Around $180 Mn has been raised across 11 deals between March 20 and March 25, 2023
Stashfin, a neobanking fintech startup, secured $100 Mn in a debt round
PhysicsWallah acquired UAE-based, K-12 online learning platform Knowledge Planet
The third week of March again witnessed a massive dip in the funding activities. If we recap, last week we saw the startup fraternity raising a whopping over $700 Mn funding. So, between March 20 and March 25, Indian startups collectively raised around $180 Mn across a mere 10 deals.
This is 77% lower than the $791 Mn raised by the startup ecosystem between March 13 and March 18 which proved to be an outlier week.
This week’s funding is however a bit higher when compared to $178 Mn raised across 18 deals between March 6 and 11.
Key Highlights From This Week’s Funding
- Interestingly, this week’s biggest fund raise was a debt funding round. Stashfin, a neobanking fintech startup, secured $100 Mn in a debt round from Innoven Capital and Trifecta
- The second biggest funding was secured by EV charging startup CHARGE+ZONE. It raised $54 Mn in its Series A1 funding round, which was a mix of equity and debt, led by global impact investment manager BlueOrchard Finance
- Airline retailing-focused B2B SaaS startup Mystifly took home the third biggest funding amount of the week. It mopped up $8 Mn in a Pre-Series B round from Cornerstone Venture Partners Fund (CSVP Fund)
- LetsVenture was the most active investor with participation of three deals this week
- Enterprisetech sector recorded the highest number of deals with closing of six fundings, whereas the fintech sector bagged the highest funding amount at $100 Mn
- Cleantech sector continued to grab investors’ interest this week as well. As of the total 11 deals, three were from this segment
- Early stage investment rounds such as Seed and Pre-Series A funding continued to dominate this week – indicating investors’ high confidence in such startups amidst the funding winter.
Startup Funding Deals Of The Week
From The Acquisition Desk
- Profitable edtech unicorn PhysicsWallah has acquired UAE-based, K-12 online learning platform Knowledge Planet for an undisclosed sum
- Mahindra & Mahindra (M&M) acquired agritech startup MITRA after increasing its stake from 47.33% to 100%
- Listed wealth management firm Nuvama Wealth acquired a 74% equity in wealthtech startup Pickright Technologies giving exit to latter’s early investors – Mumbai Angels Network, JITO Angel Network, and 100x.VC
- IT giant Accenture acquired Bengaluru-based AI startup Flutura for an undisclosed sum. Including the latest acquisition, Accenture till date has acquired three Indian startups in the last three years
- Content to commerce unicorn The Good Glamm Group has made its ninth acquisition by acquiring social commerce platform Bulbul
- Nazara’s sports news platform Sportskeeda has signed definitive agreements to acquire a 73.27% stake in Pro Football Network LLC for $1.82 Mn (about INR 16 Cr) in an all-cash deal.
Other Key Developments
- Indian edtech unicorn PhysicsWallah is in talks to raise a fresh $250 Mn funding; this might almost triple its valuation to $3.3 Bn
- Gaming startup WinZO launched a $50 Mn ‘Game Developer Fund’ to invest in global gaming startups
- Two years after acquiring social commerce platform Simsim for $70 Mn, YouTube has now pulled the plug of the platform
- Yudiz Solutions, a blockchain, artificial intelligence and game development company, has filed draft papers with the NSE’s SME Platform, NSE Emerge, for its initial public offering (IPO). The company’s IPO offer consists of a fresh issue of 27,17,600 equity shares.