[Funding Galore] From Icertis To Hygenco — $394 Mn Raised By Indian Startups This Week

The month of November started on a relatively better note in raising funding as compared to the last week. In the first week of November, the startup ecosystem has raised $394 Mn across 22 deals. This is a 25% increase from the previous week when the Indian startups raised $314 Mn across 12 deals. However, this week’s funding is even 23% lower than the week prior when Indian startups raised $512 Mn across 31 deals. 

The week’s biggest funding round was raised by SaaS unicorn Icertis. The startup raised $150 Mn from Silicon Valley Bank (SVB). The round also comprised $75 Mn worth of convertible debt which the startup had announced earlier. Media-focused SaaS startup Amagi mopped up $105 Mn in two tranches from General Atlantic. Cleantech startup Hygenco secured the third spot in securing the highest funding as it raised $25.4 Mn from Neev II fund. 

Meesho’s Vidit Aatrey was the most active investor of the week as he had participated in two deals.

Funding Deals Of The Week

Other Developments Of The Week

• Retail tech startup Daalchini has launched its first ESOP programme with a liquidation opportunity of INR 1 Cr 
• Gig workers startup Awign has introduced an INR 4 Cr ESOP buyback programme for its existing and former employees
• Gaming platform Games24x7 has launched a corporate investment arm with a capital of INR 400 Cr to back early-stage startups in the country
• 8i Ventures has announced closing of a $50 Mn fund after raising $25 Mn. The fund will have a green shoe option of about $15-$20 Mn and is likely to close by March 2023 
• Edtech giant BYJU’S is in talks to raise $250 Mn – $300 Mn from private equity group TPG

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