Weekly Funding Roundup for June First Week [30 May - 04 June]

Jun 27, 2022

The first week of June saw 33 Indian startup businesses securing finance, with 28 receiving around $525.81 million. MoEngage and Cuemath raised the most, a total of $134 million, $77 million, and $57 million, respectively.

Despite June starting positively, the startups are watchful of the prevailing macroeconomic uncertainties.

Growth/Late-Stage Deals

Among the 9 growth and late-stage startups that have secured funds, MoEngage’s $77 million round and Cuemath’s $57 million round topped the charts, followed by Fintech startup Slice, DC2 beauty brand Sugar Cosmetics and cloud kitchen brand Curefoods raking in $50 million each.

Sr. No.	Startup Name	Segment	Amount Raised (In Mn $)	Series	Valuation [on round]	Lead Investor/s	Investors Participated
1	Moengage	SaaS	77	Series E	Undisclosed	Goldman Sachs Asset Management and B Capital	Steadview, Multiples Alternate, Eight Roads and Matrix Partners
2	Cuemath	Edtech	57	Undisclosed	Undisclosed	Alpha Wave	N/A
3	SUGAR Cosmetics	D2C beauty	50	Series D	$500 Mn	Asia fund of L Catterton	A91 Partners, Elevation Capital and India Quotient
4	Slice	Fintech	50	Series C	Undisclosed	Tiger Global	Moore Strategic Ventures and Insight Partners
5	Curefoods	Cloud kitchen	50	Series C	$390-395 Mn	Crimson Winter	Iron Pillar, Accel, Chiratte, Three State capital and Sixteen Street
6	StrideOne	Fintech	32	Undisclosed	Undisclosed	Elevar Equity	N/A
7	Orange Health	Healthtech	25	Series B	Undisclosed	Bertelsmann India Investments and General Catalyst	Accel, Y Combinator, Good Capital, and Uncorrelated Ventures
8	Synaptic	Enterprisetech	20	Series B	Undisclosed	Valor Equity Partners.	N/A
9	Neeman’s	D2C footwear	5.15	Series B	$25-27 Mn	Sixth Sense Ventures	N/A
		TOTAL	366.15

Early-Stage Deals

19 startups have successfully raised funds in the early-stage agreements, including five undisclosed rounds. Eloelo, a gaming startup, topped the list with a $13 million round. Aerospace startup Bellatrix Aerospace and Agritech startup Nutrifresh are also on the list.

Sr. No.	Startup Name	Segment	Amount Raised (In Mn $)	Series	Valuation on the first round	Lead Investor/s
1	Eloelo	Gaming	13	Series A		Lumikai Fund
2	Bellatrix Aerospace	Aerospace	8	Series A		BASF Venture Capital GmbH
3	Nutrifresh	Agritech	5	pre-Series seed		Theodore Cleary (Archer Investments), Sandiip Bhammer (Green Frontier Capital), Sky Kurtz (Pure Harvest AE) and Mathew Cyriac (Florintree Advisors and ex-Blackstone India)
4	Liminal	Crypto	4.7	Seed		Elevation Capital .
5	GoSats	Crypto	4	pre-Series A		Y Combinator, Accel, Gossamer Capital, KubeVC, 2 am VC, Valhalla Capital, Soma Capital, Trampoline Venture Partners, Dragon Capital, Leonis VC, DG Daiwa Ventures, C2 Ventures, Stonks.com, Draper Dragon
6	Hesa	Ruraltech	2.3	pre-Series A		Venture Catalysts
7	Pumpumpum	Used car leasing	2	Undisclosed		LC Nueva Investment Partners; Founders Room Capital; LetsVenture; Manish Agarwal
8	Dvara E-Dairy	Fintech	2	pre-Series A		Axilor and Dvara Venture Studio
9	Fitelo	Healthech	1.5	pre-Series A		Guild Capital
10	ZFW Dark Stores	D2C	1.2	Seed		Riso Capital, SEA Fund, Lead Fund
11	Revidd.com	SaaS	1.1	Seed		Inovnis SA and CIIE.CO
12	Vendakin Technologies	SaaS	1.09	pre-Series A		Better Capital
13	Revamp Moto	EV	1	pre-seed		Veda VC and Venture Catalysts
14	Decimal	Fintech	1	pre-seed		Unnati Labs, Agility Ventures, and MyAsia VC
15	Homi Lab	Edtech	0.64	pre-Series A		Inflection Point Ventures
16	Zorp	Enterprise Tech	0.6	pre-Seed		Good Capital , Better Capital, and Bharat Founders Fund
17	DocPlix	Healthech	0.19	Seed		Vishal Sharma, Pankaj Pandey, Uttam Kumar, Gurpreet Singh
18	Kandee Factory	D2C	0.19	Undisclosed		Ah! Ventures Angel Platform, Keiretsu, and the Polaris family office fund
19	Indeanta	EV	0.15	Bridge		IvyGrowth Associates
		TOTAL	49.66

Undisclosed deals

Unotag, Glovatrix, Kwicpic, Offee, and EzeRx did not make public their financial details.

Sr. No.	Startup Name	Segment	Lead Investor/s	Headquarter	Founders
1	Unotag	Employee retention	JITO Incubation and Innovation Foundation and JITO Youth Wing	Bengaluru	Mohit Ambani
2	Glovatrix	Wearable tech	JITO Incubation and Innovation Foundation and JITO Youth Wing	Pune	Aishwarya Karnataki
3	Kwicpic	Photo sharing	JITO Incubation and Innovation Foundation and JITO Youth Wing	Mumbai	Deep Karkhanis
4	Offee	Edtech	JITO Incubation and Innovation Foundation and JITO Youth Wing	Mumbai	Amit Shah
5	EzeRx	Healthtech	Sheetal Arora	Bhubaneswar	Partha, Chaitali Roy and Sudip Roy Chowdhury

City and segment-wise fundings

Fintrackr's data indicates that Bengaluru topped the charts, with 14 Bengaluru-based startups raising funds adding up to $173.27 million, which is 28.71 % of the total funding. Delhi-NCR and Mumbai-based startups weren't far behind on the line, raising $184.83 million and $225.43 million across 9 and 8 deals, respectively. Fintech startups were the top segment in terms of the number of deals, as startups in this space raised $329.39 million across 8 deals. Edtech, D2C, AI, SaaS, and e-commerce startups followed them.

Acquisitions this week

Apart from more than 30 fundraising rounds, there were three notable acquisitions too. The list includes the acquisition of data science startup Prakshep by Arya.ag, OneDirect by Gupshup, and Verb Studio by Kafqa Academy.

Acquired by	Segment	Acquisition-Type	Startup/Company	Segment	Deal Size($Mn)
Arya.ag	Agritech	Acquired	Prakshep	Data Science	Undisclosed
Gupshup	Conversational Messaging	Acquired	OneDirect	Customer Service	Undisclosed
Kafqa Academy	Edtech	Acquired	Verb Studio	Online Dance Academy	Undisclosed

ShareChat receives funding of $300 million.

Short video app ShareChat raised nearly $300 million in funding from Google, Times Group, and Singapore’s Temasek Holdings. Having backed Josh, a competitor in the short-video genre of applications, ShareChat securing Google’s second investment in this field highlights the potential in this genre of short videos.

While, Mohalla Tech, ShareChat's parent company, along with Google and Temasek, forbade commenting on anything.