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[Funding Galore] From MoEngage To SUGAR Cosmetics — $468 Mn Raised By Indian Startups This Week

[Funding Galore] From MoEngage To SUGAR Cosmetics — $468 Mn Raised By Indian Startups This Week

The Indian startup ecosystem has raised around $468 Mn across 27 deals in the starting week of June

The week saw a total of four acquisitions including enterprise tech unicorn Gupshup marking its fourth acquisition in five months by acquiring OneDirect

Mumbai-based fintech startup PayMate has filed DRHP for INR 1,500 Cr IPO

After a massive dip in funding throughout the month of May, June started on a jovial note, as the startup ecosystem managed to bag $468 Mn across 27 deals. This is a 81% increase from $258 Mn that startups raised between May 23 and May 28 across 36 funding deals.

This week’s biggest funding was raised by customer engagement platform MoEngage. The startup managed to bag $77 Mn in a Series E funding round led by Goldman Sachs Asset Management and B Capital. 

The Indian Startup Funding Deals Of The Week

Updates On Indian Startup IPOs

Fintech Startup PayMate Filed DRHP For INR 1,500 Cr IPO

The Mumbai-based fintech unicorn PayMate has filed its draft red herring prospectus (DRHP) with India’s Securities and Exchange Board (SEBI). The B2B payments solution provider will bring an initial public offering (IPO) worth INR 1,500 Cr ($193.5 Mn).

From The Startup Acquisition Desk

  • The House of Things has acquired a handmade-textile startup Moavi Design at an approximate valuation of $650K
  • Enterprise tech unicorn Gupshup marked its fourth acquisition in five months by acquiring OneDirect
  • Spyne, a deeptech startup announced acquisition of Travographer, an on demand photography service provider
  • Arya.ag, an agritech startup acquired data science startup Prakshep

Startup Funds This Week

Industry veteran and advisor at investment firm KKR, Sanjay Nayar, also the husband of Nykaa’s Falguni Nayar has set up a venture fund to back early-stage startups in India. 

Other Developments From The Indian Startup Ecosystem

  • As per startup funding data for May this year, the overall funding in the month was the lowest in 2022 at just $1.6 Bn raised during the month, more than 50% less than the $3.4 Bn raised in April. But seed-stage funding has seen more than 4X growth in terms of the total capital invested and a sizable 59% jump in the number of deals, Inc42 data shows.
  • Telangana Government to support the state’s startup ecosystem has further invested INR 300 Cr
  • Indian conglomerate, Aditya Birla Group has launched its ‘House of Brands’ business – TMRW to roll out and back new-age digital businesses 
  • SaaS unicorn and US listed Freshworks has offered its founder and CEO, Girish Mathrubootham, 9 Mn stock units worth $233.41 Mn as stock awards. The stock units will vest over the next seven years
  • Prime Minister Narendra Modi in his last Mann Ki Baat (May 29), acknowledged India achieving 100 unicorns, and further lauded the country’s startup ecosystem for achieving the milestone