SUMMARY
The Indian startup ecosystem secured $85.4 Mn funding across 17 deals in the second week of July
Truck aggregator startup LetsTransport has raised $25 Mn in a round led by Bertelsmann India, making it the biggest fundraise of this week.
Food delivery giant Swiggy has acquired FMCG retail distribution company LYNK Logistics Ltd for an undisclosed amount
After a relatively better week, the capital infusion dropped in the second week of July, further indicating that funding winter is here to stay. This week, Indian startups collectively raised around $85.4 Mn across 17 deals. This is a 45% drop from the $155 Mn raised by Indian startups between July 3 and July 8, 2023.
However, this week’s funding is 31.3% higher than $65 Mn raised by Indian startups across 42 deals in the last week of June.
Key Startup Funding Highlights Of The Week
- LetsTransport secured $25 Mn funding in a round led by Bertelsmann India, making it the biggest fundraise of this week
- Logistics sector raised the highest amount, a $27.2 Mn funding this week across two deals
- Ecommerce sector recorded the highest number of four deals this week and raised $19.3 Mn funding
- Early-stage startup funding stood at $2.4 Mn this week, a 59% drop as compared to the last week where such startups raised $6 Mn
- LetsVenture and Venture Catalysts are the two most active investors of this week with two deal participation each.
Startup Fund Launches This Week
- Vertex Ventures, VC arm of Temasek, has marked the first close of its latest fund, Vertex Master Fund III, at around $900 Mn
- Hosts of the 100x Entrepreneur podcast – Neon Show, have launched a new $25 Mn fund, the Neon show, to invest in B2B SaaS startups
- Micro VC fund CapFort Ventures launched an INR 200 Cr India-focussed tech fund and plans to invest in 40 startups in the next two years.
Startup Acquisitions Of This Week
- US-based Cilio Technologies has acquired Delhi-NCR-based AutomationFactory.AI for an undisclosed amount
- Food delivery giant Swiggy has acquired FMCG retail distribution company LYNK Logistics Ltd for an undisclosed amount
- D2C meat delivery startup ZappFresh has acquired Dr. Meat, a brand operated by Sukos Foods
- Let’s Work, a Delhi-based co-working space is going to get acquired by angel investors for an undisclosed amount
- CarTrade announced the complete acquisition of OLX India’s operations for INR 537.4 Cr.
Other Major Developments From This Week
- Walmart-backed Flipkart initiated releasing cash compensation worth $700 Mn to its employees as part of the PhonePe demerger
- Vivriti Capital-backed Yubi’s valuation has soared to $1.5 Bn from $1.2 Bn following a secondary share sale
- Wipro along with launching Wipro ai360, a comprehensive, AI-first innovation ecosystem, has also announced making a $1 Bn investment in improving AI capabilities over the next three years
- Quick commerce delivery startup Zepto is likely to become the first unicorn of 2023 as it is in the final stages of raising $150 Mn at $1.3 Bn valuation
- Nazara Technologies said its board has approved a proposal to raise up to INR 750 Cr via qualified institutional placement, or preferential allotment, or a combination of both
- Sachin Bansal’s Navi Finserv is raising up to INR 500 Cr through the public issue of Non-Convertible Debentures (NCDs).
