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SUMMARY
The Indian startup ecosystem has raised around $189 Mn across 29 deals between July 18 and 23, 2022
The week saw edtech unicorn UpGrad acquiring Harappa Education for $38 Mn
This week also reported IPO-bound PharmEasy to raise $200 Mn at a 15%-25% discounted valuation
After a slight uptick in funding in the second week of July, the funding has dropped again. Between July 18 and 23, the startup ecosystem has managed to raise a mere $189 Mn across 29 deals. This is a 58% drop from $448 Mn that the ecosystem raised the previous week across 30 deals.
The week did not witness any mega round or any new unicorn being minted.
The most active investor of the week was Inflection Point Ventures (IPV) as it participated in two deals this week.
The Indian Startup Funding Deals Of The Week
From The Startup Acquisition Desk
- Zomato-backed fulfillment and logistics startup Shiprocket has completed the acquisition of Arvind’s omnichannel technology business Omuni for consideration of INR 200 Cr
- Fintech SaaS startup M2P Fintech has acquired Hyderabad-based startup Syntizen for an undisclosed amount
- Murugappa Group engineering company Tube Investments of India has acquired a majority stake in InfraPrime Logistics Technologies (IPLTech)
- Edtech unicorn upGrad has acquired Harappa Education for $38 Mn (INR 300 Cr) in a mix of cash and share-swap deal.
Startup Funds This Week
- US-based investment firm B Capital on Tuesday (July 19) announced the final close of its $250 Mn Ascent Fund II to invest in early-stage startups
- KKR’s Sanjay Nayar led Sorin Investments has raised $100 Mn (INR 798 Cr) from multiple family offices for its debut fund
- Mumbai-based early-stage VC fund, First Cheque has closed its second fund after raising $5 Mn (INR 38 Cr)
- LetsVenture’s cofounder Shanti Mohan has launched micro venture capital firm Propell which will invest INR 50 Cr in 30 early stage startups
- Early-stage venture capital firm Auxano Capital has launched its $25 Mn Category 1 fund, which will be raised through its network of high-net-worth individuals (HNIs), ultra HNIs (UHNIs) and family offices.
Other Developments From The Indian Startup Ecosystem
- IPO-bound online medicine delivery startup PharmEasy is likely to raise $200 Mn at a valuation lower by 15% to 25% as compared to its last year’s valuation of $5.1 Bn
- Ola Electric to invest $500 Mn to set up its Battery Innovation Center (BIC) in Bengaluru, an R&D facility for electric vehicle (EV) battery cells
- SaaS unicorn Amagi has introduced an ESOP scheme and a stock appreciation rights scheme (SARs IV) of cumulatively over $24 Mn (over INR 195 Cr).
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