From Dezerv To Infra.Market – Indian Startups Raised $138 Mn This Week

Investment activity across the Indian startup ecosystem continued to remain subdued in the second week of the ongoing month. Between July 7 and 13, startups raised $138.04 Mn across 15 deals, a nearly 22% drop from the $176 Mn raised via 16 deals in the preceding week. 

Funding Galore: Indian Startup Funding Of The Week [July 7- July 13]

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Key Startup Funding Highlights Of The Week

• Fintech startup Dezerv scored the biggest cheque this week, bagging $32 Mn in its Series B funding round from investors Premji Invest, Elevation Capital, Matrix Partners, and Accel Partners.
• Propelled by hefty funds secured by Infra.Market and GOAT Brand Labs, ecommerce emerged as the investor favourite sector this week. Startups in the space cumulatively raised $49.3 Mn via five deals.
• From a sectoral funding lens, fintech trailed ecommerce this week. Fintech startups managed to pocket $34.6 Mn via two deals this week.
• Seed funding jumped 173% this week to $8.33 Mn from last week’s $3.05 Mn this week.

Mergers and Acquisitions This Week

• Listed dronetech startup ideaForge bought an undisclosed stake in spacetech startup GalaxEye Space for INR 8.28 Cr. The acquisition will help it develop drone-based sensors for fog and foliage penetrations.
• AI-led fintech startup CASHe bought Centcart Insurance Broking Services to foray into the insurance broking vertical. This acquisition enables CASHe to offer a wider range of products from multiple insurance partners.
• Construction giant L&T will be acquiring semiconductor design startup SiliConch Systems for INR 183 Cr by September 15. The deal will comprise an upfront amount of INR 133 Cr payable at the time of closing the transaction.
• Astrology SaaS platform Melooha bought language translation and astrological guidance startup Munitalks in a cash and stock deal pegged at INR 70 Lakh. Melooha seeks to leverage Munitalks’ multilingual support and astrology consultation services to boost its astrological offerings. 
• Edtech startup Schoolnet acquired quiz-based learning app Genius Teacher in an all-stock deal. With this, Genius Teachers’ cofounder and chief executive Advitiya Sharma will join Schoolnet as chief growth officer.
• Edtech major Adda247 acquired Ekagrata Eduserv for an undisclosed amount to foray into the CA test preparation segment. Ekagrata’ founder Anshul Agrawal will now lead Adda24’s CA category as director.
• Continuing its acquisition spree, Nazara Technologies-backed NODWIN Gaming has now picked up an additional 43.49% stake in Freaks 4U Gaming GmbH for INR 212.9 Cr. This extends its shareholding in the gaming marketing services company to 57%. 

Updates On Indian Startup IPOs

• Logistics unicorn BlackBuck submitted its IPO papers to the markets regulator Securities and Exchange Board of India (SEBI). As per its draft red herring prospectus (DRHP), the startup’s public issue will comprise a fresh issuance of shares worth INR 550 Cr and an offer for sale (OFS) component of up to 2.16 Cr shares.
• Jaipur-based D2C men’s grooming brand Menhood will list on the NSE Emerge on July 16 and plans to raise INR 19.5 Cr via its IPO. It has set its price brand in the range of INR 71-75.
• As per reports, D2C furniture brand Pepperfry has deferred its IPO plans after engaging with bankers over the past year to enter the public market. The company will increase its focus on growth and profitability in the current financial year.

Other Major Developments Of The Week

• Goldman Sachs is looking to invest $30-50 Mn in software as a service (SaaS) provider MoEngage. As per reports, it has decided to buy shares of MoEngage from some of its early investors.
• Former Premji Invest partner Atul Gupta has launched a venture capital firm Trident Growth Partners (India). The VC will make growth-stage equity investments in startups operating across consumer, financial services, enterprise software and technology, industrial and manufacturing and healthcare sectors.
• Debt financing platform Anicut Capital marked the final close of its maiden pre-IPO equity fund, named as Equity Continuum fund, at INR 300 Cr. It will write cheques in the range of INR 50 Cr to INR 60 Cr and will back 5-6 late stage companies.
• Early-stage VC firm Orios Venture Partners has postponed the closure of its third fund for the second time. As per reports, the firm is expected to now mark the fund’s final close in December. Earlier, the close was pegged at $150 Mn.