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

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]

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.