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

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.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.