[Funding Galore] From BetterPlace To Eggoz — Indian Startups Raised $97 Mn This Week

SUMMARY

The Indian startup ecosystem raised around $97 Mn across 21 deals between December 19 and 24, 2022

The week saw Blue-collar workforce management startup BetterPlace raising $40 Mn in its Series B round

D2C ecommerce rollup unicorn Mensa Brands has announced the acquisition of MensXP, iDiva, and Hypp from Times Internet

The second last week of December witnessed one of the lowest funding weeks in the startup ecosystem in recent times. Between December 19 and 24, the Indian startup ecosystem just managed to raise $97 Mn across 21 deals. This is a 44% drop from the $173 Mn raised by the startups last week across 17 deals.

This week’s funding is, in fact, 66% lower than $285 Mn raised by Indian startups between November 28 and December 3, 2022.

The week’s biggest cheque was raised by Blue-collar workforce management startup BetterPlace. The startup raised $40 Mn in a Series C funding round from existing investors Jungle Ventures and British International Investment (BII) and a few new investors. The second highest funding this week was raised by Chennai-based aquaculture startup Aquaconnect which bagged $15 Mn in Series A round led by Lok Capital.

The third highest funding this week was raised by higher education services platform CollegeDekho to the tune of $9 Mn (INR 73.3 Cr) as part of an ongoing funding round from its existing investor Winter Capital Partners.

This week, the most active investors were Anicut Capital and Rebright Partners, as they have participated in two deals each.

Funding Deals Of The Week

Other Key Developments

Listed logistics startup Delhivery has acquired Pune-based startup Algorhythm Tech for an undisclosed amount.
Six months after Inc42 exclusively reported, D2C ecommerce rollup unicorn Mensa Brands announced the acquisition of MensXP, iDiva, and Hypp from Times Internet. Inc42 had earlier reported that the acquisition deal was around $100 Mn.
Google has earmarked $75 Mn for women-led startup founders in India. This $75 Mn is part of $300 Mn that Google has allocated for the India Digitisation Fund for Indian startups.
Mumbai-based B2B fintech startup Zaggle has filed its draft red herring prospectus (DRHP) with the market regulator SEBI. The offer consists of a fresh issue of shares worth INR 490 Cr and will offload another 10.5 Mn shares.
Reliance Industries Limited has acquired a 23.3% stake in US-based automation startup Exyn Technologies Inc for $25 Mn.