New Delhi: In good news for India’s economy, the funding momentum bounced back in the startup ecosystem this week. A total of 39 start-up companies raised $449 million with 29 agreements. The deals saw an overall surge of 300 percent as against last week.
According to news agency IANS, these start-up companies earned $135 million last week. It also witnessed 12 growth-stage and 16 early-stage pacts. The seed funding of these companies stood at $26.5 million. This witnessed a surge of 48.8 percent as compared to $17.8 million.
EdTech firms raise $150 million
It may be noted that the Edtech startup company Eruditus raised $150 million. The participating companies included Softbank Vision Fund 2, Accel, Leeds Illuminate, CPP Investments, and the Chan Zuckerberg Initiative. As per Ashwin Damera, CEO, of Eruditus and Emeritus, the company is hoping to grow and meet market demand.
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While, the beauty platform Purplle increased its latest funding round by Rs 500 crore with final closure at Rs 1,500 crore, the overall round was led by Abu Dhabi Investment Authority (ADIA). Investors companies like Premji Invest and Blume Ventures also participated in this round.
JIVA announces successful closure of Series B funding round
Jewellery company JIVA announced the successful closure of the Series B funding round, led by Premji Invest, EPIQ Capital, Edelweiss Discover Fund, and the top management of GIVA. Similarly, Software-as-a-service (SaaS) too earned $30 million in the round which was led by Eight Roads Ventures. Among the companies that participated were Elevation Capital and 3one4 Capital. Also, the Indian fintech startup ecosystem garnered $778 million in funding during the July-September period.
A report released by Tracxn, a SaaS-based market intelligence platform, suggested that the funding marked a 66 percent surge in Q3 last year from $471 million, and a 65 percent increase from $293 million raised in Q2 in 2023.
