Following two weeks of strong funding growth, the startup ecosystem experienced a significant decline in the third week of November. Between 13 to 18 November, startups collectively raised USD 44 million across 10 deals, marking a 72 per cent decrease from the previous week’s USD 159 million raised across 18 deals.
Top fundings of the week
Bakingo, a bakery goods startup, received USD 16 million funding from Faering Capital, making it the biggest funding deal of the week.
Fintech sector raised USD 17.2 million across two deals, fuelled by Slice and CoverShelf’s funding. Ecommerce and fintech had the most number of deals – two each.
Enterprisetech startups received USD 16.3 million funding.
Seed funding reached USD 11.8 million across four deals.
Major Acquisitions
Amagi, a media-focused SaaS unicorn, bought Tellyo’s business in the UK. DeHaat, an agritech startup, bought Freshtrop Fruits’ fruit export business using cash.
Ranjan Pai’s family office acquired a USD 250 million debt from Davidson Kempner, which was availed by Byju’s offline coaching arm Aakash.
Other important developments
Traveltech SaaS startup RateGain is raising Rs 600 crore through a qualified institutional placement (QIP).
Bhavish Aggarwal’s Ola Electric has become a public entity, a necessary step before filing IPO papers.
As per media reports, lendingtech startup Moneyboxx Finance is raising Rs 70 crore (USD 9 million) from high-net-worth individuals (HNIs) and family offices as part of a strategic investment.
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