Startups by The Week

Weekly Startup Funding Roundup (September 19 to 24)

Continuing volatility in global capital markets and unstable macroeconomic conditions affected the Indian startup ecosystem in the last week as Venture Capital funding to startup companies remained steady in the past weeks.

During the week which ended on September 23rd, 2022, startup companies in India raised 188 million dollars across 18 funding deals.

In the previous week which ended on September 17, 2022, the overall funding for Indian startup companies was more than 240 million dollars. Fintech and Technology based startups have been catching the eyes of venture capital investors and sectors specific investors for a long time now. Agri-based startups are also seeing a stable amount of new funding.

News reports and statistics of funding deals suggest that an average-sized startup venture is receiving Funding between 50 and 75 million dollars. The majority of those million-dollar deals are going for early staged start-ups and not the ones which are already established.

A financial and similar crisis in some established startups is keeping investors away from such ventures. The overall mood of the investors is also against making any huge investment in established ventures. One major reason for the negative sentiments is the continuing macroeconomic condition in various major economies across the globe.

Major Funding Deals

Zopper, Series C – New Delhi-based startup raised 75 million dollars in a series C Funding round led by Creaegis, a private fund management firm based in Bengaluru. ICICI Venture, Bessemer Venture Partners, and Blume Ventures also participated in the funding round. Blume Ventures are already existing investors in Zopper.

Zopper focuses on developing technology to simplify the process of insurance.

Light Microfinance, Series B – Microfinance startup based in Ahmedabad, Gujarat, raised 24 million dollars in a Series B funding round led by British International Investment.

The funding round also saw the participation of the Nordic Microfinance Initiative, Triple Jump BV, and Incofin IM.

Join Ventures, Series B – Mumbai-based e-commerce startup founded by Tarun Joshi in 2019 raised 23.5 million dollars in a series B funding round led by MO Alternate Investment. The funding round also saw the participation of Convivialité Ventures and DSG Consumer Partners.

KukuFM, Series B 1 – Mumbai based audio platform company raised 21.8 million dollars in a funding round participated by The Fundamentum Partnership, Paramark, KRAFTON Inc, 3one4 Capital, Vertex, and Verlinvest.

A few months ago KukuFM had raised 19 million dollars in a funding round led by KRAFTON, 3one4 Capital, Vertex, and India Quotient.