From Bakingo To Slice — Indian Startups Raised $44 Mn This Week

SUMMARY

Indian startups raised $44 Mn across 10 funding deals, a 72% week-on-week decline

Agritech startup DeHaat acquired the fruit export business of Ahmedabad-based listed fruit export firm Freshtrop Fruits in an all-cash deal

Bhavish Aggarwal’s Ola Electric has converted into a public entity, a mandatory step required before filing IPO papers

Following two weeks of substantial growth in startup ecosystem funding, the third week of November experienced a significant decline.

Between November 13 and 18, the startup ecosystem collectively raised $44 Mn across 10 deals, marking a 72% decrease from the previous week’s $159 Mn raised across 18 deals.

Funding Galore: Indian Startup Funding Of The Week [Nov 13 – Nov 18]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
13 Nov 2023	Bakingo	Ecommerce	D2C	B2C	$16 Mn	–	Faering Capital
14 Nov 2023	Slice	Fintech	Lendingtech	B2C	$9 Mn	Debt	Stride Ventures
15 Nov 2023	CoverSelf	Fintech	Insurtech	B2B	$8.2 Mn	Seed	3one4 Capital, BEENEXT, Z21 Ventures	3one4 Capital, BEENEXT
16 Nov 2023	Inito	Healthtech	Medtech	B2C	$6 Mn	Series A	Fireside Ventures	Fireside Ventures
13 Nov 2023	General Autonomy	Deeptech	Hardware & IoT	B2B	$3 Mn	Seed	India Quotient, Elevation Capital, Srinath Ramakkrushnan, Ramakant Sharma, Ankush Sachdeva	India Quotient, Elevation Capital
16 Nov 2023	Centa	Edtech	Online Certification	B2B-B2C	$1 Mn	–	Leo Puri, Pankaj Sahini, Bahram Vakil, Nikhil Mohta
13 Nov 2023	SecurWeave	Enterprisetech	Horizontal SaaS	B2B	$336K	Seed	IAN, Romesh Sobti, Uday Chatterjee, Nagendra P Bandaru, Prakash	IAN
14 Nov 2023	Breathe ESG	Enterprisetech	Horizontal SaaS	B2B	$315K	Seed	100X. VC, KANJ Realty Ventures, Hyderabad Angels	100X. VC
16 Nov 2023	Happy Nature	Ecommerce	D2C	B2C	$300K	Pre-Series A	IPV
17 Nov 2023	Airattix	Logistics	Storage Services	B2B-B2C	$276K	Pre-Series A	–	–
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Bakery goods startup Bakingo raised $16 Mn funding from private equity firm Faering Capital, making it the biggest funding deal of the week.
Fuelled by Slice and CoverShelf’s funding, the fintech sector emerged as the most funded sector this week, raising $17.2 Mn across two deals.
The ecommerce and fintech witnessed the most number of deals – two each. While enterprisetech startups bagged $16.3 Mn, startups in the fintech sector raised $17.2 Mn.
Seed funding saw an astronomical rise with $11.8 Mn in funding across four deals.

Startup Acquisitions This Week

Media-focussed SaaS unicorn Amagi acquired UK-based Tellyo’s business for an undisclosed amount.
Agritech startup DeHaat acquired the fruit export business of Ahmedabad-based listed fruit export firm Freshtrop Fruits in an all-cash deal.

Other Major Developments From This Week

Ranjan Pai’s family office acquired the $250 Mn debt availed by BYJU’S offline coaching arm Aakash Educational Services Limited (AESL) from Davidson Kempner.
Traveltech SaaS startup RateGain has launched a qualified institutional placement (QIP) to raise fresh capital worth INR 600 Cr.
Bhavish Aggarwal’s Ola Electric has converted into a public entity, a mandatory step required before filing IPO papers.
Lendingtech startup Moneyboxx Finance is set to raise INR 70 Cr ($9 Mn) from HNIs and family offices as a part of a strategic investment.