From Credgenics To Disprz — Indian Startups Raised $95 Mn This Week

After a sluggish start in terms of overall funding raised in August, the second week of the month appears to be a sigh of relief for the country’s startup ecosystem. 

During the period from August 7 to August 12, 2023, Indian startups have raised a total funding of $95 Mn across 17 deals, marking a 763% increase from the $11 Mn raised between July 31 and August 5, 2023, and a 126% increase from the $42 Mn raised between July 24 and July 29, 2023.

Key Startup Funding Highlights Of The Week

• Debt collection startup Credgenics raised $50 Mn in Series B funding round led by Westbridge Capital, and Accel, making it the biggest fundraise of this week
• This week, the fintech sector secured a whopping $55 Mn in funding, making it the most funded sector. 
• Ecommerce emerged as the frontrunner with the highest deal count, securing $4.3 Mn across six deals.
• After a week of minimal seed funding, this week the seed funding reported $11.4 Mn across eight deals
• Bombay Shaving Company founder Shantanu Deshpande proved to be the busiest investor, with two funding announcements for the week.

Startup Acquisitions Of This Week

• Enterprise upskilling startup Expertrons acqui-hired Bengaluru-based HRTech platform Foxmula.
• Ananya Birla-led Svatantra Microfin has signed a definitive agreement to acquire Chaitanya India Fin Credit Pvt Ltd for INR 1,479 Cr. 
• AnotherAcquisition acquired Delhi NCR-based AI-powered email solutions provider Nyxion.ai for an undisclosed amount.
• Bengaluru-headquartered GPS Renewables acquired Germany-based Proweps Envirotech GmbH.
• Global investment firm KKR is acquiring a majority stake in Indian pallet pooling platform LEAP India for an undisclosed amount.

Other Major Developments From This Week

• South Korean gaming giant KRAFTON has announced to invest $150 Mn in India over the next two to three years.
• Zerodha’s investment arm Rainmatter has earmarked an additional INR 1,000 Cr capital to invest in sectors such as health, education, and climate change.
• Japanese mobile entertainment company MIXI announced the launch of a $50 Mn corporate venture capital fund in India. The fund will invest in early stage entertainment and consumer services startups.