourne Capital and SeaLink Capital Partners. The dental company has also received funding from some new and existing shareholders.

Keka, Series A- Hyderabad-based Human Resource company raised 57 million dollars in a funding round led by private equity firm WestBridge Capital. This is also India’s Largest Series A SaaS Funding.

Even – A Bengaluru-based Healthcare startup raised 15 million dollars in a funding round led by Alpha Wave and Aspada (Lightrock). The funding round also saw the participation of existing investors such as Khosla Ventures, Founders Fund, Lachy Groom, Nikesh Arora (CEO of Palo Alto Networks), Kunal Shah (CEO of CRED), and Tom Stafford (partner at DST Global).

SilverEdge – Gurugram-based tech startup raised 11.5 million dollars in a funding round led by JM Financial Private Equity. The funding round also saw the participation of Ashish Kacholia of Mirabilis Investment Trust and Seven Hills Capital.

Masai School, Series B – EdTech startup raised 10 million dollars in a Series B funding round led by Omidyar Network India. Existing investors such as India Quotient, Unitus Ventures, and Alteria Capital also took part in the funding round.

Apart from institutional investors, Mithali Raj, the face of women’s cricket, and legendary footballer Bhaichung Bhutia both participated in the round as investors and partners.

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Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

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