From Drools To Digantara — Indian Startups Raised $149 Mn This Week

SUMMARY

The Indian startup ecosystem secured $149 Mn funding across 20 deals in the third week of June

Bengaluru-based pet food startup Drools bagged $60 Mn in a funding round from L Catterton at $600 Mn valuation

Fintech unicorn CRED has acquihired Y Combinator-backed micro-savings platform Spenny

During the third week of June, the Indian startup ecosystem experienced a dip in total funding raised. From June 19 to June 24, Indian startups secured $149 Mn across 20 deals.

This week’s funding is a 21.5% drop compared to $190 Mn raised between June 12 and June 17. However, this week’s funding is 13% higher than $132 Mn raised between June 5 and June 10, 2023.

Key Startup Funding Highlights Of The Week

Bengaluru-based pet food brand – Drools– raised $60 Mn from L Catterton at around $600 Mn valuation.
Ecommerce sector secured the top position both in terms of funding amount and deals. The sector bagged $66.8 Mnr across six deals.
Early-stage startup funding saw a gradual increase as compared to the previous week. This week, early stage startups raised $8.1 Mn across seven deals, a 20% increase from $6.7 Mn reported a week prior
Kunal Shah, Gemba Capital, and ah! Ventures were the busiest investors this week as they participated in two deals each.

Startup Acquisitions Of This Week

Google-backed Adda247 acquired Ahmedabad-based Veeksha for an undisclosed amount to offer interactive learning modules to the students.
Edtech unicorn Unacademy Groups’ Graphy acquired community platform Scenes for an undisclosed amount.
Fintech unicorn CRED has acquihired Y Combinator-backed micro-savings platform Spenny.

Other Major Developments From This Week

Airavat Capital announced the launch of a global technology fund, Airavat Global Technology Fund R (AGTF R) based out of GIFT City. The fund has already received an interest worth over $40 Mn.
Climate-focussed VC firm Avaana Capital has raised $70 Mn in first close of Avaana Climate and Sustainability Fund and is targeting a total corpus of $100-125 Mn for the same.
Blume Ventures announced the first close of its new opportunity-cum-continuity fund, Fund 1Y and has already raised INR 200 Cr of the INR 400 Cr target corpus for the round.
Gaming-focused venture capital Lumikai announced the launch of its second fund with a total corpus of $50 Mn.
IPO-bound drone startup ideaForge has raised INR 255 Cr from anchor investors.
Early stage VC 100X.VC announced a new portfolio of 22 startups that it has funded with $3.4 Mn worth of capital. Here’s the complete list of startups in the cohort.