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Weekly Funding Update – India (May 28– June 03)

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With June starting on a hype, we’re seeing an increased number of venture investments into the Indian startup ecosystem.

On the first week of June, there have been 24 deals together receiving $326 million from investors as opposed to last week’s $191 million. The latest funding round of ShareChat is not only massive but also shows a real commitment by the company. It got $300 million of funding this week, which far exceeded expectations and investments.

The macroeconomic environment is still uncertain, so startups have started cutting costs to try and conserve money. June had a good start but the mood is still cautious.

Top Deals of The Week

Stride Ventures’ Financial Platform StrideOne Raises INR 250 Cr To Offer Bespoke Credit Solutions

StrideOne, the tech-enabled non-banking financial company (NBFC) from the stable of venture debt firm Stride Ventures has raised INR 250 Cr in its seed funding round, in a mix of equity and debt.

Elevar Equity led the equity round whilst several Indian banks participated in the debt funding round. The funds will be used to create financial products that will fulfill the credit and non-credit needs of startups as well as MSMEs.

 

Indian personal care brand Sugar Cosmetics secures $50 million in funding

Sugar Cosmetics, an India-based brand focusing on personal care and direct-to-consumer (D2C) beauty products has secured $50 million in its Series D funding round led by L Catterton, with participation from A91 Partners, Elevation Capital, and India Quotient.

The funds will help the firm in upscaling its presence to over 40,000 outlets across 550 cities. The firm plans to increase its annualized revenue run rate from Rs 500 crore to Rs 2,000 crore in the next 24 to 36 months.

Also read: Weekly Funding Update – India (May 21– May 27)

 

Data analytics firm Synaptic snags $20 mn in Valor Equity Partners-led round

Synaptic, a data analytics startup, has raised $20 million (around Rs 154 crore) in a Series B funding round led by Valor Equity Partners.

Co-founder Anurag Abbott added, “With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies.”

Synaptic is also looking to grow its operations in 2023, as many of the customer bases come from its operations outside of the United States, it said in a statement.

 

Google backs India’s ShareChat in $300 million funding round at $5 billion valuation

The parent company of India’s ShareChat has raised nearly $300 million in fresh funding from Alphabet Inc’s Google, media giant Times Group and Singapore’s Temasek Holdings, valuing the social media firm at nearly $5 billion.

This is Google’s second key investment in India’s short video space, having previously backed Josh, which competes with ShareChat’s sister firm Moj.

Tiger Global-backed Slice raises $50M as part of its Series C

Bengaluru-based fintech unicorn Slice has raised $50 million from Tiger Global and investors including Moore Strategic Ventures, Insight Partners, and GMO Venture Partners as part of its Series C round.

According to a source familiar with the fundraise, the $50 million capital infusion raises Slice’s valuation to $1.5 billion to $1.8 billion, although it could vary once the round finally closes.

 

Diagnostics Service Provider Orange Health Raises $25 Mn To Build New Labs

Bengaluru-based healthtech startup Orange Health has raised $25 Mn in a Series B funding round led by Bertelsmann India Investments and General Catalyst. The round also saw participation from Y Combinator, Good Capital, Accel and Uncorrelated Ventures.

The startup plans to use the fresh funds for product development, building laboratories and enhancing user experience. Besides, it also aims to expand into newer markets and strengthen its teams.

 

Live stream platform Eloelo fetches $13 mn in Series A round

Bengaluru-based Eloelo, a social commerce firm floated by former Flipkart executives, it has secured $13 million (around Rs 100 crore) in a Series A round co-led by KB Investments and Kalaari Capital, with existing investors Waterbridge Ventures and Lumikai Fund.

“We have been growing at 40% MoM with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current and new investors have in what we are building and enables us to take bolder bets to shape the creator economy for Bharat,” said Pandey.

 

Hesa raises $2.3 Mn in pre-Series A round led by Venture Catalysts

RuralTech startup Hesa has raised $2.3 million in its pre-Series A round led by Venture Catalysts. The round also saw participation from Venture Catalysts USA Chapter, Faad, IPV, WFC and other angels.

The funds raised will be used towards expansion to more geographies and to develop the product.

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