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Indian Startup Financial Symphony [12-17 feb]: Weekly Funding Trends, Mergers, ESOPs, and Financial Crescendos

By Ritwik Ghosh,Kolkata India

Indian Startup Symphony

Amidst the canvas of Indian startup dynamics from the 12th to the 17th of February, a noteworthy spectacle unfolded. A total of 27 startups in the Indian ecosystem secured funding, amassing a substantial sum of nearly $162 million. This financial ballet included five crescendo-stage deals and a harmonious ensemble of 22 prelude-stage deals. Notably, the latter category harbored four startups, keeping their transactional overture discreet. In the antecedent week, the funding crescendo saw 39 startups, both in the prelude and crescendo stages, orchestrating a collective financial symphony that crescendoed to about $240 million, encapsulating two undisclosed movements.

Stepping into the crescendo, five startups orchestrated a financial concerto, amassing a total capital infusion of $74.2 million during this week’s performance. The B2B animal protein marketplace took the lead, conducting a financial symphony that resonated with a $25 million funding movement. Following in harmonious succession were the global student housing solution provider, Amber, and the pet care product marketplace, Supertails, orchestrating movements worth $21 million and $15 million, respectively. As the notes continued, the MSMEs-focused fintech lender, FlexiLoans, and the electric vehicle virtuoso, Tork Motors, also joined the melodic ensemble, securing funding during this week’s performance.

Meanwhile, in the prelude, equivalent to 18 early-stage startups orchestrated a financial serenade, garnering funding with a harmonious value of $87.66 million. Leading the chart in this segment was the spiritual tech platform, Astrotalk, followed by the metals supply chain company, Metalbook, the mobility fintech artisan, Moove, the risk-focused compliance automation symphonist, Scrut Automation, and the agrifood fintech maestro, Ayekart.

The musical repertoire extended to include the likes of EV financing virtuoso Ascend Capital, the rewards-focused internet browser, Veera, and the travel-focused social media platform, Explurger, among others. In a crescendo of diversity, consumer medical virtuoso Arcatron Mobility, digital banking maestro Freo, D2C haircare ensemble iluvia, and D2C ice-cream virtuoso Frubon also joined the symphony of capital, withholding the disclosure of their financial notes. For a more detailed composition, one can immerse oneself in the harmonious details at TheKredible.

City-wise, Bengaluru-based startups once again took the lead in orchestrating the financial movements, boasting eight deals, followed by Delhi-NCR, Mumbai, Pune, and Jaipur in a harmonious alignment.

In a financial sonnet, approximately 14 startups took center stage in their Series A performance, followed by the rhythmic beats of debt (5) and the prelude melodies of Pre-seed (3). The orchestration continued, encompassing Series B, Seed, and Series C financial movements.

In a week-over-week financial melodic trend analysis, the startup financial crescendo experienced a 32.5% diminuendo, descending to $162 million in this week’s performance compared to the grandeur of $240 million in the previous crescendo. The average financial cadence over the last eight weeks resonated at around $152 million, with 23 financial movements per week.

In the realm of ESOP buyback, the edtech virtuoso Classplus announced a financial counterpoint, offering an employee stock ownership plan (ESOP) buyback for more than 150 employees. This financial counterpoint marked the second buyback announcement by the company in the last three years.

Turning to the financial overture, the week witnessed the unveiling of four financial crescendos: Hyderabad Angles Fund (HAF) presented its inaugural venture capital fund with a corpus of Rs 100 crore, Endiya Partners prepared to launch its third financial opus with an orchestration ranging between Rs 800 crore and Rs 1,000 crore. PedalStart introduced a $250,000 Series-2 fund, weaving a financial narrative for early-stage startups, and InCred Alternatives Investments debuted its maiden Category II AIF in private equity, crafting a financial composition.

However, amidst the financial symphony, a dissonant note was struck. Fintech virtuoso Wint Wealth reportedly executed a staccato movement, parting ways with approximately 20% of its workforce in an internal restructuring exercise, affecting employees across departments, including marketing, sales, and tech.

In a harmonious M&A movement, Nazara Technologies’ subsidiary, Nodwin Gaming International Pte Ltd, revealed its intention to acquire e-sports and gaming virtuoso Ninja Global FZCO for a financial note of $3.5 million. This strategic maneuver aimed to fortify Nodwin Gaming’s presence in Turkey and the Middle East, orchestrating the transaction through a harmonious combination of cash and stock.

The financial libretto extended to unveil the financial results of the week, with Miko’s revenue experiencing over a 2X growth, crossing the harmonic threshold of Rs 225 Crore in FY23. Yatra echoed this financial resonance, harmonizing profits in Q3 FY24, with revenues surpassing Rs 110 Crore. Bloom Hotels added its melodic strain, turning profitable with a harmonious revenue of Rs 144 Crore in FY23. Smartworks joined the financial ensemble, crossing the financial threshold of Rs 700 Crore in FY23, albeit with a 44% increase in losses. Zoomcar’s scale, however, witnessed a 19% diminuendo in Q3 FY24, counterbalanced by an improvement in the financial coda.

In a news flash, the Reserve Bank of India (RBI) conducted a regulatory crescendo, directing Visa and Mastercard to suspend card-based commercial payments. The National Company Law Tribunal (NCLT) joined the financial symphony, accepting an insolvency plea against the parent of Dream11, citing a financial default exceeding Rs 7.6 Crore.

In a market sonnet, Ixigo and Ullu Digital poised themselves as the next in line to go public, filing their Draft Red Herring Prospectus (DRHP), signaling an imminent financial crescendo.

In the analytical refrain by Entrackr, after a nearly three-fold surge in funding last week, the weekly financial melody experienced a 30% diminuendo to $162 million this week. The week also witnessed the debut of four startup-focused financial compositions: Hyderabad Angels Fund, Endiya Partners, PedalStart, and InCred.

In regulatory notes, the RBI’s directive prompted a financial allegro, impacting fintech virtuosos such as Enkash and Paymate, which facilitate these transactions. Simultaneously, the NCLT’s acceptance of an insolvency plea against Dream11, rooted in a financial default exceeding Rs 7.6 Crore, added a somber note to the financial composition.

In response to the evolving movements of Paytm Payments Bank Limited (PPBL), the RBI offered temporary relaxations for affected patrons. They could engage in deposits, credit transactions, or top-ups in their accounts until March 15, 2024, extending the earlier deadline of February.Except for the headline, this story has not been edited by Foundr Magazine India and is auto-published from a syndicated feed.

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