[Funding Galore] From Ecom Express To Pillow — $312 Mn Raised By Indian Startups This Week

Further continuing the funding momentum, the second week of October registered a total funding of $312 Mn across 31 deals. This is a 127% increase from the last week, when startups in total raised $137 Mn across 14 deals. This week’s funding is a further 387.5% jump from $64 Mn raised in the last week of September. 

IPO-bound Ecom Express raised the biggest cheque of $167 Mn through right issues to its existing investor Warburg Pincus, Partners Group and CDC Group. Edtech startup Adda247 raised the second highest deal of this week worth $35 Mn from Westbridge. Crypto investment platform Pillow raised $18 Mn in its Series A round co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital.

Venture Catalysts was the most active investor of the week as it had participated in three deals.

Funding Deals Of The Week

Updates On Indian Startups IPO/Startups IPO Updates 

Zoomcar Goes SPAC Way, To Lists On NASDAQ

Bengaluru-based car rental startup Zoomcar is going to list itself on the US-based NASDAQ. The startup has opted for a SPAC route and has already inked a merger pact worth $456 Mn with Innovative International Acquisition Corp and is ready to go public. The combined entity is set to go live in the first half of 2023 making it possibly the first Indian tech startup to take the SPAC route for a public listing. Earlier, edtech giant BYJU’S was gearing for a SPAC listing. 

Startup Funds This Week

• Mumbai-based Inga Ventures has partnered with Singapore’s TIH to set up a $15 Mn fund to invest in mid-sized companies and startups
• Debt firm BlackSoil has raised INR 250 Cr from family offices, UHNIs/HNIs and investment institutions to help mid and growth-stage startups
• Artha Group has launched INR 450 Cr micro VC fund to invest in its over 100 portfolio companies
• Nisarg Shah-led Kettleborough VC launched its maiden fund for early stage Indian startups and has received capital commitments of $5 Mn from LPs
• Fireside Ventures has closed its third VC fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr).

From Startup Acquisition Desk

• New York-headquartered private equity firm Warburg Pincus is set to acquire majority stake in Vistaar Finance
• Indian beer maker Bira91 has acquired popular pub chain Beer Cafe along with beer brewery Kamakhya
• Edtech unicorn PhysicsWallah has announced acquisition of PrepOnline and Altis Vortex for undisclosed amount
• Edtech giant Vedantu has acquired test preparation platform Deeksha for $40 Mn to strengthen offline presence
• Brokerage platform Homesfy Realty has announced acquisition of EpServ Private Limited, a real estate broking firm
• B2B marketplace unicorn Moglix has acquired ADI’s Indian distribution business to further expand its footprint
• Board Infinity has acquired CXO platform Leadup Universe for an undisclosed amount  
• Public listed edtech company Veranda Learning has acquired JK Shah Classes in a cash, debt and equity mix deal.