Founder Stack

Ride hailing platform Rapido's $240 million primary funding deal lifted venture capital momentum into Indian startups in the second week of May. Single large transactions lifting overall funding in the startup ecosystem has emerged as a trend in the last few weeks, reflecting the challenges faced by companies in raising capital. The total VC funding amount raised during the week came in at $323 million from 22 transactions. In contrast, theprevious weeksaw a total amount of $129 million. During this week, the investments were spread across stages and sectors. Funding was raised by startups representing segments such as ride hailing, semiconductor, agritech, fintech etc. Also, the funding was thinly spread across stages. However, the room for optimism seems to be at a lower level in terms of VC inflow into Indian startups. This is primarily due to the deteriorating global macroeconomic environment which is impacting the flow of money. The hope is that the second half of the year would see a modest revival of VC money into the Indian startup ecosystem. Ride-hailing platformRapidoraised $240 million from Prosus, WestBridge Capital, Accel, and others. Fabless semiconductor startupHrdWyrraised $13 million from Ideaspring Capital, Singularity AMC, Avatar Growth Capital, and Persistent Systems. Packaged food and beverage companyWingreensraised Rs 120 crore ($12.5 million approx.) from Ashish Kacholia and Alchemy Fund. Spacetech startupDhruva Spacereceived a grant of Rs 105 crore ($10.9 million) from the Centre's Research, Development and Innovation Fund (RDIF). Dil Foods, a virtual restaurant enabler platform raised Rs 72 crore ($7.5 million approx.) from Bikaji Foods Family office, V3 Ventures, MJV Ventures, and Alteria Capital. Electronics manufacturing companyMekr Technologiesraised Rs 67 crore ($6.9 million approx.) from Avaana Capital and Titan Capital Winners Fund. Microfinance companySindhuja Microcreditraised $5 million from Abler Nordic, GAWA Capital, and Oikocredit.