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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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