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Here's a lowdown of the top deals from the startup space.
Sequoia raises $2.85 billion to fund Indian startups, others
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Venture capital firm Sequoia India and Southeast Asia has raised $2.85 billion - the highest ever in one tranche by any venture capital fund - to fund startups and other ventures in the region, the company said in a statement. Of the funds raised, $2 billion is dedicated to India across two funds, and the remaining $850 million funds is for Southeast Asia.
As per the SEC filings and earlier fundraising announcements, this now takes Sequoia's total committed capital in India and South East Asia to USD 9 billion over the past 16 years. This is the largest fund raised by any VC firm in the region, it added.
Sequoia has had a stellar run in the last few years, witnessing 9 IPOs of companies it funded and $4 billion of exits in the last 18 months. The firm has 36 unicorns in the region, including the likes of Zomato, Unacademy, Pinelabs, Byjus and Razorpay.
"This fundraise comes at a time when markets are starting to cool after a very long bull run, and is a signal of the firm's deep commitment to the region's startup ecosystem that continues to show promise," the statement said.
Multiply Ventures raises Rs 260 crore for its maiden fund
Multiply Ventures, an early-stage VC fund, has raised Rs 260 crore for its maiden fund. The fund closed above the target of Rs 250 crore and will focus on early-stage deals across sectors like fintech, edtech, retail, and health.
The majority of the investors are Indian family offices and digital-first entrepreneurs.
About 95 percent of the investors are from India. Multiply Venture has invested in 15 companies to date and plans to invest in 8 to 10 more startups in the next 12 months, it said in a statement.
"Multiply Ventures will invest very early, and ideally, be the first institutional investor, and in most cases, lead the round. Our average first cheque is Rs 4 crore and we will invest up to Rs 20 crore in efficiently run businesses till series A,” said Raveen Sastry, Partner, Multiply Ventures.
QI Ventures leads $19 million Pre-Series A round in Siply
Siply, a micro-savings platform has bagged $19 million in its Pre-Series A funding round led by QI Ventures. The round also saw participation from existing investors, LetsVenture, and JITO. Angel investors like Vivek Sunder, CEO of Cuemath (Ex COO, Swiggy), also pitched in.
The company said it is currently clocking a $1 million revenue run rate, which has grown 22X since its last round and is projected to reach a $12 million revenue run rate and $80 million AUM by March 2023. Siply also expects to achieve $750 million AUM by March 2024 with a $51 million revenue run rate.
Also Read: Melorra raises $16 million as a part of Series D funding, valuation doubles in six months
"In the current environment, strong revenue-aligned companies that have a clear path to profitability are attracting long-term capital from investors. Siply is positioned to be a leader in the new category of Digital Banking for the next 400 million Indians having a similar obsession with revenues, from solutions that are aligned with consumer needs, through meaningful growth from acquiring high-quality users, resulting in high ARPU and faster breakeven," said Sousthav Chakrabarty, co-founder, and CEO of Siply.
Spendflo raises seed funding of $4.4 million from Accel and Together
Spendflo, a SaaS buying and optimization platform for CFOs and finance leaders, has raised $4.4 million in a seed funding round by Accel India and Together Fund.
The funding round also saw participation from investors such as BoldCap and Signal Peak Ventures along with founders and operators from companies like Airbase, Zuora, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify, and more.
The startup said it will use the fresh capital to double down on GTM and engineering efforts. The company is also planning to hire, continue its growth momentum, and accelerate efforts to make SaaS buying effortless.
Over the last six months, Spendflo claims to have managed millions in SaaS spending and saved 23 percent for its customers on average. The startup has customers like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify, and Yellow.ai.
Foxtale secures $4 million in funding led by Matrix Partners India
D2C skincare brand Foxtale has raised $4 million in Pre-Series A funding round led by Matrix Partners India. Existing investor Kae Capital also participated in the funding round, along with angel investors.
The company said it will use the latest funding to expand its product range, hire senior vertical heads, and to scale up the business across multiple touchpoints. It also plans to add more products to its existing line of cleansers, Vitamin C serum, moisturizer and sunscreen. It said it has a repeat rate of more than 50 percent.
"A big issue in the Indian skincare industry has been the low customer repeat rates. It was clear that efficacy was a big problem for skincare enthusiasts in India and we had to solve it. Our focus is on understanding our customer’s needs," founder and CEO Romita Mazumdar said.
Newtrace gets $1 million in pre-seed from Speciale Invest and Micelio Fund
Newtrace, a cleantech startup has raised a pre-seed round of $1million from Speciale Invest and Micelio Fund to build the next generation of electrolyzers for making affordable green hydrogen a reality.
Also Read: Ride hailing startup BluSmart receives funds to more than double its fleet to 5,000 electric cars
With the fresh capital, Newtrace intends to scale up its technology and build large-scale electrolyzers starting with 1MW electrolyzers by 2025 and much larger 10MW electrolyzers by 2027, to accelerate decarbonisation of industries such as petrochemical, ammonia, mobility, energy and steel.
"The need of the hour is the availability of sustainable H2 sources for decarbonisation to meet Environmental, Social and Governance (ESG) targets. The combination of technological improvement in stack electrochemistry, efficiency, increased hydrogen production per stack, and scaling up of manufacturing every year would significantly reduce the CAPEX per kW of electrolyzer, thereby supporting the massive adoption of green hydrogen at a targeted cost of $1/kg by 2027. We are signing early partnerships for pilot and commercial deployments and we are certain of success as we move ahead," said Rochan Sinha, co-founder, and CTO of Newtrace.
Happy Nature raises Rs 6 crore in Pre-Series A round
Healthy farm-fresh dairy and breakfast foods startup, Happy Nature has raised Rs 6 crore in its Pre Series A funding round from undisclosed investors. "We are at an ARR of 18cr in FY22 and have closed a pre-series A round of Rs 6 CR through a family office and angel investors. With a current customer base of over 40,000 with over 6,000 daily orders, we are looking to take this customer base to over 1.5 lakh and daily orders to over 15,000 taking their ARR to 40 CR in the next 12 months," said Vikas Singh, co-founder, Happy Nature.