[Funding Galore] From PhonePe To Locad — Indian Startups Raised $455 Mn This Week

The third week of January proved relatively better in raising funds when we compare it with the second week. The week saw Indian startups taking home $455 Mn funding out of 24 deals, between January 16 and 21, 2023. This is a 258% jump from the previous week where startups collectively raised a mere $127 Mn across 20 deals. This week’s funding is also 79% higher than $254 Mn raised by Indian startups in the first week of January across 14 deals.

The week’s biggest cheque was raised by PhonePe. The fintech giant raised $350 Mn from General Atlantic to enter the decacorn club. Post the funding, PhonePe is currently valued at over $12 Bn. 

The second highest funding this week was jointly raised by BlueTokai and Mad Street Den. While Blue Tokai raised $30 Mn from A91 Partners, Grand Anicut Fund and 8i Ventures, Mad Street Den raised the same amount from Avatar Growth Capital, Sequoia Capital, and Alpha Wave Global. 

Logistics tech startup Locad raised $11 Mn in its Series A round from Reefknot Investments, Sequoia India Surge, Febe Ventures, Antler, Access Ventures, JG Summit, and WTI.

Sequoia, Titan Capital, and Sequoia Capital were the most active investors this week with participation of two deals each.  

Funding Deals Of The Week

Startup Funds This Week

• Singapore-based investment firm Lighthouse Canton has marked the first close of its INR 550 Cr India-focussed venture debt fund. The fund, which is a Securities and Exchange Board of India (SEBI)-registered Category-II alternative investment fund (AIF), has raised INR 155.4 Cr as part of the first close
• Venture capital firm Z3Partners announced final closure of its fund after raising INR 550 Cr. The VC firm has raised funds from institutional investors including HDFC Life and SIDBI. It will be dolling out cheques worth $8 Mn to $10 Mn in Series A and Series B round of investments
• Investment firm Zero To One (ZTO) has received SEBI’s nod to set up an INR 300 Cr Category-1 Alternative Investment Fund (AIF)
• Early-stage venture capital firm Prath Ventures has raised INR 50 Cr as the first closure of its INR 225 Cr fund 
• Management firm Piper Serica has raised INR 75 Cr for its angel fund
• OYO founder Ritesh Agarwal has announced granting of equity-free grants of INR 5 Lakhs to four Ladakh-based startups – Siachen Naturals, Ladakh Brew, Nima Goos Goos and The Forest Collective 
• Sequoia India and Southeast Asia have launched the second cohort of the Sequoia Spark (Spark02) fellowship program. The second cohort includes eight India-based and four Southeast Asia-based women entrepreneurs
• Facebook cofounder’s VC firm B Capital has announced closure of its third fund at $2.1 Bn. The fund is expected to invest in companies in the US and Asia.

From Startup Acquisition Desk

• Alternate investment firm 360 ONE has completed the acquisition of a controlling stake in Mumbai Angels
• FMCG major ITC announced plans to acquire D2C brand Yoga Bar. ITC intends to completely acquire the startup in three years
• RattanIndia Enterprises of RattanIndia Group has acquired EV manufacturer Revolt Motors.