July 14th 2024.
The Indian startup ecosystem seems to be buzzing with activity as yet another week saw an influx of funding, with 22 startups raising a whopping $116.26 million. This is a slight dip from last week's numbers, where 16 deals brought in a total of $176 million. Among the 22 startups, four growth-stage companies managed to secure a significant portion of the funding, amounting to around $80 million.
One of the major deals this week was for Dezerv, a wealth management platform that raised an impressive $32 million in a funding round led by Premji Invest. Existing investors such as Matrix Partners India, Accel, and Elevation Capital also participated in the round. Other noteworthy startups that raised funds this week include e-commerce brand Goat Brand Labs and B2B e-commerce firm Infra.Market.
In addition to the growth-stage deals, 16 early-stage startups also received funding worth $36.26 million. One of the most notable announcements this week came from fintech company Partior, which announced the first close of its Series B round at over $60 million. The round was led by venture capital and growth investing firm Peak XV Partners, with new investors such as Valor Capital Group and Jump Trading Group, and existing shareholders like JP Morgan, Standard Chartered, and Temasek also participating.
In other news, Maruti Suzuki India made headlines by expanding its accelerator programme to include global startups, in line with the government's 'Make in India' and 'Startup India' initiatives. This move comes after the company has already screened over 2,000 startups and engaged with 56 of them over the course of eight cohorts. The Indian startup scene continues to show promising growth, with more and more companies receiving support and funding from both domestic and international investors.
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