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SUMMARY
The Indian startup ecosystem raised around $137 Mn across 14 deals between October 1 and 8, 2022
The week saw RattanIndia Enterprises acquire 100% stake in EV bike company Revolt
IPO-bound Tracxn bags INR 139.22 Cr from anchor investors
After a lowly last week of September, the first week of October saw the startup ecosystem raising $137 Mn funding across 14 deals. This is a 114% jump in the funding amount as compared to a mere $64 Mn raised in the last week of September. This week’s highest funding was bagged by New Delhi-based three-wheeler EV manufacturer Euler Motors. The startup raised $60 Mn in its Series C round led by Singapore’s sovereign fund GIC.
Euler Motors funding was followed by IPO-bound Ecom Express, which raised $39 Mn from its existing investors – Warburg Pincus, Partners Group and CDC Group.
Crypto native platform Juno raised the third highest deal at $18 Mn from ParaFi Capital’s Growth Fund.
Inflection Point Ventures 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
IPO-Bound Tracxn Bagged INR 139.22 Cr From Anchor Investors
Bengaluru-based SaaS intelligence startup Tracxn raised INR 139.22 Cr from anchor investors. The startup has allocated 17,402,494 shares at INR 80 apiece on October 7, to 11 anchor investors, both foreign portfolio investors and domestic funds. India Acorn, BNP Paribas Arbitrage- ODI, Ashoka India Equity Investment PLC among others were allocated shares. Tracxn is gearing for INR 309.36 Cr worth IPO.
EaseMyTrip Likely To Allot Bonus Shares To Its Investors
Gurugram-based listed startup EaseMyTrip on October 4 said that its board will meet next week to consider the issuance of bonus shares or a share split. The company in a regulatory filing with BSE said that it will be taking the decision for increasing the authorised share capital and issuance of bonus or split shares on October 10.
EaseMyTrip, in an exchange filing, said that a meeting of its board of directors is scheduled for October 10 to consider the proposal to increase authorised share capital, issue bonus shares and/or split shares. It is important to note here that this development by EaseMyTrip comes almost a week after Nykaa’s board approved the issuance of bonus shares.
From Startup Acquisition Desk
- Sanjeev Bikhchandani’s Info Edge is acquiring majority stakes in its portfolio startup Coding Ninjas by investing nearly INR 135.4 Cr
- Robotic startup Miko has announced acquiring a 70% stake in AI-enabled gaming startup Square Off
- RattanIndia Enterprises has acquired 100% stake in EV bike company Revolt for an undisclosed amount.
Other Developments From The Indian Startup Ecosystem
- Fintech giant PayU has pulled out of Billdesk’s $4.7 Bn acquisition deal after a year of announcement as the latter failed to meet certain conditions
- Google India announced the first cohort of 20 women-led startups that have been selected under the Google for Startups Accelerator Women Founders program. Click the link to know more about it
- Used car marketplace Spinny introduced an ESOP scheme to reward all of its employees
- SphitiCap launched a venture fund with a corpus of $500 Mn and is expected to mark its first closure at $125-$150 Mn in the ongoing quarter. The fund will invest in early stage startups.
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