The Indian startup ecosystem continues to stay positive even during a sluggish economic climate.
In comparison to last week, where we saw venture fund inflows of $507 million, the third week of June has seen an increase in inflow to 24 deals as it totals to $657 million. This is indicative of a healthier ecosystem and should give us some hope.
There are high hopes for startups but as the stock market crashes and the World Bank warns of recession & stagflation in coming weeks, many startups are now on the back foot.
Top Deals of The Week
India’s battery swapping firm Battery Smart raises $25 million in Series A round
Battery Smart, an India-based battery-swapping network for electric vehicles has raised $25 million in its Series A round led by Tiger Global, with participation from others. The fund will be used to support its capital, research and development expenditure, brand promotion, and other corporate purposes.
Founded in 2020, Battery Smart provides a battery swapping network for two and three-wheelers vehicles.
With this investment, Tiger Global, Catalyst Trusteeship Limited, and Orios Fund now own 16%, 13.4%, and 2.43% respectively in the firm. The round makes it the second fundraise for the firm in seven months.
Queuebuster raises Rs 63 cr from Omidyar, Chiratae, Flourish Ventures
Queuebuster, a mobile point of sale application targeted at merchants, on Monday announced a Rs 63.3 crore fundraise from Chiratae Ventures, Omidyar Network India and Flourish Ventures.
DMI Alternative Investment Fund (the Sparkle Fund) and Unaprime Investment Advisors (an exclusive banker to Queuebuster) also participated in this funding round, a statement said.
The company will use the funds to focus on merchant growth, product enhancements and scaling of its distribution network
Also read: Weekly Funding Update – India (June 04 – June 10)
Tiger Global-backed Chaayos secures $45 mn in Series C funding
Tea-focused café chain Chaayos has raised $45 million (Rs 350 crore) in its Series C round of funding from a mix of new and existing investors. The round is said to have valued the company between $225-250 million.
While Alpha Wave Ventures led the round as new investor, the company’s existing backers including Tiger Global Management, Elevation Capital and Think Investments also participated.
Groyyo lands $40Mn in Tiger Global led Series A for its B2B manufacturing and supply chain platform
Groyyo, a platform that helps micro manufacturers across Asia access global markets and supply chain digitally, has announced a new equity+debt series A round. The $40Mn round was led by Tiger Global with participation from early investors Alpha Wave Global.
Existing investors Sparrow Capital, Stride Ventures also chipped in, with notable Angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO – Bestseller India) also participating. Debt part was invested in by Blacksoil & Capsave Finance.
Climate-smart deeptech startup Ecozen raises first tranche of Series C funding led by Dare Ventures
Climate-smart deeptech startup Ecozen has raised Rs 54 crore of additional funding as part of the first tranche of a planned Rs 200 crore Series C round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity.
Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include IFA and Omnivore.
upGrad raises $225M at $2.25B valuation
Edtech unicorn upGrad has reportedly raised $225 million in a fresh round of funding at a valuation of $2.25 billion.
Investors in the round include James Murdoch’s Lupa Systems, US testing and assessment provider Educational Testing Service, the family offices of Lakshmi Mittal (ArcelorMittal SA), and Sunil Bharti Mittal (Bharti Airtel), Bloomberg has reported.
The investment round also saw the participation of upGrad’s existing investors such as Temasek Holdings Pte.
FanClash snags funds; Innoviti raises more capital for Series D
India’s esports startup FanClash has raised $40 million in its Series B round from Sequoia Capital India, Alpha Wave Ventures (formerly known as Falcon Edge), Info Edge India and Matic Networks.
The firm raised $10 million in its Series A round from Sequoia Capital India, Alpha Wave and Info Edge India in August 2021. Existing investors along with Matic Networks co-led the latest fundraising.
“The company plans to use the funds for global expansion, team building and user acquisition. FanClash released its product in India in 2021 and in the Philippines in June 2022 and aims to launch in Vietnam and the US by early 2023,” said a company spokesperson.
