funding

Funding and acquisitions in Indian startups this week [19-24 June]

funding

This week, 22 Indian startups raised funding of over $135 million. Drools and ideaForge were the top fundraising startups that scooped up $60 million and $30 million respectively. Last week, homegrown startups raised $220 million in funding.

Meanwhile, the details of five startups remained undisclosed. 

Growth/late-stage deals 

This week, only two growth and late startups raised funding. Drools led the duo with a $60 million round followed by ideaForge.

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Details of the 22 funding rounds can be found here.

Early-stage deals 

As many as 20 early-stage startups have raised funds, including five undisclosed rounds. Spacetech startup Digantara was on the top with its $10 million Series A round. The list also features EyeMantra, Trafficguard and Good Flippin’Burgers among others.    

City and segment-wise deals    

This week, Bengaluru-based startups dominated the chart. According to Fintrackr’s data, 10 Bengaluru-based startups raised funds this week amounting to $34.22 million or 25.30% of the total funding. During the week, Mumbai and Delhi NCR-based startups saw five and three deals respectively.

The complete breakdown of deals across cities and segments in the first half can be seen below: 

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Fintech and e-commerce (including D2C brands) led in terms of the number of deals and amount raised. Foodtech and healthtech startups were next on the list.

Acquisitions

Apart from fundraising, this week also saw five mergers and acquisitions. Community startup Build On Scenes was acquired by Graphy, Xylem Learning got acquired by Physics Wallah, Veeksha by Adda247 and Spenny by CRED among others.  

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Fund launches 

This week, around half a dozen startup-focused funds announce their new fundraise. The list includes Avaana Capital, Lumikai Ventures, Airavat Capital, Blume Ventures, and Golden Sparrow among others. 

Layoffs

Apart from funding and acquisitions, this week also saw three layoffs. Edtech giant Byju’s laid off around 500-1,000 employees, Mojocare laid off 170 whereas Chinagari fired nearly 50 employees or 20% of its total workforce. 

*Back next week with another deal roundup

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