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The Indian startup ecosystem raised around $314 Mn across 12 deals between October 24 and 29, 2022
The week saw Udaan raising $120 Mn in convertible notes from its existing shareholders and bondholders
IPO-bound boAt has halted its IPO plans and instead raised INR 500 Cr from external investors
After three consecutive weeks of funding going upwards, the fourth week of October witnessed a relative slump in the amount of funding being raised. Between October 24 and 29, the Indian startup ecosystem raised $314 Mn in funding across 12 deals. This is a 38% drop from the previous week when startups raised $512 Mn across 31 deals. This week’s funding is however 0.64% higher than the funding raised by startups in the second week of October. Between October 10 and 15, Indian startups have collectively raised $312 Mn across 31 deals.
This week, Udaan raised the biggest round of funding. The B2B ecommerce giant raised $120 Mn in debt from its existing investors. Udaan’s fundraising was followed by SaaS startup Icertis, which raised $75 Mn in debt. Third comes Delhi-based headphone maker boAt which managed to raise $61 Mn in funding from its existing investors Warburg Pincus and Malabar Investments.
Campus was the most active investor of the week as it had participated in two deals.
Funding Deals Of The Week
Updates On Indian Startups IPO/Startups IPO Updates
Profitable boAt Halts IPO Plans, Raises INR 500 Cr From Existing Investors
Delhi-based earphones and wearables maker boAt has stalled its INR 2,000 Cr IPO even after receiving a green signal from the Indian market regulator SEBI. Aman Gupta-led boAt has instead raised INR 500 Cr from its existing investor Warburg Pincus and a new investor Malabar Investments to further fuel business growth. boAt has now become the latest Indian tech company after MobiKwik, PharmEasy, Droom, and Udaan to delay their IPO plans due to market volatility.
Other Developments Of The Week
- Digital debt financing company Northern Arc Capital has raised $50 Mn through the issuance of non-convertible debentures from the Dutch entrepreneurial development bank FMO
- Walmart is likely to raise $3 Bn to invest in Bengaluru-based Flipkart at $40 Bn valuation to take on Amazon, JioMart and Tata in India
- Sequoia India is likely to invest $50 Mn in its portfolio startup K12 Techno Services
- BYJU’S has picked up INR 300 Cr worth of an unsecured loan from its subsidiary Aakash Educational Services to fuel its ‘principal business activities’
- Mumbai-based Jashvik Capital has marked the first close of its maiden $350 Mn fund to support growth stage businesses in healthcare, pharma and consumer sectors
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