[Funding Galore] From Bounce Infinity To CapGrid —Indian Startups Raised $48 Mn This Week

SUMMARY

Around $48 Mn has been raised across 12 deals between January 30 and February 4

The week saw EV two wheeler manufacturer Bounce Infinity raising $20 Mn from Sequoia Capital India

Logistics marketplace startup Vahak has acquired Instalogist, a truck booking app and load marketplace platform

The year 2023 had a decent start with bagging $836 Mn funding across 58 deals. However, this didn’t continue long and we saw the last week of January raising $99.6 Mn investment by the Indian startup ecosystem. Come February and the scenario remained intact. Between January 30 and February 4, Indian startups collectively raised a mere $48 Mn across 12 deals – lowest since last year. This is almost 52% lower than $99.6 Mn that the ecosystem raised last week between January 23 and 28. And 90% lower than $455 Mn raised by Indian startups collectively between January 16 and 21.

The week’s biggest cheque was raised by EV two wheeler manufacturer Bounce Infinity. After laying off 3%-4% of its total workforce, the startup managed to secure $20 Mn from its existing investor Sequoia.

The second highest funding this week was raised by digital freight management startup Freighitfy, which raised $12 Mn in a funding round led by Sequoia Capital, TMV, Alteria Capital.

B2C cloud manufacturing SaaS startup CapGrid raised the third highest funding this week at $7 Mn led by venture capital firm Elevation Capital.

Sequoia Capital was the busiest investor of this week with its participation in two deals.

Funding Deals Of The Week

Other Key Developments

Logistics marketplace startup Vahak has acquired Instalogist, a truck booking app and load marketplace platform for long haul transportatio.
Edtech startup Sunstone announced an ESOP buyback plan worth INR 18 Cr for 20 of its former and existing employees. The programme was led by WestBridge Capital
In Budget 2023, the FM Nirmala Sitharaman, announced an agriculture-focused accelerator fund to encourage agritech startups in the rural parts of the country
ReadyAssist has acquired Gujarat-based two-wheeler servicing chain SpeedForce for $10 Mn in a cash and stock deal
VC firm Courtside Ventures has launched its third VC fund with an outlay of $100 Mn. The newly launched fund will be a sector agnostic fund focusing on online gaming and lifestyle.

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