TICE Funding Report: Startups Raise $155.5M, Funding for Edtech Sector

The funding data of Indian startups from  July 1 to July 7, 2023, provides valuable insights into the funding landscape. In this period, several startups secured funding across various funding types, including Seed, Series A, Series B, Series E, and Conventional Debt. Let's delve into the key findings and highlight the significant aspects of the report.

As per the data compiled by TICE News, a total of 17 startups raised funding (including undisclosed funding rounds) between June 25 - June 30. The total funding amount raised by Indian startups comes to $155.5M (excluding undisclosed funding rounds). 

The funding raised by Indian startups in the last week of June is a significant downfall from the funding raised in the last week ($351.77M). 

Top 3 Startups with the Highest Funding Raised:

Leverage Edu: Noida-based study abroad platform, has raised $40 million in Series C funding led by Educational Testing Service (ETS) and existing investors, increasing its valuation to approximately $150 million. The startup had previously raised $22 million in March 2022, bringing its total funding to date to support its growth in the edtech sector. Leverage Edu is backed by prominent investors such as Blume Ventures, Kaizenvest PE, and Trifecta Capital.

GIVA: Giva, a silver jewelry brand operated by Indiejewel Fashions, has raised Rs 200 crore (approximately $33 million) in its Series B funding round. The funding was led by PremjiInvest, with participation from Aditya Birla Ventures, Alteria Capital, and A91 Partners. Additionally, there was a secondary share swap worth Rs 70 crore, bringing the total investment in this round to Rs 270 crore.

Battery Smart: Battery swapping network Battery Smart has secured $33 million in a pre-Series B funding round, bringing its total funding to over $70 million. The investment will be used to increase the company's customer base by 100,000 and expand its operations to new locations by 2025. Existing investors Tiger Global and Blume Ventures, along with new investors EIF and BII, participated in the funding round.

Funding Insights: Indian Startups Raise $155.5M in 1st Week of July

Insights from the funding report: 

• Leverage Edu, an edtech startup based in Delhi NCR, has successfully secured $40 million in its Series B funding round. This round was led by ETS and marks the most substantial fundraising event of the week.
• Despite facing significant challenges during the ongoing funding winter, the edtech sector has made a noteworthy comeback by securing funds this week. With a total of $40.4 million raised across two deals, it has emerged as the leading sector in terms of funding.
• The enterprisetech sector witnessed the highest number of deals this week, totaling three.
• In contrast, early-stage startup funding experienced a decline, with a total of $6 million raised this week. This figure represents a 73% decrease compared to the previous week, during which early-stage startups raised $24 million.
• Blume Ventures emerged as the most active investor this week, participating in four different deals.

Major Acquisitions Of The Week:

• KidzByte, an educational news and knowledge media platform for children, has been acquired by JetSynthesys, with support from Sachin Tendulkar. 
• Toprankers, a digital counseling and test prep platform, has acquired The Lex Guru, based in Indore, for an undisclosed sum. This acquisition is aimed at expanding Toprankers' presence in Madhya Pradesh, Chhattisgarh, and other neighboring regions.

Major Key News and Developments From The Week:

• Varanium Capital, a startup fund based in Mumbai, has announced the initiation of its inaugural venture debt fund. The fund aims to secure a total corpus of INR 250 Cr, with an additional greenshoe option of INR 50 Cr. Varanium Capital plans to support 100 startups in India by providing revenue-based financing as well as traditional venture debt.
• Collaborating with Collective Artists Network, Nikhil Kamath from Zerodha and Abhijit Pai from Gruhas have launched a startup fund focused on investing in consumer-facing brands and products. The fund intends to allocate up to $1 Mn in funding to ten startups.
• Massive Earth Foundation, a nonprofit organization focused on climate-related issues, has partnered with the United Nations Environment Programme (UNEP) to launch the Low Carbon Earth (LCE), 2023, climate tech accelerator program. The program aims to support startups that are working on solutions for climate change and pollution problems.
• ZestMoney, a Buy Now Pay Later (BNPL) startup facing difficulties, is expected to secure funding between $5 Mn and $7 Mn from its existing investors, including Quona Capital, to sustain its operations.
• Google has announced the selection of 20 Indian startups for the seventh edition of its Google for Startups Accelerator: India program. The list of the chosen startups is as follows:
• PharmEasy is reportedly in discussions to raise over INR 2,400 Cr at a 90% discount from its peak valuation of $5 Bn. The funds raised will be used to repay the loan obtained from Goldman Sachs.