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

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.

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