You are currently viewing [Funding Galore] From upGrad To The Souled Store — Indian Startups Raised $102 Mn This Week

[Funding Galore] From upGrad To The Souled Store — Indian Startups Raised $102 Mn This Week

Around $102 Mn has been raised across 14 deals between March 27 and April 1

Edtech unicorn upGrad raised INR 300 Cr via rights issues from founder Ronnie Screwvala and Temasek

Troubled car servicing startup GoMechanic is going to be acquired by a consortium led by Lifelong Group

The month of March concluded on a low note in closing funding deals. Between March 27 and April 1, 2023,  the Indian startup ecosystem raised a mere $102 Mn, across 14 deals. The week further reported no mega deal. 

Further, this week’s funding is 43% lower than what the Indian startup collectively raised last week. Between March 20 and 25, Indian startups raised $180 Mn across 10 deals, with Stashfin raising a mega deal worth $100 Mn in a debt round. This week’s total funding is further 87% lower than $791 Mn raised across 22 deals between March 13 and 18. 

Key Highlights From This Week’s Funding 

    • Mumbai-based upGrad raised around $36.5 Mn via rights issue from Temasek and one of the cofounders, Ronnie Screwvala
    • Gurugram-based B2B marketplace startup Fashinza raised $30 Mn in Series B round – making it the second biggest funding round of this week
    • D2C clothing brand The Souled Store raised the third biggest cheque of this week worth $16.5 Mn in a strategic funding round led by Xponentia Capital
    • Ecommerce sector topped in grabbing total funding amount and deal counts, both. The sector raised $52.7 Mn, which is 51% of the total funding raised this week, across five deals 
    • B2C modelled business remained heavily funded despite being in dire straits with nine deals out of 14 deals this week 
    • Early stage investments continued to keep the capital inflow steady with eight deals, as late stage startups struggled to raise Series C and beyond funding rounds.

Startup Funding Deals Of The Week

From The Acquisition Desk

  • Insurtech startup Medi Assist will be acquiring Raksha Insurance  and has signed a definitive agreement for an undisclosed amount
  • Fintech startup LoanTap acquired healthcare finance startup Unofin for an undisclosed amount
  • Petcare brand Wiggles acquired its rival Capt Zack in a cash and stock deal 
  • Sports focused media platform Sportcrazzy acquired another media control content platform Kabaddi Adda
  • A consortium led by Lifelong Group is going to acquire troubled car servicing platform GoMechanic, two months after the latter’s founder admitted to financial misreporting. 

Other Key Developments

  • D2C unicorn Mamaearth has put its IPO plans on hold. However, the startup said they are still engaging with SEBI on its DRHP and awaiting formal approval on the same
  • Ritesh Agarwal-led OYO has decided to reduce the size of its IPO offer amid the prevailing market volatility and plunging valuations of tech companies
  • Early stage VC firm pi Ventures has announced raising $2.6 Mn from Colruyt Group India, the Hyderabad-based IT arm of Belgian retail giant.
  • Competitive coding platform CodeChef announced splitting with edtech unicorn Unacademy due to ongoing economic slowdown, two years after it was acquired. 
  • Fintech giant PhonePe has called off the acquisition of BNPL startup ZestMoney due to lack of due diligence, disagreements over valuation, sustainability of the business and shareholding structure
  • Virat Kohli-backed insurtech unicorn Go Digit General Insurance refiled DRHP with the market regulator SEBI for its $440 Mn IPO offer.

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