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[Weekly Funding Round-up] Investments Remain Low But Sentiment Is Strong

The venture capital investments into the Indian startup ecosystem stood below $50 million in the second week of June. However, this masks the vibrancy of the ecosystem which saw healthy merger and acquisition (M&A) activity, as well dual-headquartered companies in India and the US receiving funding from marquee investors.

Cutting across 19 deals in total, the venture funding into Indian startups was just $46 million.  On the other hand, this week witnessed announcements like the Tata Group continuing to invest in digital companies. Such would have a long-term bearing on the concerned ecosystem.

Other than the Tata Group’s announcement, a smaller M&A activity took place within the startup ecosystem as well.

The majority of the deals were in the early stage — accounting for 18 such transactions. The week also saw three debt deals amounting to $12.2 million

Deals Of The Week

  • A Bengaluru-based salary focused app, Refyne, closed its $16 million Series A round with participation from DST Global and RTP Global.
  • Healthtech startup Truemeds raised $5 million in Series A round from InfoEdge Ventures, Asha Impact, and Indian Angel Network Fund. 
  • Logistics tech startup Kale Logistics raised $5 million in Series A funding from Inflexor Ventures, along with existing investors.
  • A clean energy tech startup, Greenjoules, raised $4.5 million in a Series A round from Blue Ashva Capital.
  • Hygiene and wellness brand Pee Safe raised Rs 25 crores in a pre-Series B round from Shaival Desai and Alkemi Growth Capital.
  • Edtech startup Swiflearn raised $3 million in pre-Series A round from Stellaris Venture Partners, Venture Highway, and angel investors.
  • D2C home appliance brand Candes raised $3 million from various family offices in Delhi.
  • Tech startup QuickSell raised $2 million in a pre-Series A funding round led by InfoEdge Venture Fund and BEENEXT.
  • EV tech startup Cell Propulsion raised $2 million from existing investors — Endiya Partners, growX Ventures, Huddle Accelerator, and Micelio.
  • Mental health startup Now&Me raised $1 million as seed funding led by Saama Capital and Whiteboard Capital.
  • Agritech startup Fyllo raised Rs 3 crore from Indian Angel Network (IAN), Titan Capital, and Lead Angels.
  • Chennai based Blaer Motors, an NIT-Trichy incubated mobility tech startup raised Rs 2.61 crore from The Chennai Angels (TCA).
  • D2C brand F5 closed $350,000 as of the first tranche of its pre-Series A round from a group of angel investor platforms.
  • Mentorship platform MentorKart raised $150,000 in a seed round led by Amit Singal and Manish Aggarwal, Founders of Startup Buddy.
  • Wellbeing Nutrition, CORA Health, and Cashfree received an undisclosed amount of funding.

India Connect

  • Whatfix, a SaaS startup raised $90 million in Series D funding led by SoftBank Vision Fund 2.
  • BuyerAssist.io, a B2B tech startup raised $2 million in seed financing led by Stellaris Venture Partners and Emergent Ventures.
  • Reevoy, an invoice factoring startup raised undisclosed seed funding from Stellaris Venture, Better Capital and Startup Angel Network (SAN).
  • CustomerGlu, a tech startup raised pre-seed funding of $320,000 led by Better Capital and angel investors.
  • Slintel, a B2B startup raised $20 million in Series A funding led by GGV Capital, with participation from Accel, Sequoia, and Stellaris Venture Partners.

Mergers & Acquisitions

  • Bengaluru based ed-tech startup Masai School acquired the Design Shift Academy.
  • For an undisclosed amount, fintech startup BharatPe acquired multi-brand loyalty platform Payback India from American Express and ICICI Investments Strategic Fund.
  • Digital banking fintech Niyo acquired Index, a Bengaluru-based personal finance startup.
  • Cult.fit, the fitness and wellness platform acquired Bengaluru-based connected fitness startup TREAD.

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