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Funding momentum bounces back for startups, sees over 300% jump
The funding momentum bounced back for the Indian startup ecosystem this week, with 39 startups raising around $449 million across 29 deals -- an over 300 per cent jump from the $135 million raised last week.
New Delhi: The funding momentum bounced back for the Indian startup ecosystem this week, with 39 startups raising around $449 million across 29 deals -- an over 300 per cent jump from the $135 million raised last week.
This week saw 12 growth-stage and 16 early-stage deals. The seed funding stood at $26.5 million, a surge of 48.8 per cent from previous week’s $17.8 million, which means that investment activity in the startup ecosystem gained momentum.
Edtech startup Eruditus raised $150 million led by TPG’s The Rise Fund, with participation from existing investors Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments and the Chan Zuckerberg Initiative.
“With this investment, we're excited to continue to grow and innovate to meet market demand,” said Ashwin Damera, CEO, Eruditus and Emeritus (the parent company).
Omnichannel beauty platform Purplle extended its latest funding round by Rs 500 crore to make a final close at Rs 1,500 crore (around $180 million). The overall round was led by Abu Dhabi Investment Authority (ADIA), and saw participation from existing investors such as Premji Invest and Blume Ventures.
GIVA Jewellery announced the successful closure of its extended Series B funding round, garnering Rs 255 crore from esteemed investors at a higher valuation, which was spearheaded by Premji Invest, EPIQ Capital, Edelweiss Discover Fund and the top management of GIVA.
Software-as-a-service (SaaS) startup bagged $30 million in a round led by Eight Roads Ventures, which also saw participation from Elevation Capital and 3one4 Capital.
Meanwhile, the Indian fintech startup ecosystem secured $778 million in funding in the July-September period, reaching second spot globally after the US in terms of fintech funding raised in the third quarter. This also marks a 66 per cent increase from the $471 million raised in Q3 last year and an impressive 165 per cent surge from the $293 million raised in Q2 this year, according to the report by Tracxn, a SaaS-based market intelligence platform.
