Indian Startup Funding Drops 82% to $58.9 Mn Amid UPI Fee Debate
Fourteen Indian startups raised $58.9 Mn this week, down 82% from the $321.9 Mn raised the previous week. The introduction of MDR on UPI dominated India’s new-age tech discourse.
Enterprise services attracted the most capital this week, with three startups raising $42.5 Mn. Advertising services startup Flam accounted for the bulk of this funding with a $40 Mn Series B round, comprising a mix of primary and secondary transactions. QED Investors led the round, with participation from RTP Global, Dovetail, Shah Rukh Khan family office, Claypond Capital, Australian Gulf Capital, Martin Chavez (Angel), and Olivier Pomel (Angel).
DheyaTech raised $5.1 Mn from Avaana Capital and Unimech Aerospace and Manufacturing. Semiconductor startup VerifAIX raised $5 Mn in seed funding from Endiya Partners and Bluehill VC.
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Five startups at the seed stage raised about $10.1 Mn, led by VerifAIX’s $5 Mn round. Darwinbox listed Teachers’ Venture Growth as its investor, while Zinara listed Nikita Dutta as its investor; funding amounts for both startups were not disclosed.
AJVC was the most active investor this week, backing MoroMaa, Beijan, and Slayd. The VC firm also saw PE firm Novastar Partners as a limited partner for its fund.
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