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SUMMARY
The Indian startup ecosystem has raised around $225 Mn across 28 deals between September 5 and 10, 2022
The week saw Unacademy acquiring Gate Academy for an undisclosed amount
Tata 1mg became India’s 107th unicorn after raising funds from Tata Digital
The second week of September has relatively fared better in accumulating funds when we compare it to the previous week. The week between September 5 and 9 saw $225 Mn funding coming across from 28 deals. This is 25% more from the $180 Mn that the Indian startups raised across 19 deals last week.
Though the week lacked mega deals, it did mint India’s 107th unicorn as Tata-backed 1mg became the country’s fifth healthtech unicorn.
The most active investors this week were Better Capital and Titan Capital as they participated in two deals each.
The Indian Startup Funding Deals Of The Week
From The Startup Acquisition Desk
- To strengthen its test preparation offerings, Gaurav Munjal led Unacademy has now acquired Gate Academy for an undisclosed amount
- Chennai-based fintech startup Ippopay has acquired Tutelar for an undisclosed amount to prevent fraudulent activities
- Reliance Industries has picked up 79.4% stake in cloud-based enterprise platform SensHawk for INR 255 Cr.
Startup Funds This Week
- Bessemer Venture Partners has announced closing of $4.6 Bn across two funds –BVP XII and BVP Forge Fund. The VC firm intends to utilise these two funds for growth buyouts, capital structure, and operational support requirements. Bessemer has been one of the active investors in the growth stage startup funding
- Early stage startup incubator Venture Catalysts has come up with CREDAI to set up a $100 Mn proptech fund for early and growth stage startups in India
- Commercial real estate operator and co-working space provider BHIVE Group has received commitments of INR 240 Cr for its INR 400 Cr AIF scheme — BHIVE Commercial Real Estate Opportunities Fund Series 1. With this fund, the group intends to acquire fully completed commercial real estate properties at a range of INR 20 Cr to INR 100 Cr.
Other Developments From The Indian Startup Ecosystem
- UAE-based fintech solutions provider ICC Fintech has raised $30 Mn to start its operations in India by early next financial year
- Bengaluru-based healthtech startup Orange Health has announced ESOP and ESOP buyback programme worth $1 Mn after raising $25 Mn in Series B round
- Walmart-backed agritech startup Ninjacart has expanded its ESOP pool size to INR 345 Cr
- Anupam Mittal-led Shaadi.com is likely to make its second attempt to go for a public listing after almost a gap of a decade. In an interview, he said that the company would be profitable in the next 12 months and will be IPO ready
- Publicly listed PB Fintech, the parent entity of Policybazaar has granted ESOPs worth INR 1,044.13 Cr to three top executives– Yashish Dahiya, Alok Bansal, and Sarbvir Singh in FY22.
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