Startups by The Week

Weekly Startup Funding Roundup (August 22 to 26)

After weeks of cautious approach by venture capital investors towards startup funding, the Indian startup ecosystem witnessed a rebound in venture funding in the past week.

The high number of funding deals near the amount of 50 million dollars also portrayed the renewed interest in venture capital Investors towards startups based in India.

In the past week, the Indian startup ecosystem witnessed a total venture funding of 260 million dollars across 26 deals. In the previous week, the total venture funding was 135 million dollars.

High volatility in capital markets around the world and concerns regarding increasing inflation rates had forced venture capital investors to push a break on startup funding.

Increasing possibilities of a global economic slowdown and decline in profits faced by investors and venture funders also led to serious reservations among investors to fund startups.

Major Funding Rounds

Servify, Series D – Device management company based in Mumbai raised 65 million dollars in a series D funding round led by Singularity Growth Opportunity Fund, a venture capital fund based in Mumbai. New York-based AmTrust Financial Services and the family office of Pidilite Industries Limited also invested in Servify which was founded by Sreevathsa Prabhakar in 2015.

Iron Pillar, Beenext, Blume Ventures, and DMI Sparkle Fund, who are existing investors in Servify also took part in the Series SD funding round.

Hector Beverages, Series D – The company based in Gurugram, Haryana, raised 50 million dollars in a Series D funding round led by Lathe Investment Pte. Lathe Investment Pte is an investment company owned by Singapore’s sovereign fund GIC Pte. Ltd.

Founded in 2010, Hector Beverages has so far raised 100 million dollars in various funding deals.

Oasis Fertility – Oasis Fertility, based in Hyderabad, Telangana raised 50 million dollars in a funding round participated by Kedaara Capital. Kedaara Capital is a private financial services company based in Mumbai.

Oasis Fertility which was founded in 2009 has clinics in almost all major cities in the country including Bengaluru, Hyderabad, Visakhapatnam, and Chennai.

Mojocare, Series A – Healthcare startup based in Bengaluru raised 20.6 million dollars in a series A funding round led by a global investment company, B Capital.

The funding round also saw the participation of existing investors such as Chiratae Ventures, Sequoia India’s Surge, and Better Capital.

Vineet Jain, managing director of Times Group, Founder of Cred, Kunal Shah, and founder of Curefoods, Ankit Nagori also participated in the funding round of the health startup.

Awign, Series B – Bengaluru-based HR Tech startup raised 15 million dollars in a series B funding round led by Bertelsmann India Investments and Amicus Capital Partners.

The funding round also witnessed the participation of Unitus Ventures and the Michael & Susan Dell Foundation who are current investors in the company.

XYXX – Direct-to-customer menswear brand, backed by cricketer, KL Rahul raised 11 million dollars in a funding round led by Singularity Growth Opportunities Fund.

Existing investors such as Sauce Venture Capital and DSG Consumer Partners also participated in the funding round.