From Safe Security To SwitchOn — Indian Startups Raised $67.2 Mn This Week

SUMMARY

For the third consecutive week, the Indian startup ecosystem has experienced a decline in the total funding raised

Cyber security startup Safe Security raised $50 mn in its Series B funding round led by Sorenson Capital

SaaS startup BetterPlace acquired Malaysia-based recruitment and job placement startup TROOPERS to increase its market presence

For the third consecutive week, the Indian startup ecosystem has experienced a decline in the total funding raised. Between April 17 and April 22, 2023, only $67.2 Mn was raised across nine startup funding deals. This marks a significant drop from previous weeks and indicates a challenging period for startups seeking funding.

The funding for this week has experienced a sharp decline of 69% compared to the previous week, when Indian startups raised $216 Mn across 18 deals. Furthermore, this week’s startup funding is down by 88% compared to the $564 Mn raised by 18 startups between April 3 and April 8, 2023. These figures demonstrate a significant slowdown in investment activity in the Indian startup ecosystem.

Key Highlights From Startup Funding Deals This Week

Cyber security startup Safe Security raised $50 Mn in its Series B funding round – the biggest fundraise of the week. Sorenson Capital led the round.
Heart-focused startup Tricog Health secured $8.5 Mn in a Series B2 funding round from investors such as Omron Health Care and Sony Innovation Fund.
Enterprisetech topped the startup funding charts this week both in terms of total funding raised and the deal count. The sector raised $54.7 Mn across three deals.
Startups with a B2B model continued attracting significant investor interest this week, raising over $63.1 Mn or 94.4% of the total startup funding.
Early-stage funding raised this week stood at mere $487K.

Startup Acquisitions And Fund Launches Of The Week

SaaS startup BetterPlace acquired Malaysia-based recruitment and job placement startup TROOPERS to increase its market presence.
Edtech platform Toprankers has acquired career guidance platform ProBano for an undisclosed amount.
Noida-based Health Care At Home (HCAH) acquired Bengaluru-based Nightingales Home Health Services in a share swap deal.
The insurance arm of CarDekho – InuranceDekho has acquihired IRSS to strengthen its distribution network and penetrate the crucial insurance market of western India.
French cosmetics giant L’Oréal invested an undisclosed amount in the India-focussed fund of Singapore-based venture capital (VC) firm DSG Consumer Partners.