Funding Round Up November 2023: The Indian startup landscape experienced a surge in venture capital funding during the second week of November, with a remarkable $178 million secured across 20 deals, a significant increase from the previous week’s $64 million.
This positive momentum was primarily attributed to a substantial transaction by logistics unicorn XpressBees.
As the year approaches its end with only seven weeks remaining, expectations for significant shifts in the venture capital flow into Indian startups are limited. The focus now turns to the new year, with hopes that large transactions will play a pivotal role in shaping the investment landscape.
Funding Weekly Round up November 2023: Key Developments
Logistics startup XpressBees successfully raised an impressive $80 million from Teachers’ Venture Growth (TVG), underscoring its robust position in the market.
InCred declared its unicorn status, announcing commitments from investors that valued the financial services company at just over $1 billion, marking the emergence of the second unicorn for the year.
Honasa Consumer, the parent company of Mamaearth, experienced a decent listing, albeit with a stock price slide, ultimately recovering by the end of the week.
SoftBank faced challenges with a reported loss in the September quarter, largely impacted by the bankruptcy filing of one of its portfolio companies, WeWork. However, the Japanese VC marked up the valuations of its Indian portfolio startups, including Swiggy, FirstCry, and Ola Electric.
Other Funding Highlights
Quick commerce startup Zepto secured $31.25 million from Goodwater Capital, Nexus Venture Partners, and angel investors.
Bharat Housing Network raised Rs 125 crore ($15 million approx.) from NABVENTURES Fund, Varanium NexGen Fund, 9Unicorns, and Riverwalk Holdings.
EV maker Euler Motors raised Rs 120 crore ($14.3 million approx.) from British International Investment (BII) and Green Frontier Capital.
Cybersecurity startup Sequretek raised $8 million from Omidyar Network India, Narottam Sekhsaria Family Office, and Alteria Capital.
Audiology startup Hearing Solution (Hearzap) secured Rs 50 crore (~$6 million) from 360 One Healthcare Opportunities Fund.
Car service and repair firm GoMechanic raised $6 million in fresh capital.
The diverse range of funding activities in November highlights the resilience and dynamism of the Indian startup ecosystem.
With XpressBees leading the weekly funding, these investments set the stage for a promising end to the year and pave the way for anticipated growth in the new year.
