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    Home»Startup»Startup Fundraising: ETtech Deal Digest: Indian Startups Enter 2023, Funding Winter Still Looming
    Startup

    Startup Fundraising: ETtech Deal Digest: Indian Startups Enter 2023, Funding Winter Still Looming

    admin1By admin1January 6, 20233 Mins Read
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    A dried up funding tap and ongoing funding winter were some of the key aspects of 2022 for Indian startups. Rising global inflation, macroeconomic headwinds and rising interest rates around the world kept investors from taking risks in new businesses.

    The number of seed-stage deals in India has fallen from 500 in 2021 to 396 in 2022, according to data from London-based investment data platform Preqin. According to the same data, the amount invested by investors in the seed stage increased from $805 million in 2021 to about $1.5 billion in 2022, an 86% increase. The numbers suggest that while 2022 saw significant investment, the number of companies investors were willing to take the risk to invest in fell.

    The new year saw fintech firm KreditBee raise $120 million in a round led by Advent International and rural household lender SarvaGram raised $35 million in Series C funding from Elevar Equity. It started with some good news for startups.

    Here is the list of startups funded this week:

    KreditBee raises $120 million in new tranche. Credit-based fintech startup KreditBee has raised $120 million in new capital as part of its latest funding round, bringing the total round to $200 million. U.S.-based private equity giant Advent International has invested $100 million in the tranche, with other companies investing another $20 million, the company said Friday. ET first reported in September that Advent International was in talks to acquire a stake in KreditBee.

    Lending startup SarvaGram closed its Series C with $35 million. Rural home lender SarvaGram Solutions said it closed a $35 million Series C funding round led by venture capital fund Elevar Equity. Other investors participating in the round were Elevation Capital, Temasek, and TVS Capital Funds, according to a statement. The company last raised his $10 million Series B round in February 2021, led by Elevation Capital and Elevar Equity.

    discover interesting stories



    SirionLabs has raised $25 million. SirionLabs, a contract lifecycle management (CLM) startup, said it supplemented its Series D funding with a $25 million investment from California-based private equity firm Brookfield Growth. His SirionLabs, a local company now based in Seattle, raised his $85 million from Partners Group last May, with participation from existing investors his Sequoia India and Tiger Global.

    Neobank Jupiter has raised $12 million in venture debt. Fintech startup Jupiter said it had received a commitment of 100 million rupees ($12 million) in venture debt coordinated by Alteria Capital. The company said it will use the funds to expand its line of lending products. The Mumbai- and Bangalore-based company was founded by Jitendra Gupta as his second venture in the fintech space after selling Citrus Pay to Naspers-owned PayU in 2016.

    EV charging startup ElectricPe raises $5 million: Electric vehicle (EV) charging startup ElectricPe has raised $5 million led by Green Frontier Capital, Blume Ventures and Micelio Fund. Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels also participated in the funding round. Co-founder and his CEO Avinash Sharma told his ET:

    Gamified savings startup Fello raises $4 million: Bangalore-based gamified savings platform Fello has raised $4 million in its latest funding round. The round was led by US-based Courtside Ventures, with participation from Entrepreneur First, Ycombinator, Kube Venture and Upsparks. The round also included angel investors including Cred founder Kunal Shah, Groww co-founder Lalit Keshre, Charlie Songhurst, Dafeng and Alan Rutledge.

    Stay on top of important technology and startup news. Subscribe to our daily newsletter to get the latest must-read tech news delivered straight to your inbox.



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