[Funding Galore] From upGrad To The Souled Store — Indian Startups Raised $102 Mn This Week

SUMMARY

Around $102 Mn has been raised across 14 deals between March 27 and April 1

Edtech unicorn upGrad raised INR 300 Cr via rights issues from founder Ronnie Screwvala and Temasek

Troubled car servicing startup GoMechanic is going to be acquired by a consortium led by Lifelong Group

The month of March concluded on a low note in closing funding deals. Between March 27 and April 1, 2023, the Indian startup ecosystem raised a mere $102 Mn, across 14 deals. The week further reported no mega deal.

Further, this week’s funding is 43% lower than what the Indian startup collectively raised last week. Between March 20 and 25, Indian startups raised $180 Mn across 10 deals, with Stashfin raising a mega deal worth $100 Mn in a debt round. This week’s total funding is further 87% lower than $791 Mn raised across 22 deals between March 13 and 18.

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News

- Mumbai-based upGrad raised around $36.5 Mn via rights issue from Temasek and one of the cofounders, Ronnie Screwvala
- Gurugram-based B2B marketplace startup Fashinza raised $30 Mn in Series B round – making it the second biggest funding round of this week
- D2C clothing brand The Souled Store raised the third biggest cheque of this week worth $16.5 Mn in a strategic funding round led by Xponentia Capital
- Ecommerce sector topped in grabbing total funding amount and deal counts, both. The sector raised $52.7 Mn, which is 51% of the total funding raised this week, across five deals
- B2C modelled business remained heavily funded despite being in dire straits with nine deals out of 14 deals this week
- Early stage investments continued to keep the capital inflow steady with eight deals, as late stage startups struggled to raise Series C and beyond funding rounds.

Startup Funding Deals Of The Week

From The Acquisition Desk

Insurtech startup Medi Assist will be acquiring Raksha Insurance and has signed a definitive agreement for an undisclosed amount
Fintech startup LoanTap acquired healthcare finance startup Unofin for an undisclosed amount
Petcare brand Wiggles acquired its rival Capt Zack in a cash and stock deal
Sports focused media platform Sportcrazzy acquired another media control content platform Kabaddi Adda
A consortium led by Lifelong Group is going to acquire troubled car servicing platform GoMechanic, two months after the latter’s founder admitted to financial misreporting.

Other Key Developments

D2C unicorn Mamaearth has put its IPO plans on hold. However, the startup said they are still engaging with SEBI on its DRHP and awaiting formal approval on the same
Ritesh Agarwal-led OYO has decided to reduce the size of its IPO offer amid the prevailing market volatility and plunging valuations of tech companies
Early stage VC firm pi Ventures has announced raising $2.6 Mn from Colruyt Group India, the Hyderabad-based IT arm of Belgian retail giant.
Competitive coding platform CodeChef announced splitting with edtech unicorn Unacademy due to ongoing economic slowdown, two years after it was acquired.
Fintech giant PhonePe has called off the acquisition of BNPL startup ZestMoney due to lack of due diligence, disagreements over valuation, sustainability of the business and shareholding structure
Virat Kohli-backed insurtech unicorn Go Digit General Insurance refiled DRHP with the market regulator SEBI for its $440 Mn IPO offer.