Another week of tepid funding for Indian startups

Synopsis With large PE and VC funds still placing their bets cautiously amid the volatile macroeconomic environment, the dry spell might continue for some time. ETtech The torrid run of Indian startups raising big funds continued into the third week of September. Though there was some uptick in terms of the deal amount from the last week, the figures were still far away from what the startups raised before the onset of the tech winter.

The number of funding rounds of $100 million and upwards has fallen from 29 in the first quarter of the calendar year to 18 in the second quarter and just three in the third quarter (as of August 24). With large PE and VC funds still placing their bets cautiously amid the volatile macroeconomic environment, the dry spell might continue for some time. EV startup Yulu and Google-backed DotPe led the funding charts for this week.

Yulu raises $82 million from Canada’s Magna: Yulu Bikes, which offers small electric two-wheelers on rent, raised $82 million (about Rs 653 crore) from investors led by Canada’s Magna to drive its expansion plan. Existing investors, including Bajaj Auto , also participated in the funding round, which saw automotive parts major Magna pump in $77 million. Amit Gupta, cofounder of Bengaluru-based Yulu, told ET that the funds will be used for deploying more bikes and for setting up a battery-swapping network with Magna Google-backed payments startup DotPe picks up $54.

4 million: Google-backed DotPe, founded by PayU India cofounder Shailaz Nag, is raising Rs 434. 5 crore (or roughly $54. 4 million) in funding led by Singapore’s sovereign fund Temasek.

DotPe provides small and medium enterprises with a full-stack solution to set up an online payments and delivery system. It also provides store management and marketing management tools to these businesses. Sigmoid raises $12 million from Sequoia Capital India: Data engineering and artificial intelligence (AI) solutions provider Sigmoid raised $12 million in funding in a mix of primary and secondary funding , as part of its latest funding round from Sequoia Capital India.

With the current round, Sequoia has $19. 3 million in Sigmoid. The startup will use the capital to evolve its market offerings, expand delivery centers and cater to new industries.

Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Rephrase. ai bags $10. 6 million: Rephrase.

ai, an artificial intelligence (AI) startup, raised $10. 6 million in funding led by Red Ventures. Existing investor Silver Lake also participated in the round along with 8VC and other investors.

It will use the funds to enhance its capabilities by integrating product experiences, scaling hiring, including within the engineering, AI, product, sales, and marketing teams; and expanding its presence in North America. Procol picks up $6. 4 million: Procurement management software Procol raised $6.

4 million (Rs 51 crore) in funding from GMO Venture Partners , Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital. Procol is a procurement technology company that helps enterprises streamline their manual procurement processes across their fragmented small and medium enterprises (SME) supplier base. Centricity bags $4 million from Burman family office: B2B wealthtech startup Centricity bagged $4 million in funding led by the Burman family office , Shantanu Agarwal (LNJ Bhilwara group), and Arun Jain (Intellect design arena/founder-Polaris Software Labs) at a valuation of $20 million.

Started this year by former Senior Private Bankers, Centricity aims to build a tech solution for a largely unorganised independent financial advisors (IFA) community. Other done deals Matrix Partners pumps $2. 4 million in Ximkart: Cross-border raw material sourcing startup Ximkart raised $2.

4 million in funding led by Matrix Partners India . The startup will use the funds to strengthen its position in existing categories, launch new categories and expand to newer geographies across procurement, sales, technology and operations. Peer Robotics raises $2.

3 million: Peer Robotics, a mobile robotics solution designed to work with humans, raised $2. 3 million in funding led by Kalaari Capital , with participation from existing investors Axilor Ventures, Connecticut Innovations and Innopact VC. The company’s robots learn from humans in real time allowing people on the shop floor to integrate and deploy solutions alongside them easily.

Friday, 16 Sep, 2022 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies ET Markets More Re Vostro Accounts: Banks Move RBI, Flag Grey Areas Banks have reached out to the Reserve Bank of India (RBI) to seek clarity on legal and regulatory grey areas regarding proposed rupee vostro accounts before operationalising them to settle international trade,including that with Russia. Expenditure for FY23 may go up by ₹50kcr The Centre expects a further rise in its FY23 expenditure budget because of increased fertiliser and cooking gas subsidies besides a higher fund requirement under the rural employment guarantee scheme. Video, Audio & Book Apps may have to Pay only 6% Commission Small Indian app developers and startups offering video, audio, or book content may have to pay only 6% commission for in-app purchases on Google Play Store, a top company executive told ET.

Read More News on startup funding yulu funding dotpe funding sigmoid funding rephrase. ai funding procol funding centricity funding ximkart funding peer robotics funding bajaj auto Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

. . .

more less ETPrime stories of the day People From KBC to Scam 1992: How Sameer Nair’s trendsetting content is garnering audience applause 8 mins read Pharma Indian drugmakers are homeward bound 4 mins read Strategy Vision 2047: why India could become the world leader in financial markets in 25 years 7 mins read Subscribe to ETPrime.