[Funding Galore] From EarlySalary To Servify— $333 Mn Raised By Indian Startups This Week

The last week of August is ending on a higher note after witnessing a significant drop in funding in the previous week. Between August 22 and 27, the startup fraternity has managed to raise $333 Mn across 30 deals. This is an 80% jump from the previous week when the ecosystem raised $185 Mn across 23 deals.

Further, the week did not see any mega funding round or any new unicorn being minted.  Most active investor of this week was Kunal Shah who had invested in three deals.

The Indian Startup Funding Deals Of The Week

Updates On Indian Startup IPOs

PharmEasy Stalls IPO Plans, Looks To Raise Funds 

API Holdings, the parent company of online pharmacy giant PharmEasy has now stalled its INR 6,250 Cr initial public offering. The Mumbai-based startup last week withdrew its DRHP with the market regulator SEBI. As per Inc42 sources, the startup is postponing its IPO plan citing market volatility. 

Currently, PharmEasy plans to raise a new round of funding at a lower valuation rate. 

From The Startup Acquisition Desk

• Edtech soonicorn BrightCHAMPS has acquired a Singapore-based, kids live-learning platform, Schola, in a $15 Mn cash and stock deal 
• Online furniture marketplace Pepperfry has acquihired interior designing startup Brandmakerr for an undisclosed amount. 

Startup Funds This Week

• Symbolic Capital, a venture fund founded by Polygon founder Sandeep Nailwal along with Cere Network founder Kenzi Wang has raised $50 Mn in funding. The fresh round of investment was raised by Web3 founders. The fund will be utilised to help and scale startups that are in blockchain, smart contracts, NFT exchanges, metaverses, among others.

Other Developments From The Indian Startup Ecosystem

• Venture Capital firm Sequoia Capital’s accelerator and incubation programme– Sequoia Surge has finalised its seventh cohort which includes 15 early stage startups from Southeast Asia and India. Of the 15 startups, seven were from India. Click to read the entire list of startups 
• The Indian government has announced ‘Amrit’–type of grants, worth around INR 10 Cr – INR 15 Cr meant for startups involved in biotechs and research work 
• Cofounded by major startup founders and launched this week –  Artha School of Entrepreneurship is helping around 70,000 Indian startups to scale
• Four startups have received investment commitments from six sharks at JIIF Shark Angels held at Jaipur
• Gruhas ASPIRE, a start-up accelerator focused on proptech startups in India, has launched its inaugural cohort where it has selected seven startups to receive mentorship on various domains
• Venture Capital firm Unicorn India Ventures has inked a strategic agreement with US-based Continuum Fund for transfer of  stakes of its six portfolio startups to the American investor for INR 50 Cr.