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SUMMARY
Around $99.6 Mn has been raised across 15 deals between January 23 and 28, 2023
The week saw battery startup Log9 Materials raising $40 Mn from Amara Raja Batteries
Fintech startup Pine Labs has acquired Saluto Wellness’ proprietary enterprise platform to boost its issuing business under the Qwikcilver brand
The last week of January is ending on a rather bitter note with mere $99.6 Mn funding across 15 deals between January 23 and 28. This is a 78% drop from the previous week, when Indian startups raised $455 Mn across 24 deals. This week’s funding is further 21.5% lower than $127 Mn raised by Indian startups between January 9 and 14, 2023.
The week’s biggest cheque was raised by Log9 Material. The battery startup raised $40 Mn funding in its Series B round led by Amara Raja Batteries Ltd. and Petronas Ventures.
The second highest funding this week was raised by FuelBuddy, which raised $20 Mn in a funding round led by Naveen Jindal Group, Ravi Jaipuria Group (RJ Corp) and Nilesh Ved (Apparel Group, UAE).
Content creators platform Rigi raised the third highest funding this week at $12.5 Mn led by venture capital firm Elevation Capital.
Funding Deals Of The Week
Other Key Developments
- Pine Labs acquired Bengaluru-based Saluto Wellness’ proprietary enterprise platform to boost its issuing business under the Qwikcilver brand
- EaseMyTrip has acquired a 55% stake in hotel booking marketplace cheQin for an undisclosed amount
- Digital entertainment platform JetSynthesys has acquired a majority stake in Manish Maheshwari-led startup Fanory
- Litigation and interim finance startup LegalPay has acquired a minority stake in Gujarat-based non-banking financial corporation (NBFC) Padmalaya Finserve
- Appointy has announced acquisition of fitness startup Zyoga for an undisclosed amount
- Sanjay Mehta-led Micro VC fund 100X.VC announced investing in 25 Indian startups for its eighth cohort ‘Class 08’
- Bengaluru-based logistics platform Porter has announced an ESOP liquidation scheme worth INR 50 Cr for its current and former employees
- Indian market regulator SEBI has asked fintech company PayMate to refile its INR 1,500 Cr DRHP with new updates
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