[Weekly Funding Report] Indian startup network draws worth $220 million in third week of June

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The Indian startup ecosystem, in the third week of June, managed to secure around $220 million in equity funding across 13 deals from the bidding investors. The week’s overall funding showed 458 per cent growth against previous week’s tranche of $39.4 million.

Whereas, eight out of the 13 deals were early stage funding with total value contributed a just 6.7 per cent of the amount raised.

The funding in this week showed Druva, a data protection startup, making an entrance into the Indian unicorn list by bagging $140 million in a round led by Viking Global Investors.

While, Bengaluru-based API development platform Postman completed its Series B round worth $50 million, led by CRV and Nexus Venture Partners.

Biryani delivery startup, Biryani By Kilo (BBK) raised Series A funding of $5 million led by IvyCap Ventures.

Whereas, artificial intelligence (AI) startup Active.Ai raised $3 million in an extended Series A round from Innocells, the innovation hub and corporate venturing arm of Spanish banking group Banco Sabadell.

In the mental health startup category, a Bengaluru-based startup Wysa secured around $2 million in a pre-series A round led by pi Ventures.

On the other hand, education-centered fintech startup Finwego bagged $1.7 million in its seed round from SAIF Partners.

Also, Indorse, a Singapore registered skills verification startup managed to grab $6.5 million from Brand Capital.

California and Bengaluru-based data science startup Jovian also raised $450,000 led by Arka Venture Labs.

Furthermore, Dailyhunt, a news and local language content platform announced that it has acquired LocalPlay, a hyperlocal video content and news content application.

Similarly, other sectors of Indian startup ecosystem saw SME lending platform Lendingkart, raising debt funding worth $11.47 million from Alteria Capital. The platform aims to contribute towards building entrepreneurship at grassroot level and fuel a strong Indian economy.

However, Razorpay, an online payments solution provider, bagged one of the biggest amount this week of $75 million as a part of its Series-C round. The funding round was driven by new investors Ribbit Capital and Sequoia India with participation from existing investors Tiger Global Management and Y Combinator.

According to the founders, the company will primarily invest the new funds to scale up its new product suite, which includes neo-banking platform Razorpay X and lending arm Razorpay Capital.

While, ride hailing and urban transportation startup Bounce raised $72 million in a Series C round led by B Capital Falcon Edge, Accel Growth Fund, Maverick, and Qualcomm. Existing investor Sequoia Capital, IDG, Omidyar, and Accel Partners too invested in this round.

The startup aims to use the funds to scale its teams, technology, and supply to touch one million daily rides.

Bengaluru-based SwitchOn raised $1 million seed funding led by pi Ventures. The edge-AI enabled industrial IoT firm will use the capital to strengthen its edge-compute architecture, expand its team, and increase market adoption in India, and other countries in the EU and APAC region.

Others included, HRTech startup Kredily raised $750,000; online financial planning startup CapitalQuotient reportedly raised $600,000; digital platform for the chemical industry Chemarc.com raised $861,690.

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