New Delhi, March 22 (IANS) At least 25 Indian startups secured more than $176 million in funding this week, which included five growth-stage and 15 early-stage deals.
Startups are the engines of innovation and economic growth and their disruptive spirit, agility and commitment to solving real-world challenges are shaping India’s future.
In growth-stage funding, EV manufacturer Euler Motors raised $60 million (nearly Rs 525 crore) from Hero MotoCorp. The Board of Directors of Hero MotoCorp approved the investment in its meeting. The investment would provide the company with a 32.5 per cent stake in Euler Motors on a fully diluted basis.
Nivara Home Finance raised Rs 245 crore in its series B round led by private equity firm True North. Other existing investors in the round were Baring PE India and its promoters.
Meanwhile, D2C beauty and personal care brand Pilgrim secured $23 million funding.
Protectt.ai, a mobile app cybersecurity and fraud control platform, raised Rs 76 crore in its Series-A funding round led by Bessemer Venture Partners. Fintech startup Navadhan also raised $12.8 million.
The average funding in the last eight weeks stood at nearly $254 million with 25 deals a week.
Venturi Partners, a leading growth-stage consumer-focused investor in India and Southeast Asia, announced the launch of its second fund, targeting $225 million, with a hard cap of $250 million.
The new fund will continue to focus on Venturi’s core strategy of backing consumer brands that are disrupting their sectors and creating innovative products and services tailored for the evolving Asian consumer.
Also, PayU acquired a 43.5 per cent stake in real-time payments tech company Mindgate Solutions while e-commerce SaaS company Unicommerce approved the 100 per cent acquisition of Shipway this week.
Last week, the Indian startup ecosystem witnessed a strong surge in funding, with 19 startups collectively raising approximately $462.27 million.
–IANS
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