![[Funding Galore] From Log9 Materials To Rigi —Indian Startups Raised $99.6 Mn This Week](https://asset.inc42.com/2023/01/Funding-galore-ftr-8-490x360.png)
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
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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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