The Indian startup ecosystem declined throughout May, falling to its lowest point between May 20 and 25. From 20 May to 25 May, 16 deals were made by Indian startups. This week, $58.36 million in funding was raised from these deals, down 52% from last week’s report. Here we are talking about Indian Startups Raised Over $58.36 Million THIS Week LED by Navi Finserv and Portl.
Following the previous week, Fintech startups also led the list this week, with the total funding amount gained by startups in this sector reported to be $23.9 million across four deals. Navi Finserv, the leading tech startup, secured the most significant amounts, Buoyed by the $18 million fundraising. Navi Finserv, a non-banking finance company, raised Rs 150 crore through NCDs from six investors. The investors who participated in the funding round include Dadachanji Group’s chairman, Kairus Shavak Dadachanji, Rishad Kairus, and Pervin Kairus Dadachanji led the round by Rs 110 crore. Other investors, including Rohit, Sandhya, and Yash Kapadia, invested a total amount of Rs 40 crore.
Here we are discussing Indian Startups Raised Over $58.36 Million THIS Week LED by Navi Finserv and Portl:
E-commerce startups raised $3.5 million across 4 deals. Freshleaf, a tea brand startup, has raised Rs 1 Crore in a Seed fund round led by IPV. The seed funding saw a four-times increase, from last week’s $3.5 million to $13.12 million this week. Portl and Infinx are the only healthcare-related startup on the list. Portl, a digital fitness and wellness startup, secured $3 million in a funding round led by the Bharat Innovation Fund with participation from Kalaari Capital and new investor T-Hub Foundation. Portl is planning to broaden its product range and design more robust technology for users of all fitness levels.
Most of these startups were from fintech, followed by e-commerce, deep tech, logistics, and cleantech. In addition, Vaaree a Home Décorstartup raised $2.5 million in Pre-series A funding. WOW Skin Science a Bengaluru-based beauty and personal care brand, also raised $75 million in fresh capital. Startup funding had a 52% drop as compared to the previous week, as it went from $ 122 million to $58.36 million. Funding activity in the world’s third-largest ecosystem saw a decline for a third consecutive
week in May.
Conclusion
Indian startup ecosystem saw a decline throughout May; it fell to the lowest this week between May 20 and 25. This week, 16 deals were made by Indian startups from May 20 to May 25. Navi Finserv, the leading tech startup, secured the biggest amounts, Buoyed by the $18 million fundraising.
Other investments include Freshleaf, a tea brand startup that has raised Rs 1 Crore in a Seed fund round led by IPV. Portl, a digital fitness and wellness startup secured $3 million in a funding round led by the Bharat Innovation Fund. Most startups who raised funds this week were from fintech followed by logistics, deep tech, cleantech, and the healthcare sector. Startup funding had a 52% drop as compared to the previous week.
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