New Delhi, Oct 19
With 39 businesses raising over $449 million across 29 deals last week, the funding momentum for the Indian startup ecosystem picked up steam. last represents a more than 300 percent increase over the $135 million raised the previous week.
There were 16 early-stage and 12 growth-stage deals this week. With seed funding reaching $26.5 million, up 48.8% over the previous week’s $17.8 million, the startup ecosystem’s investment activity picked up speed.
With help from previous investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments, and the Chan Zuckerberg Initiative, edtech startup Eruditus secured $150 million under the direction of TPG’s The Rise Fund.
Ashwin Damera, CEO of Eruditus and Emeritus (the parent business), stated, “We are thrilled to continue to grow and innovate to meet market demand with this investment.”
Purplle, an omnichannel beauty platform, closed its most recent investment round at a total of Rs 1,500 crore, or about $180 million, after extending it by Rs 500 crore. Existing investors including Blume Ventures and Premji Invest participated in the overall round, which was led by the Abu Dhabi Investment Authority (ADIA).
With the help of prestigious investors, including Premji Invest, EPIQ Capital, Edelweiss Discover Fund, and GIVA’s top management, the company successfully closed its extended Series B investment round, raising Rs 255 crore at a higher value.
Elevation Capital and 3one4 Capital participated in a $30 million round headed by Eight Roads Ventures for a software-as-a-service (SaaS) firm.
During the July-September period, the Indian fintech startup ecosystem raised $778 million in funding, placing it second globally after the US in terms of fintech funding raised during the third quarter. According to the research by Tracxn, a SaaS-based market intelligence platform, this represents an astounding 165 percent growth from the $293 million raised in Q2 of this year and a 66 percent increase from the $471 million raised in Q3 of last year.
