From Niro To HerKey — Indian Startups Raised $41 Mn This WeeK

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According to recent reports, Indian startups have raised $41 million in funding this week. Some of the major deals include:

NirogStreet: The healthcare startup raised $12 million in a Series A funding round led by Unilever Ventures and co-led by AWE (Aditya Birla Capital’s Early Stage Fund). NirogStreet is building an ecosystem for Ayurveda practitioners.

HerKey: The women’s safety app raised $8 million in a Series A funding round led by GBG (Global Banking Corporation) and co-led by Spring Seeds Capital.

Pristyn Care: The healthcare startup raised $6.3 million in a funding round led by Epiq Capital and co-led by Kotak Private Equity.

Paymatrix: The proptech startup raised $5 million in a funding round led by Montane Ventures.

Stanza Living: The student accommodation provider raised $5 million in debt funding from Alteria Capital.

These funding rounds indicate that Indian startups continue to attract significant investment despite the challenging economic conditions caused by the COVID-19 pandemic.

Fintech startup Niro raised $11 Mn in a mix of debt and equity round from Elevar Equity, GMO Venture Partners, Rebright Partners, among others

Edtech soonicorn BrightCHAMPS marked its third acquisition with the acquisition of Metamorphosis Edu in a cash and stock deal

The month of April is ending on a despondent note in raising funds. Between April 24 and April 29 2023, Indian startups have merely raised $41 Mn across 16 deals.  This is a 38.6% decline from $66.8 Mn raised by nine startups between April 17 and April 22, 2023.  Just to give a comparison, in the first week of April, Indian startups raised $564 Mn across 18 deals. This is almost a 93% drop in funding raised this week as compared. One of the major funding rounds this week was raised by fintech startup Niro, which secured $11 Mn in a mix of debt and equity round. The funding was led by Elevar Equity, GMO Venture Partners, Rebright Partners, and other investors. Niro plans to use the funds to expand its customer base and launch new products.

Edtech startup BrightCHAMPS also made headlines this week with its acquisition of Metamorphosis Edu in a cash and stock deal. This was BrightCHAMPS’ third acquisition, as it aims to expand its reach and offerings in the edtech space.

Overall, while the funding amount this week has been relatively low, it is important to note that funding activity in the Indian startup ecosystem can be cyclical and can vary from week to week.