A drop in the number of deals and the absence of large value transactions has led to a decline in venture funding in Indian startups in the last week of April.
The total venture funding in the week stood at $262 million, compared to $441 million in the previous week. Moreover, the startup ecosystem saw only 25 transactions, compared to 29 the week before.
The only large funding deal reported in the week was by insurtech startup Turtlemint, which raised $120 million, and has reportedly become a soonicorn.
Further, this decline is a result of the tough times ahead, with capital inflow likely to slow down due to various global factors, primarily with the US Federal Reserve planning on raising its interest rates, and a correction on various fronts is likely to happen.
Deals of the week
Insurtech startup Turtlemint raised $120 million from Amansa Capital, Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Marshall Wace.
B2B tech startup Geniemode raised $28 million from Tiger Global and Info Edge Ventures.
Healthcare startup Ayu Health raised $27 million from The Fundamentum Partnership, 57 Stars, Capier Investments, Stellaris Venture Partners, Vertex Ventures, Alteria Capital, and others.
Truemeds, a telehealth platform, raised $22 million from WestBridge Capital, InfoEdge Ventures, Asha Impact, and IAN Fund.
Drone startup ideaForge raised $20 million from Florintree, Celesta Capital, Infosys, Qualcomm, Infina, and Exim Bank of India.
Fintech startup Zenda raised $9.4 million from STV, COTU, Global Founders Capital, and VentureSouq.
EV startup BGAUSS raised $6.8 million from a group of investors led by Darshan Patel, Founder of Vini Cosmetics.
Tractor Junction, a rural vehicle marketplace, raised $5.7 million from Info Edge ventures, Omnivore, AgFunder GROW Impact Fund, and others.
Ecommerce giant Amazon acquired social commerce startup GlowRoad for an undisclosed value.
Veranda Learning Solutions Limited acquired test prep firm T.I.M.E for Rs 287 crore.