Synopsis
In the latest funding roundup, 23 Indian startups raised over $138 million this week across various stages, indicating robust investor confidence in the region. Notable contributions came from Cashfree Payments and TrueFoundry, among others, showcasing a vibrant entrepreneurial landscape amid supportive governmental measures.Key Takeaways
- 23 Indian startups raised over $138 million this week.
- Key players included Cashfree Payments and TrueFoundry.
- Government initiatives aim to bolster the startup ecosystem.
- Credit guarantee for startups raised to Rs 20 crore.
- Significant investments signal strong market confidence.
New Delhi, Feb 8 (NationPress) In a remarkable week, 23 Indian startups secured over $138 million in funding, which comprised five growth-stage investments and 20 early-stage rounds.
Last week, 30 Indian startups raised a total of $240.85 million, including five growth-stage and 20 early-stage investments.
This week, Cashfree Payments, a payments platform, garnered $53 million in a funding round spearheaded by the Korean digital entertainment company, KRAFTON, along with existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Limited.
The raised capital will enhance Cashfree’s payment services and expand its market presence.
TrueFoundry, an AI deployment and scaling platform, achieved $19 million in Series A funding, led by Intel Capital. Previous investors Eniac Ventures and Peak XV’s Surge (formerly Sequoia Capital India & SEA) contributed, joined by new investor Jump Capital and several angel investors.
In the logistics sector, Shadowfax secured $16.8 million through two tranches from Mirae Asset, Nokia Growth Partners, and Edelweiss, while dialysis service provider Apex Kidney Care acquired $9 million from Blue Earth Capital.
HairOriginals raised $5 million in a Series A funding round, bringing its total funding to $7.2 million to date. This round was co-led by 12 Flags Consumer Holdings and Anicut Growth Fund, with participation from Peyush Bansal.
Meanwhile, members of the Startup Policy Forum (SPF) expressed that the Union Budget is a “game-changing catalyst” for India’s economy and startup sector.
The Budget outlines several crucial provisions, including tax relief for the middle class, improved credit access for MSMEs, and a fund of funds for startups.
For startups, the credit guarantee cover will be increased from Rs 10 crore to Rs 20 crore, with the guarantee fee adjusted to 1 percent for loans in 27 focus sectors essential for Atmanirbhar Bharat.
Alternate Investment Funds (AIFs) for startups have received commitments exceeding Rs 91,000 crore, supported by the Fund of Funds, established with a government contribution of Rs 10,000 crore.
