From PharmEasy To Portea — Indian Startups Raised $316 Mn This Week

From PharmEasy To Portea — Indian Startups Raised $316 Mn This Week


Indian startups cumulatively raised $316.4 Mn across 23 deals between April 29- March 4

PharmEasy's $216.2 Mn funding was the lone mega funding round of the week

Seed funding plummeted 64% to $12.3 Mn this week from last week's $33.9 Mn

After a significant drop in the capital raised by Indian startups in the last week of April, funding picked up in the world’s third-largest startup ecosystem in the first week of May. Between April 29 and May 4, Indian startups cumulatively raised $316.4 Mn across 23 deals, up 83.3% from last week’s $172.6 Mn secured across 21 deals.

Funding Galore: Indian Startup Funding Of The Week [Apr 29 – May 4]

Date Name Sector Subsector Business Model Funding Round Size Funding Round Type Investors Lead Investor
30 Apr 2024 Pharmeasy Healthtech Online Pharmacy B2B-B2C $216.2 Mn MEMG Family Office, Prosus, 360 One,Temasek
3 May 2024 Kinara Capital Fintech Lendingtech B2B $24.4 Mn Debt Impact Investment Exchange, BlueOrchard Microfinance Fund Impact Investment Exchange, BlueOrchard Microfinance Fund
29 Apr 2024 Portea Medical Healthtech Home Healthcare B2B $20 Mn Pre-IPO
30 Apr 2024 Charge Zone Cleantech Electric Vehicles B2B-B2C $19 Mn British International Investment British International Investment
2 May 2024 Infinity Fincorp Fintech Lendingtech B2C $8 Mn Archerman Capital Archerman Capital
29 Apr 2024 BRISKPE Fintech Payments B2B $5 Mn Seed PayU PayU
2 Apr 2024 Go DESi Ecommerce D2C B2C $4.9 Mn Aavishkaar Capital, Rukam Capital, Roots Ventures, DSG Consumer Aavishkaar Capital
2 Apr 2024 Dexif Fintech Investment Tech B2B $4 Mn Seed RTP Global RTP Global
29 Apr 2024 Assert AI Enterprisetech Horizontal SaaS B2B $4 Mn Series A Ramesh Hariharan, Prashant Purker, Ramesh Hariharan, Prashant Purker,
2 Apr 2024 Plotline Enterprisetech Horizontal SaaS B2B $2.6 Mn Seed Elevation Capital Elevation Capital
2 May 2024 DaMENSCH Ecommerce D2C B2C $2.5 Mn Series B Matrix Partners, Saama Capital, Whiteboard Capital, A91 Emerging Fund
2 Apr 2024 Fresh From Farm Agritech Market Linkange B2B $2 Mn pre-Series A Inflection Point Ventures, Ashish Kacholia Inflection Point Ventures, Ashish Kacholia
2 May 2024 TalkEsport Media & Entertainment Digital Media B2C $1 Mn pre-Series A Saswat Ventures Saswat Ventures
1 May 2024 Reelo Enterprisetech Horizontal SaaS B2B $1 Mn Gokul Rajaram Gokul Rajaram
30 Apr 2024 Kyari Ecommerce D2C B2C $780K pre-Series A Gwalior Pathways, Airen Holdings, Amit Kumat, Rajesh Patel, Sawan Laddha, We founder circle, IVY League Ventures, JITO Gwalior Pathways, Airen Holdings
30 Apr 2024 PointO Cleantech Electric Vehicles B2B $743K Seed Equirus InnovateX Fund Equirus InnovateX Fund
2 May 2024 EXFAQ Systems Deeptech IoT & Hardware B2B-B2C $288K Ketan Patel Ketan Patel
30 Apr 2024 Enterprisetech Horizontal SaaS B2B Seed Z21 Ventures, Startup India Seed Fund Scheme Z21 Ventures, Startup India Seed Fund Scheme
1 May 2024 neuro42 Healthtech IoT & Hardware B2B-B2C Karna D Shinde Karna D Shinde
1 May 2024 ellementry Ecommerce D2C B2C She Capital She Capital
1 May 2024 Perceptyne Deeptech Robotics Process Automation (RPA) B2B Pre-Seed Venture Catalysts, Tarun Mehta, Swapnil Jain, Pawan Chandana, Bharat Daka T-Hub, Z21 Ventures, Naveen Varma Alluri, Satya Prakash B, Aditya Damani Venture Catalysts
2 May 2024 Culture Circle Ecommerce B2C Ecommerce B2C Pre-Seed IIMA Ventures IIMA Ventures
3 May 2024 ShipEase Logistics Ecommerce Logistics B2B JITO Incubation and Innovation Foundation, COGNIPHY.US, Ministry of Electronics and Information Technology (MEITY)
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

