From Atlan To Lendingkart — Indian Startups Raised $220 Mn This Week

Investment activity in the Indian startup ecosystem was a low-key affair this week as compared to the previous six-day period. Between May 6 and 11, startups cumulatively raised $220.2 Mn across 21 deals, a 30% decline from last week’s $316.4 Mn secured in 23 deals. 

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Funding Galore: Indian Startup Funding Of The Week [May  6 – May 11]

Key Startup Funding Highlights Of The Week

• Despite the muted funding trends in the week, one mega deal materialised in the week for SaaS startup Atlan. The data collaboration software provider bagged $105 Mn in its Series C funding round, co-led by GIC and Meritech Capital. The round also saw Atlan’s post-money valuation climbing to $750 Mn.
• Buoyed by Atlan’s mega funding, enterprisetech rose to dominate funding trends at a sectoral level. Startups in the space raised $113.2 Mn across 5 deals, the greatest number of deals secured at a sectoral level.
• Peak XV Partners, Endiya Partners, Nitin Gupta, and Inflection Point Ventures were the most active investors this week, backing 2 startups a piece.
• Seed funding continued to tumble down this week, with startups at this stage securing $8.4 Mn this week. This is a 32% decline from last week’s $12.3 Mn. 

Updates On Indian Startup IPOs

• After raising INR 696.5 Cr from 47 anchor investors, B2B travel portal Travel Boutique Online or TBO Tek floated its initial public offering (IPO) on May 8. Its public issue got oversubscribed 86.7X on the final day for bidding on May 10, with investors bidding for 80.5 Cr shares as against 92.85 Lakh shares on offer. 
•  Taking its second stab at the public market, insurance tech unicorn Digit Insurance is set to float  its IPO on May 15 and close on May 17. The startup’s IPO will comprise a fresh issue of shares worth INR 1,125 Cr and an offer for sales (OFS) component of 5.47 Cr. It has set a price band in the range of INR 258 to INR 272 per equity share.

Startup Acquisitions This Week

• Digital solutions provider Hexaware Technologies has acquired data consulting firm Softcrylic for an undisclosed sum. It has bought the US-based firm to strengthen its data and analytics capabilities.
• Private equity firm KKR announced that it will acquire medical devices company Healthium Medtech Ltd from an affiliate of funds advised by Apax Partners LLP for an undisclosed amount.

Other Major Developments Of The Week

•  Lending tech startup Niro is eyeing $4.3 Mn in a pre-Series B funding round. It is looking to raise the funds from Marui Group, along with existing investors like Elevar Equity, GMO Venture Partners, Rebright Partners, among others, at a valuation of $55 Mn.
• InCred Capital’s Incred Alternative Investments marked the first close of its maiden private equity fund with capital commitments of over INR 330 Cr. The Vivek Singla-led venture capitalist (VC) firm is targeting to close the fund at INR 500 Cr.
• Wealth management firm Client Associates announced the first close of its maiden Category II alternative investment fund (AIF) at INR 300 Cr. It will look to back 12-15 consumer tech startups at the Pre-Series A to Series B stages with cheque sizes in the range of INR 10 Cr – INR 50 Cr per deal.
• Murugappa Group’s EV arm TI Clean Mobility (TICMPL) will be raising INR 580 Cr in a mix of equity and compulsorily convertible preference shares (CCPS). PE firm GEF Capital will back the company via its two funds, GEF South Asia Growth Invest III and GEF South Asia EBT Trust III.
• Among CarTrade’s bull run on the bourses, Goldman Sachs Asset Management has increased its stake in the startup to 5.15%, becoming a substantial shareholder. It now possesses 2.4 Mn shares in the company, up 4% from the erstwhile 2.3 Mn.
• Ex-BharatPe CBO Pratekk Agarwaal-led VC firm GrowthCap is looking to close its maiden fund at INR 50 Cr in the next two months. It will be investing in fintech, SaaS, and deeptech startups.
• Pune-based software company Icertis is looking to raise $150 Mn via a secondary share sale, a deal that could see an increased investment from SoftBank.