From To Cent to Matiks — Indian Startups Raised Over $132 Mn This Week

Indian startup funding activity remained muted in the last week of October. Homegrown new-age tech ventures managed to raise $130.2 Mn between October 26 and October 30, down 29.2% from $184 Mn in the previous week. 

However, deal activity remained strong. Thirty two startups bagged funding this week, up 88% from from 17 a week earlier.

Funding Galore: Indian Startup Funding Of The Week [Oct 26–30]

Key Startup Funding Highlights Of The Week

• Ecommerce led the sectoral funding charts this week, with nine deals bringing in $33.4 Mn. Troovy’s $10.5 Mn and Ace Blend’s $9.9 Mn rounds did much of the heavy lifting, together accounting for 61% of the sector’s funding this week.
• AI was second-placed this week, with five startups raising $30.4 Mn. Simplismart’s $14 Mn round and Live2.ai’s $13.7 Mn infusion contributed 91% to the total haul this week.
• Five advanced hardware and technology startups bagged $6.8 Mn this week, while the enterprise services sector also saw three deals worth $9.5 Mn.
• On the investor front, Blume Ventures and Antler emerged as the most active investors this week and backed three startups each.

Startup IPO Updates Of The Week

• SEBI has greenlit appliance maker Atomberg’s proposed ₹450 Cr IPO, which comprises a fresh issue of shares worth up to ₹450 Cr and an OFS component of up to 7.65 Cr shares.
• Edtech startup Imarticus Learning plans to file its DRHP via the confidential pre-filing route in the next two to three months. It is eyeing a ₹1,000 Cr IPO, up from its earlier planned issue size of ₹750 Cr.

Startup Fund Updates This Week

• Unacademy cofounders Gaurav Munjal and Roman Saini are raising a ₹700 Cr venture capital fund, Longshot Capital, to back AI and deeptech startups. 

Startup M&As This Week

• Nasdaq-listed Freshworks has acquired Israel-based AI startup Robusta Dev for an undisclosed amount to strengthen its Freshservice platform and bolster its AI stack.
• AI-native cybersecurity startup Protectt.ai plans to acquire a controlling stake in AIShield, an AI security platform incubated at Bosch Global Software Technologies, through a deal involving primary and secondary components. Bosch will retain a minority stake in the latter.

Other Developments Of The Week

• AI unicorn Sarvam AI is in talks to raise around $300 Mn from Nasdaq-listed IT services company Cognizant in a round that could value the Bengaluru-based AI giant at $3.5 Bn-$4 Bn, more than double its previous valuation of $1.5 Bn.
• Aerospace technology startup Parsec Aerospace is in talks to raise around $10 Mn in a round led by Nexus Venture Partners, with participation from existing backers, including Lightspeed Venture Partners.
• AI-powered trading platform Tradl has raised $4.1 Mn in a seed round led by Nexus Venture Partners and Stellaris Venture Partners.
• Fintech startup axiTrust is in talks to raise around $5 Mn in its Series A round, likely to be led by Singapore-based Argor.vc.
• Traveltech startup Holiday Tribe is also in discussions to raise around ₹50 Cr from the likes of RPSG Capital Ventures and others. The round is yet to be finalised.
• Two funds managed by Baillie Gifford have marked down their holdings in VerSe Innovation, the parent of DailyHunt and Josh, by as much as 80% over different time periods.
• D2C cat food startup Smylo is in advanced talks to raise around ₹30 Cr via a mix of equity and debt. While a new VC firm is likely to join its cap table, existing backer DSG Consumer Partners is also expected to participate.
• CCI has cleared Prosus’ proposal to invest $100 Mn in IPO-bound fintech startup Navi for a minority stake. This is Navi’s first institutional fundraise.

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