From Cashfree Payments To Shadowfax — Indian Startups Raised $125 Mn This Week

A slump in the investment activity across the Indian startup ecosystem which was evident over the past couple of weeks further deepened in the month of February. 

Just like the last week of January, which witnessed a dearth of fresh mega funding rounds hurting the weekly investment activity trends, the first week of February also failed to buck the trend.

Between February 3 and 8, Indian startups cumulatively raised $124.6 Mn via 21 deals, marking a 36% decline from the $195.5 Mn raised across 24 deals in the preceding week. 

Funding Galore: Indian Startup Funding Of The Week [ Feb 3 – Feb 8 ]

Key Startup Funding Highlights Of The Week

• Fintech emerged as the top sector in terms of investment this week, on the back of the biggest funding round which saw B2B fintech startup Cashfree raising $53 Mn in its Series C funding round. Cashfree, along with Quicklend, together raised $53.8 Mn during the week.
• The greatest number of deals materialised in the enterprisetech segment, where seven startups cumulatively raised $25.7 Mn over the week.
• Seven startups at the seed stage raised $7.1 Mn during the timeframe. This marked a 67% decline from the $21.8 Mn raised by startups at the seed stage in the week prior.

Other Developments Of The Week

• Mumbai-based Veefin Group announced its fifth strategic acquisition over the past year in the form of Dubai-based TradeAssets through its subsidiary Estorifi Solutions.
• Quick commerce major Zepto is in talks with a host of top mutual fund houses to oversee a $300 Mn secondary deal.
• Listed TAC Security is eyeing to buy Rhodes-based Web3 security firm CyberScope to expand its global footprint in the Web3 security space.
• Fintech SaaS unicorn Perfios acquired CustomerXPs to strengthen its position in the domestic as well as global markets.
• FMCG giant ITC has entered into a definitive agreement to acquire 100% stake in D2C meat delivery startup Meatigo’s parent.
• Info Edge has gotten its board’s approval to invest up to INR 1,000 Cr in IE Venture Investment Fund III, a SEBI-registered Category II Alternative Investment Fund (AIF).

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