ETtech Deals Digest: Another lacklustre week as VCs weigh options
This was the third week in a row where startups could not attract big-ticket investments as VCs continue to weigh their options amid tightening macroeconomic conditions and an overall inflationary environment. Automation startup WebEngage raised $20 million in the largest fundraise of the week.
WebEngage raises $20 million in funding led by Singularity Growth
Market automation startup WebEngage raised $20 million in funding led by Singularity Growth Opportunities Fund and SWC Global. Existing investors, including India Quotient, Blume Ventures, and IAN Fund, participated in the funding. The round saw participation from a few family offices and angel investors such as Unmaj Corporation, NB Ventures, BharatPe cofounder Shashvat Nakrani, and TVS Capital chairman Gopal Srinivasan, among others. WebEngage plans to use the capital to maintain its growth trajectory as it scales operations across India, the Middle East and North Africa (MENA), and as well as Southeast Asia (SEA) regions.
Twid picked up $12 million from Rakuten Capital
Rewards and loyalty startup Twid has raised $12 million as part of its Series A round led by Rakuten Capital. Google, JAFCO Asia, January Capital, ICMG Partners, Reddy Futures Fund, and existing investors Beenext and Surge, the accelerator programme of Sequoia Capital India, also participated in the funding round. The company said it would use the funds to grow its merchant acceptance network, hire more talent across data science and analytics functions as well as drive further technological innovation. Founded in 2020, Twid brings together different rewards point systems across issuers to a single platform.
Embedded credit finance startup Credit Fair has raised $10 million in a mix of debt and equity funding, led by LC Nueva Alternative Investment Fund. Venture capital fund Capital A, as well as family offices and angel investors, including Sattva Family Office, Nitesh Damani of Khel Group, and Nikhil Chandra Gupta also participated in the round. InCred Finance, Vivriti Capital, and Caspian Impact provided debt capital. The startup will utilise the funds to augment its technology and launch new products in the wealth-tech space. Founded in 2018, Credit Fair offers lending solutions and unsecured loan options at the point of sale to businesses.
WebEngage raised $20 million in the largest fundraise of the week. Congratulations to the entire team at webengage. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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