Startup Funding: ETtech Deals Digest: Winter funding continues to cool off startups

The funding winter for Indian startups, which began in 2022, shows no signs of abating in early 2023. Companies are still struggling to find financing to fuel their ideas as global inflation, rising interest rates and macroeconomic headwinds have investors wary .

According to a report by PwC India, funding for Indian start-ups decreased by 33% to $24 billion in 2022 from the previous year.

Early deals accounted for 60-62% of total funding in 2021 and 2022 by volume, the report said, and the average ticket size was $4 million.

Here is a list of the startups that raised money this week:

ETech

Enough raises $40 million in funding led by Investcorp: Wakefit, a direct-to-consumer (D2C) mattress and furniture maker, raised $40 million led by Investcorp. Existing investors Sequoia Capital India, Verlinvest and SIG also participated in the round. The company will use the money to improve its deliveries and factory operations, and to make progress in Tier 2 and Tier 3 cities.

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Edtech unicorn Lead raises Rs 160 crore in debt: Edtech Lead announced that it has raised Rs 160 crore in funding via a combination of long-term capital from Alteria Capital and Stride Ventures, and working capital financing from banks including Standard Chartered Bank, HDFC Bank and ICICI Bank. Unicorn EdTech plans to use the new capital to fund organic and inorganic growth ambitions.

B2B FMCG Startup ApnaKlub Raised $16 Million: ApnaKlub, a B2B wholesale fast-moving consumer goods startup, has raised an additional $6 million from TrueScale Capital and ICMG Partners. Flourish Ventures, Sequoia India’s Surge, Blume Ventures and Whiteboard Capital also participated in the funding round. This is a continuation of the $10 million tour ApnaKlub raised from Tiger Global late last year, bringing their total on the tour to $16 million.

Whole Truth collects $15 million: Health food brand The Whole Truth has raised $15 million in its second round, led by Sequoia Capital India. Other investors in the round include current backers Matrix Partners India and startup venture firm Sauce.vc. It is estimated to be worth around 600 crore rupees, or about $73 million.

Agricultural technology company Kroppen raises $13.7 million from Google: Agritech startup Cropin has raised ₹113 crore (about $13.7 million) in its Series D round, from new investors Google and JSR Corporation as well as existing investors ABC Impact and Chiratae Ventures. The funds will help expand Cropin Cloud, which the company launched in September 2022 to standardize its software and applications that meet the growing demand for digitization and predictive intelligence in the global agriculture sector.

Brick & Bolt raises $10 million: Brick & Bolt, the online construction marketplace, said it has raised $10 million from global venture capital firms Accel and Celesta Capital. The startup said it plans to use the fund to expand to 12 cities in the next 15 months. It also plans to strengthen its technical group and strengthen its leadership team.

(drawings and illustrations by Rahul Awsti)

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