[Funding Galore] From Log9 Materials To Rigi —Indian Startups Raised $99.6 Mn This Week

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

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.