From Third Wave Coffee To MATTER — Indian Startups Raised Over $210 Mn This Week

Indian startup funding activity took a minor hit in the last week of August. Twenty three startups managed to raise a combined $210.3 Mn between August 24 and August 28. This was 9.8% lower from the previous week, when 19 startups raised $233.2 Mn.

Ecommerce and advanced hardware & technology led this week’s funding activity. Together, the two sectors raised $108.4 Mn, accounting for 51.6% of the total funding raised during the week.

Funding Galore: Indian Startup Funding Of The Week [Aug 24– 28 ]

Key Startup Funding Highlights Of The Week

• At the sectoral level, ecommerce led this week’s startup funding trends, with four startups raising $58.5 Mn. Third Wave Coffee’s $43 Mn funding round, led by WestBridge Capital, accounted for 73.5% of the sector’s total funding and 20% of the $210.3 Mn raised by startups overall this week.
• Advanced hardware & technology was a distant second, with three deals bringing in $49.9 Mn, helped by Airbound’s $37 Mn raise.
• AI and cleantech also recorded four deals each, while consumer services and fintech saw three and two deals, respectively. 
• Early-stage funding also saw healthy traction, with three seed and pre-seed startups raising a total of $3.45 Mn.
• Capital 2B and Equanimity Investments emerged as the most active investors this week, backing two startups each. 

Startup M&As This Week

• Startup mergers and acquisitions (M&As) also picked up in the last week of August, with three deals announced during the week.
• Infineon Technologies is acquiring Peak XV-backed C2i Semiconductors to expand its semiconductor engineering capabilities in India.
• Healthtech startup Healthify has merged with US-based nutrition care company Berry Street to build an insurance-covered AI metabolic health platform for the US market.
• Deepinder Goyal’s wearable startup Temple has acquired London-based longevity medicine practice Longevous to strengthen its clinical and scientific teams ahead of the launch of its first product.

Startup Fund Announcements Of The Week

• Micromax Informatics has launched a ₹250 Cr family office to invest in deeptech startups across AI, semiconductors, defence tech, spacetech and robotics. It will dish out initial cheque size in the range of ₹10 Cr to ₹20 Cr.
• The/Nudge Foundation’s impact investment platform TILT has launched a ₹250 Cr fund to back early stage startups building solutions for India’s “Next Billion”.
• Deeptech fund Industrial47 has marked the first close of its ₹200 Cr debut fund at ₹85 Cr. The fund is targeting a ₹150 Cr corpus, plus a ₹50 Cr greenshoe option, to back early-stage startups in defence, space, energy and maritime intelligence. 

Startup IPO Developments This Week

• ESDS Software Solution’s IPO was 2.1X subscribed on the first day, led by NIIs (3.51X) and retail investors (2.69X). QIB demand remained muted at 0.01X.
• Purple Style Labs, the parent of Pernia’s Pop Up Shop, has raised nearly ₹306 Cr from anchor investors ahead of the commencement of the bidding for its IPO on August 31.

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