Funding for startups in the form of venture capital continued to be subdued in the second week of August, with only one major funding deal beating market expectations.
An edtech company funding round, Upgrad was the only notable funding event of the week.
In numbers, the second week of August saw total funding of $298 million. The amount was collected by companies in about 19 deals. The amount raised in the first week of August was $111 million.
Major funding rounds
UpGrad, Venture Round – Upgrad, a Mumbai-based edtech unicorn, has raised $210 million in a funding round led by ETS Global, Bodhi Tree and Kaizen Management Consultants. Existing investors such as Singapore-based investment firm Temasek and the family offices of Lakshmi Mittal and Sunil Bharti Mittal also participated in the race.
Upgrad has currently raised $636 million from 6 rounds of funding.
SquadStack, Series B Round – Founded in 2017, SquadStack, a SaaS-based technology platform for salespeople, has raised INR 140 crore in Series B funding led by Bertelsmann India Investments. Existing investors such as Chirata Ventures and Bloom Ventures also participated in the financing round.
Jodo, Series One Round – In the year Founded in 2020, Jodo, a fintech startup engaged in the tuition business, has received $15 million in series funding led by US investment firm Tiger Global.
The funding also saw participation from existing investors such as Elevation Capital and Matrix Partners India.
Lenskart, Series I – In the year Ravi Modi is the founder of Indian ethnic wear brand Manyawar.
Lenskart is reportedly looking to raise $250 million at a valuation of $5 billion.
Bigspoon Foods, Series A – Multi-brand cloud kitchen startup, Bigspoon Foods Pvt. Ltd has raised $12.9 million in series funding led by India Angel Network.
Investors like NB Ventures, Go-Ventures, Lets Venture, Grip Invest and Anicut Capital participated in the financing round. Grip Invest previously raised $2 million in a property financing deal in December.
Eye stem, series round – Eyestem, a cell therapy company based in Bengaluru, has acquired a biological E. Ltd, Alkem, NATCO, Anurag Bagaria and Karan Bagaria have raised $6.4 million in a Series A funding round. Existing investors such as India Partners and Kotak Private Equity also participated in the financing round.