SUMMARY
The Indian startup ecosystem secured $171 Mn funding across 18 deals in the third week of May
Puma India’s outgoing executive, Abhishek Ganguly’s startup – Agilitas Sports – has raised $52 Mn in its maiden funding round led by investment firm Convergent Finance
Baron Capital has marked down Swiggy’s valuation by 34% to $7.3 Bn, making it the third valuation cut by investors in seven months
Inc42 Daily Brief
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Indian startups have picked up the funding momentum again in the third week of May after a drab week. Between May 15 and May 20, Indian startups have collectively raised $171 Mn across 18 deals. This is a 138% jump from $72 Mn raised by Indian startups across 17 deals in the last week.
However, this is a 1.7% drop from $174 Mn raised collectively by the country’s startup ecosystem between May 1 and May 5, 2023 across 19 deals.
Key Startup Funding Deals Of This Week
- Puma India’s outgoing executive, Abhishek Ganguly’s startup – Agilitas Sports – has raised $52 Mn in its maiden funding round led by investment firm Convergent Finance.
- Ecommerce topped the funding charts this week with $65.7 Mn investment across four deals.
- Ecommerce and enterprisetech both bagged the maximum number of deals with four deals each.
- Early-stage startups saw a slight drop in funding as compared to last week. This week this stage of startups collectively raised $5.19 Mn.
- Together Fund, Anicut Capital, and Capital A were the busiest investors this week as they participated in two deals each.
Other Major Developments From This Week
- The promoters of major Indian consumer brand Godrej Industries are setting up a family office to support new-age businesses.
- Apple supplier Foxconn to set up a $500 Mn manufacturing facility in Telangana’s Kongar Kalaan.
- Virat Kohli launched one8 Fitness app, part of his sportswear brand one8, on both Android and iOS.
- US-based ecommerce roll-up giant Thrasio has diluted its stake in Lifelong Online Retail. Founders of Lifelong Online have now retained majority of the stakes.
- US-based asset management company (AMC) Baron Capital has slashed Swiggy’s valuation in its books by 34%, pegging it at $7.3 Bn.
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