Tides changed for the Indian startup ecosystem this week as Venture capital funding for startups witnessed a massive jump when compared to previous weeks. The massive jump in funding was supported by a funding round of tech giant Byjus and other tech-based startups.
High inflation rates and increasing interest rates imposed by central banks all over the world triggered a funding winter in the Indian startup ecosystem as new-age companies found it difficult to raise money. Venture capital investors and high-net-worth individuals were highly conscious about investing in tech-based startups.
Even though newly established ventures continued to catch the eyes of investors, ventures which are already established and in their second or third round of funding were undesirable options for investors.
Latest reports suggest that startup companies in India raised 419 million in the past week from 21 funding deals. When compared to previous weeks, this is a massive jump in funding. In the previous week, the Indian startup ecosystem witnessed a total venture capital funding of 97 million dollars.
Major Funding Deals
BYJU’s – Indian ed-tech unicorn company based in Bengaluru raised 250 million dollars in a funding round led by the sovereign fund of the Qatar government, Qatar Investment Authority, and other investors. Details of other participants in the funding round are currently not available.
Ather Energy – Electric Vehicle startup company, Ather Energy raised 50 million dollars in a funding round led by Caladium Investments. The funding round also saw the participation of Herald Square Ventures. Caladium Investment is already an existing investor in Ather Energy which focuses on manufacturing electric scooters.
Soothe Healthcare – The healthcare manufacturing company based in Noida raised 150 crores rupees in a funding round led by US International Development Finance Corporation (DFC). US IDFC is a financial institution under the US government which supports projects and development in lower and middle-income countries.
The funding round also saw the participation of investors such as A91, Symphony, Sixth Sense Ventures, and GII.
Snapmint – Fintech startup company that focuses on providing buy now pay later services to customers raised 21 million dollars in a funding round led by Northern Arc Capital and HNIs. The funding round also witnessed the participation of institutions such as Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital.
GlobalFair – B2B startup raised $20 million from Lightspeed Venture Partners, Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
RevFin – EV Financing platform raised $10 million led by Green Frontier Capital and existing investors.