From InMobi To Centricity – Indian Startups Raised $227 Mn This Week

Funding across the Indian startup ecosystem entered slow lane in the mid week of September after a brief uptick in momentum. Between September 9 and 14, startups cumulatively raised $227.1 Mn across 22 deals, marking a 34% decline from the $348 Mn raised via 19 deals in the preceding week. 

Despite the marginal decline, the week saw one mega funding round materialise when IPO-bound startup InMobi bagged a debt of $100 Mn from Mars Growth Capital. 

Besides, the week also saw fintech startup Moneyview becoming the sixth Indian startup this year to vault into the coveted unicorn club after scooping up $4.6 Mn from Accel and Nexus Ventures at a valuation of $1.2 Bn. 

Funding Galore: Indian Startup Funding Of The Week [Sept 9– Sept 14]

Key Startup Funding Highlights Of The Week

• Buoyed by InMobi’s mega funding round, enterprisetech emerged as the leader in terms of funding at a sectoral level.
• Fintech trailed enterprisetech at a sectoral funding level with startups in this space securing $80.1 Mn via four deals.
• Seed funding went up tremendously this week to $24.9 Mn, zooming over 2X from last week’s $10.7Mn secured by startups at this level. The bump in the seed funding numbers came primarily due to the $20 Mn bagged wealthtech startup Centricity.
• Nandan Nilekani’s Fundamentum, Nexus Venture Partners, and IAN group emerged as the lead investors this week, backing two startups apiece.

Updates On Indian Startup IPOs

• Electric two wheeler major Ather Energy filed its DRHP with market regulator SEBI to raise more than INR 3,100 Cr via an IPO. The proposed public offer comprises a fresh issue of equity shares worth INR 3,100 Cr and an offer-for-sale (OFS) of up to 2.2 Cr equity shares.
• IPO bound foodtech major Swiggy is reportedly mulling to increase the fresh issue size of its public offer to cumulatively raise INR 5,000 Cr.

Mergers and Acquisitions This Week

• Ecommerce enabler GoKwik acquired global returns management app Return Prime to foray into overseas markets, including US, UK and Europe among others.
• Continuing its acquisition spree, gaming major Nazara announced this week that it will be acquiring 15.86% stake of STAN for $2.2 Mn and 47.7% Pokerbaazi parent Moonshine Technology for $99.1 Mn.

Other Developments Of The Week

• Ex- Jio President Vikas Choudhary announced the launch of his new fund Playbook Partners, a SEBI-approved Category II alternative investment fund. Announcing the first close of the fund at $130 Mn, the firm looks to close the fund at $250 Mn in the near future.
• Listed lending tech startup Moneyboxx announced that it is looking to raise $20.9 Mn via issuance of equity shares on a preferential basis and warrants.
• Fintech startup Finova Capital is reported to be on the verge of raising $95.3 Mn from new and existing investors in a mix of primary capital infusion and secondary share sale.