The Week that Was: Indian Startup News Overview (19th Mar - 24th Mar)

By Team Startupcity  |  Friday, 24 March 2023, 17:01 IST

The Week that Was: Indian Startup News Overview (19th Mar - 24th Mar)

The startup ecosystem in India involves a variety of startups and investors who possess knowledge in various industries. Although not all individuals possess the ability to initiate a startup, the thriving startup industry in India is gaining the interest of numerous investors. It is essential to comprehend this ecosystem as Indian companies have the possibility of achieving worldwide triumph, which can provide investors with substantial profits on their investments.

This week, Character AI secured at $1 billion in new funding round, BYJU's set to bag $250 million funding round soon at flat valuation, Mystifly Secures Funding From CSVP To Close Pre-Series B Round At $8 Mn, and Healthcare services platform Sukino Healthcare Solutions has raised an equity investment of Rs 50 crore from Stakeboat Capital.

Here is a list of the top five startups that performed exceptionally well this week!
Character.AI
Character.AI, a 16-month-old startup that sets up online chatbots, said it had raised $150 million in a recent funding round that valued the company at $1 billion.
Character.AI is among a tiny group of small firms - along with the tech industry's giants - that are building technology that could one day rival the systems under development at OpenAI, the San Francisco startup that incited the AI boom with the release of an online chatbot called ChatGPT.
These firms have an unusual blend of experienced researchers and outsize ambition, and they require huge amounts of capital. Many experts believe that a handful of companies could dominate work on the new artificial intelligence.
BYJU's
Edtech major BYJU's is in advanced stages to raise $250 million at a flat valuation (at $22 billion the company last announced) as it struggles to repay a $1.2 billion term loan and change profitable in 2023, reliable sources said on Thursday.
Sources said the latest funding round is in "final stages of discussion and will be closed soon within few weeks".
However, the $250 million round may also come at a lower valuation too, as per sources.
Mystifly
Airline retailing-focused B2B SaaS startup Mystifly on Thursday (March 23) said it has secured its pre-Series B funding round at $8 Mn with fresh investment from Cornerstone Venture Partners Fund (CSVP Fund).
The startup had earlier raised funding from RSI Fund I, LLC (a subsidiary of Recruit Co Ltd.), and Jenfi & Crusade Partners, among others, as part of the same round.
Mystifly will use the funding to expand its global footprint, distribution and product offerings and grow its data and technology capabilities.
Mystifly has raised total funding of $13 Mn to date, considering the latest fundraise.
Sukino
Healthcare services platform Sukino Healthcare Solutions has raised an equity investment of Rs 50 crore from Stakeboat Capital. Founded in 2015, the Bengaluru-based startup provides services that cater to the long-term healthcare needs of patients with chronic ailments, including complications from neurological impairments, cardiac diseases, cancer, respiratory distress, kidney diseases and post-operative clinical care.
The firm offers these services at its care centres and patients' home.
Sukino plans to utilize fresh funds for expansion to newer geographies and areas of rehabilitation, the startup said. In the past, the startup has secured angel rounds from marquee investors with family offices of Kris Gopalakrishnan and Mohandas Pai as lead investors.
Unlearn.AI
Unlearn.AI, which has created an artificial learning platform that produces "digital twin" profiles of patients participating in clinical trials, has acquired $15 million, according to the company's statement to Reuters. The venture was valued at $265 million thanks to funding from Radical Ventures and Wittington Ventures, the business said.
The startup's board will now include Mira Murati, the chief technical director of Microsoft-backed OpenAI.

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