From Leverage Edu To GIVA — Indian Startups Raised $155 Mn This Week

The month of July kicked off on a relatively better note than the previous month in raising funds. This week, Indian startups have raised $155 Mn funding across 15 deals, which is a 138% jump from the previous week where startups collectively raised $65 Mn across 42 deals. 

This week’s funding is also a little over 4% higher than the $149 Mn funding raised by Indian startups between June 19 and June 24, 2023.

Key Startup Funding Highlights Of The Week

• Delhi NCR-based edtech startup Leverage Edu has raised $40 Mn in its Series B round of funding led by ETS, making it the biggest fundraise of this week.
• After a prolonged gap, Edtech, which is one of the worst hit sectors by the ongoing funding winter– has once again topped the charts in securing funds this week. The sector has raised $40.4 Mn across two deals.
• The enterprisetech sector recorded three deals this week – the highest in terms of deal counts – and raised $37.7 Mn funding.
• Early-stage startup funding stood at $6 Mn this week, a 73% drop in funding as compared to the last week where such startups raised $24 Mn.
• The most active investor this week was Blume Ventures as it participated in four deals.

Startup Fund Launches This Week

• Mumbai-based Varanium Capital announced the first close of its maiden venture debt fund with a target corpus of INR 250 Cr, and a greenshoe option of INR 50 Cr. It said it intends to back 100 startups in India via revenue-based financing and traditional venture debt.
• Zerodha’s Nikhil Kamath and Abhijit Pai’s Gruhas in collaboration with Collective Artists Network have launched a startup fund to invest in consumer-facing brands and products. The fund intends to invest up to $1 Mn in 10 startups. 

Startup Acquisitions Of This Week

• Sachin Tendulkar-backed JetSynthesys acquired KidzByte, an educational news and knowledge media platform for kids.
• Digital counselling and test prep platform Toprankers acquired Indore-based The Lex Guru for an undisclosed amount to expand its reach in Madhya Pradesh, Chhattisgarh and other neighbouring regions.

Other Major Developments From This Week

• Climate-focussed non-profit organisation Massive Earth Foundation has launched a climate tech accelerator program Low Carbon Earth (LCE), 2023, in partnership with the United Nations Environment Programme (UNEP), to help startups that are solving climate change and pollution problems.
• Troubled BNPL startup ZestMoney is likely to receive $5 Mn – $7 Mn funding from its existing investors including Quona Capital to stay afloat.
• Earlier this week, Google announced 20 Indian startups which have been selected for the seventh class of its Google for Startups Accelerator: India programme. Here’s a list of the selected 20 startups.
• PharmEasy is reportedly in talks to raise over INR 2,400 Cr at a 90% discount from its peak $5 Bn valuation to repay the loan it took from Goldman Sachs.