From Perfios To Pixis — Indian Startups Raised $413 Mn This Week

SUMMARY

The Indian startup ecosystem secured $413 Mn across 21 funding deals in the second week of September

Bengaluru-based fintech SaaS startup Perfios raised $229 Mn from Kedaara Capital, making it the biggest fundraise of the week

Fintech unicorn Razorpay has acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.

Maintaining a strong funding pace in the second week of September, Indian startups successfully garnered $413 Mn through 21 deals from September 11 to September 15. This represents a significant 61% increase over the $257 Mn secured in 18 deals during the prior week.

The week witnessed one mega deal, with fintech SaaS-based startup Perfios bagging $229 Mn in its Series D round from Kedaara Capital.

Funding Galore: Indian Startup Funding Of The Week [Sept 11 – Sept 16]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
11 Sept 2023	Perfios	Fintech	Fintech SaaS	B2B	$229 Mn	Series D	Kedaara Capital
14 Sept 2023	Pixis	Enterprisetech	Horizontal SaaS	B2B	$85 Mn	Series C1	Touring Capital, Grupo Carso, General Atlantic, Celesta Capital, Chiratae Ventures	Touring Capital
14 Sept 2023	Leads Connect	Agritech	Precision Agriculture	B2B	$60.2 Mn	–	BL Agro
12 Sept 2023	Kale Logistics	Logistics	Logistic SaaS	B2B	$30 Mn	Series B	Creaegis Advisors LLP
12 Sept 2023	PeeSafe	Ecommerce	D2C	B2C	$3 Mn	Series B	Natco Pharma, Rainmatter Health, Alkemi Growth Capital	Natco Pharma, Rainmatter Health
14 Sept 2023	HotelYaari	Fintech	Investment Tech	B2C	$2.18 Mn	Seed	Alios Ventures
12 Sept 2023	WOGOM	Ecommerce	B2B Ecommerce	B2B	$1.9 Mn	–	–
14 Sept 2023	Melooha	Consumer Services	Hyperlocal Services	B2C	$635K	–	Streak Ventures LLC	Streak Ventures LLC
11 Sept 2023	DevDynamics.ai	Enterprisetech	Horizontal SaaS	B2B	$600K	–	Powerhouse Ventures, Sunn91 Ventures, PointOne Capital	Powerhouse Ventures
12 Sept 2023	1Bridge	Ecommerce	B2B Ecommerce	B2B	$481K	–	C4D Partners
13 Sept 2023	ThinkMetal	Deeptech	IoT & Hardware	B2B	$300K	Seed	100X.VC	100X.VC
14 Sept 2023	K12 Techno Services	Edtech	K12	B2C	–	–	Kedaara Capital
11 Sept 2023	Smartstaff	Enterprisetech	Horizontal SaaS	B2B	–	–	Persol
11 Sept 2023	TrackWizz	Fintech	Fintech SaaS	B2B	–		WestBridge Capital
13 Sept 2023	Mitsu	Healthtech	Fitness & Wellness	B2C	–	–	Gaurav Barman
14 Sept 2023	Port	Media & Entertainment	Social Media & Chat	B2C	–	Seed	Catamaran
15 Sept 2023	Blue Tokai Coffee	Ecommerce	D2C	B2C	–	Series B	Deepika Padukone
11 Sept 2023	Navars Edutech	Edtech	K12	B2C	–	–	JITO Incubation and Innovation Foundation
14 Sept 2023	Cultos Global	Enterprisetech	Horizontal SaaS	B2B	–	–	Sameer Mehta, Tarun Katial, Ashwath Bhat
13 Sept 2023	Xtracap Fintech	Fintech	Lendingtech	B2B	–	–	IIFL Fintech Fund
15 Sept 2023	Videonetics	Enterpristech	Horizontal SaaS	B2B	–	–	Florintree
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Bengaluru-based fintech SaaS startup Perfios raised $229 Mn from Kedaara Capital, making it the biggest fundraise of the week.
Fueled by Perfios fundraise, the fintech emerged as the most funded sector this week, securing $231 Mn across four deals.
Enterpristech reported the highest deal count, securing $85.6 Mn across five startup funding deals.
Following an impressive number of seed funding deals last week, the Indian startup ecosystem witnessed meagre three deals.
Kedaara Capital was the busiest investor this week as it participated in two deals each.

Startup Fund Launches This Week

Early stage VC firm Vertex Ventures Southeast Asia and India has raised $541 Mn for its fifth fund – the VVSEAI Fund V.
Xponentia Capital announced the first closure of Xponentia Opportunities Fund II after raising INR 1,000 Cr from investors, exceeding the initial target of INR 750 Cr.
Early stage VC Kae Capital closed its Winners Fund II (KWF II) worth $50 Mn (INR 410 Cr) to co-invest in its portfolio startups.
Artha Group has launched Artha Continuum Fund (ACF), a syndicate fund tailor-made for family offices and Ultra High Net Worth Individuals (UHNIs).

Startup Acquisitions Of This Week

Intercity food delivery startup JustMyRoots acquired regional packaged food delivery startup The State Plate (TSP) for an undisclosed amount.
Fintech unicorn Razorpay marked its eighth acquisition. The fintech unicorn acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.
1 Bridge acquired the technology assets of eSamudaay to build district commerce stack on Open Network for Digital Commerce (ONDC).
Sportswear brand Agilitias Sports, which raised $52 Mn in its maiden funding round, has acquired Mochiko Shoes, a domestic footwear brand.

Other Major Developments From This Week

AI-enabled matrimony startup Betterhalf announced its second ESOP buyback programme which will benefit 29 current and former employees.
Troubled BYJU’S has put two of its acquired companies – Epic and Great Learning, on sale and is looking to cash out $800 Mn – $1 Bn from it.
Global investment major KKR is likely to invest INR 2,069.5 Cr in Reliance’s retail arm – Reliance Retail Ventures Ltd (RRVL) for INR 2,069.5 Cr.
Lenskart-backed Neso Brands invested $4 Mn in Paris-based omnichannel eyewear brand Le Petit Lunetier for a significant stake.

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