  • Digital pharmacy PharmEasy bagged $216.2 Mn as part of its rights issue at a 90% valuation cut compared to its peak valuation of $5.6 Bn in October 2021. This was the lone mega deal for the week as well as the biggest cheque secured by a startup.
  • Buoyed by PharmEasy’s mega funding, healthtech knocked off fintech to become the most funded sector this week. Healthtech startups raised $236.2 Mn across three deals this week. 
  • Ecommerce maintained its streak of securing the most number of deals. Startups in the space netted $8.2 Mn across five deals this week. 
  • Z21 Ventures and JITO Incubation and Innovation Foundation (JIIF) were the most active investors for the week, backing two startups apiece.
  • Despite the positive upturn in the funding trends overall, seed funding dropped significantly this week. Startups at this stage were able to bag only $12.3 Mn this week, down 64% from last week’s $33.9 Mn.

From PharmEasy To Portea — Indian Startups Raised $316 Mn This Week

Startup Acquisitions This Week

  • Momspresso founders Vishal Gupta and Prashant Sinha’s new venture Pravis has picked up a stake in adtech gaming platform StreamO. The growth marketing firm will leverage StreamO’s 300 Mn subscribers to target GenZ communities.
  • Non-banking finance company (NBFC) UGRO Capital has initiated the acquisition process of  lending tech startup MyShubhLife in a mix of equity (64%) and cash (36%) at an enterprise value of INR 45 Cr.
  • SaaS major Freshworks announced the acquisition of Delaware Corporation’s Device42 for $230 Mn. The purchase price would be paid in the form of $215 Mn of cash and an equity rollover of $15 Mn. 
  • Chennai-based SaaS metering and pricing platform Togai is in the process of getting acquired by California-based Zuora. The subscription management software company is looking to enhance its monetisation with the Togai’s acquisition
  • PB Fintech, the parent company of insurtech platform Policybazaar, is set to acquire 100% stake in UAE-based Genesis Group. It will also be divesting stakes in two subsidiaries, Visit Health Private Limited and Visit Internet Services Private Limited 

Other Major Developments Of The Week

  • BharatPe’s ex-COO Druv Dhanraj Bahl has rolled out his maiden venture capital (VC) fund, Eternal Capital, with a target corpus of $14.3 Mn. The fund is looking to back 40 early stage startups over the next three years.
  • Venture debt firm Stride Ventures announced the final closure of its Stride Ventures India Fund III at $165 Mn. The firm will look to back startups across consumer brands, financial services and cleantech sectors
  • VC firm IvyCap Ventures marked the final close of its third fund at $251 Mn. The fund will invest in 25 startups with an average ticket size of INR 30-50 Cr. 
  • Tribe Capital is looking to invest $75 Mn in Shiprocket through its newly-launched special purpose vehicle (SPV). The transaction is expected to be completed in a few weeks. 
  • Digital consulting company Brillio is looking to expand its India footprint with an investment of $240 Mn over the next five years.
  • Investment firm Oister Global has floated an INR 440 Cr fund, Oister India Pinnacle Fund (OIPF), to fuel emerging technology-led innovations and various sunrise sectors in the country. 
  • Thyrocare founder Arokiaswamy Velumani has joined hands with Young Entrepreneurs Association (YEA) and Magnifiq Capital Trust to invest up to INR 50 Cr in Indian startups. 
  • Healthtech unicorn Innovaccer is in talks with health major Kaiser Permanente to raise a funding in the range of $200 Mn-$250 Mn in a mix of primary and secondary funding. 
  • Anthill Ventures is looking to launch a hybrid fund targeting consumer experiences, wellness and entertainment startups. It will raise $100 Mn for a hybrid private credit and equity fund.
  • UGRO Capital’s board approved raising INR 1,332.66 Cr through compulsorily convertible debentures (CCDs) and warrants. 
  • Gold loan startup Rupeek has initiated funding discussions with Claypond Capital and Axis Bank. The startup is looking to raise an undisclosed amount of funding at a substantially reduced valuation of $200-$250 Mn from its 2022 valuation of $600 Mn. 
  • Private equity (PE) firm ChrysCapital closed its $700 Mn ‘Continuation Fund’. The fund was anchored by US-based HarbourVest Partners and European funds LGT Capital Partners and Pantheon Ventures.
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From PharmEasy To Portea — Indian Startups Raised $316 Mn This Week-Inc42 Media
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