This week’s biggest startup funding came to Mumbai-based digital lending application InCred which raised $41.9 Mn
For the week, $96.64Mn funding and one startup acquisition took place in the Indian startup ecosystem altogether
Gurugram-based ecommerce logistics company Delhivery may soon join the unicorn club with a fresh round of funding
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week.
This week’s biggest startup funding came to Mumbai-based digital lending application InCred which raised $41.9 Mn (INR 300 Cr) in a funding round led by its founder Bhupinder Singh along with some other private equity investors such as Siddharth Parekh’s Paragon Partners.
The company will use the fresh funds to incubate new businesses and also to expand its lending business model, which currently caters to small and medium enterprises (SMEs) and the retail sector.
In another development, Bengaluru-based fitness startup Cure.Fit acquired mental health platform Seraniti for an undisclosed amount to add to its mental wellness vertical Mind.Fit. Cure.Fit will onboard Seraniti’s team of 15 therapists and its 8,000 customers. With the acquisition, Cure.Fit will have more than 70 centres under Mind.Fit.
This week, $96.64Mn funding was received by sectors including fintech, deeptech, healthtech among others and one startup acquisition took place in the Indian startup ecosystem altogether. (The startup funding calculations are based on the startups that disclosed funding amount.)
Indian Startup Funding Of The Week
Other Developments Of The Week
- Gurugram-based ecommerce logistics company Delhivery may soon join the unicorn club with a fresh round of funding from Softbank; talks on the investment are reportedly in the final stage. With the announcement set for next month, SoftBank may emerge as the largest shareholder in Delhivery with a 32% stake.
- Mumbai-based industrialist Akshaypat Singhania has allocated $14.01 Mn (INR 100 Cr) for supporting early stage startups which are operating in the media and entertainment, lifestyle, food and beverages healthcare and other segments. The new fund will invest in the range of $2-4 Mn in early-stage startups looking to raise seed to Series A round of funding.
- Self-styled impact investment firm Aavishkaar-Intellecap Group is reportedly raising $31 Mn (INR 225 Cr) from US-based Teachers Insurance and Annuity Association (TIAA). The capital raising will help the group scale up its asset management and lending business as well as fund new strategic initiative.
- Bengaluru-headquartered home rental platform NestAway is reportedly in initial talks to raise $100 Mn and may end up securing $150 Mn given that there’s strong investor demand.
- Speaking at the Inc42 The Ecosystem Summit held on November 16 in New Delhi, the DIPP secretary Ramesh Abhishek said that out of the $309 Mn (INR 2200 Cr) authorised under the Fund of Funds for Startups (FFS), $226 Mn (INR 1,611 Cr) has been committed to the SIDBI, and, so far, 170 startups have raised catalysed funding of $127.6 Mn (INR 879 Cr) from 32 AIFs under the FFS scheme.
- SoftBank and Invest India launched Tech4Future, the challenge which will seek to identify the most promising startups working in AI, Machine Learning, Face Recognition and Cyber Security sectors. For the top solution, SoftBank Group will provide the cash prize of $50K and also invite them for an incubation opportunity in Japan for 2-3 months, depending on the quality of the solution.
Stay tuned for the next week edition of Funding Galore: Indian Startup Funding Of The Week!
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.