From Scapia To Mythik— Indian Startups Raised $92 Mn This Week - Inc42

SUMMARY

This week, Indian startup funding stood at $92.2 Mn across 17 deals, down 70% from the preceding week

In terms of deal count, ecommerce retained the top spot with six startups securing fresh capital during the week

Info Edge Ventures was the most active investor this week, backing Anscer Robotics and Trackk

Weekly funding in the Indian startup ecosystem has been volatile over the past few months amid ongoing geopolitical distress. In line with the trend, startup funding fell sharply this week after surging over the past week. 

Seventeen Indian startups raised $92.2 Mn between May 18 and 22. This marks a 70% decline from $303 Mn bagged by 15 startups in the preceding week.

Funding Galore: Indian Startup Funding Of The Week [May 18 — May 22 ]

Key Startup Funding Highlights Of The Week

• Fintech startup Scapia raised $63 Mn in a fresh funding round led by General Catalyst, becoming the highest funded startup this week. On the back of Scapia’s fundraise, fintech became the most funded segment this week with a cumulative funding of $67.1 Mn.
• In terms of deal count, ecommerce retained the top spot with six startups securing fresh capital during the week.
• Seed stage startups saw a capital infusion of $7.6 Mn during the week, up multifolds from $2.6 Mn raised in the previous week.
• Info Edge Ventures was the most active investor this week, backing Anscer Robotics and Trackk.

Startup Fund Developments This Week

• Shastra VC unveiled its third fund with a corpus of $100 Mn to back early-stage startups in deeptech, AI and climate sciences sectors. In a statement, the firm said it will invest between $500K to $3 Mn in intellectual property-led startups from the fund.
• Asset management firm Piper Serica launched Bharat Tech Fund, a new Cat II AIF with a potential size of ₹800 Cr, including a ₹200 Cr greenshoe option. It aims to back Series A and Series B stage deeptech startups.
• PE firm Oister Global launched its third secondary vehicle to back late stage startups. The ACE Fund III has a target corpus of ₹500 Cr corpus, including a ₹250 Cr greenshoe option

Mergers & Acquisitions This Week

OfBusiness’ lending arm Oxyzo received board nod to complete acquisition of debt investment and bond distribution platform GoldenPi Technologies Pvt Ltd via share-swap agreement for a deal value of ₹42.4 Cr.

Innovaccer acquired US-based company CaduceusHealth to expand its Flow software platform into full-stack revenue cycle management for outpatient and ambulatory care. As per an ET report, the deal valued CaduceusHealth at $66 Mn.

Nykaa’s board cleared the acquisition of a 24.2% stake in skin care brand Earth Rhythm for ₹9.4 Cr, making the brand a wholly owned subsidiary of Nykaa. The deal will be completed by August 31. 

Other Developments Of The  Week

• Quick commerce major Zepto is said to be planning on launching its ₹11,000 Cr ($1.1 Bn) initial public offering (IPO) in July. As per a report by PTI, the unicorn is eyeing a listing on the bourses before July 31 and is planning to submit its updated draft red herring prospectus (UDRHP) with the markets regulator in the coming weeks.
• The Competition Commission of India (CCI) has approved the Blackstone-led acquisition of a controlling stake in AI cloud startup Neysa. The investment, part of Neysa’s previously announced $600 Mn funding round, will also see participation from investors including 360 ONE Asset, TVS Capital, Nexus Venture Partners, and Ontario Teachers’ Pension Plan.