The Week that Was: Indian Startup News Overview (20th Feb - 24th Feb)
Indian startup ecosystem is made up of startups and investors with experience in many different areas. It can produce practical answers and serve as engines for socio-economic development and transformation through innovation and scalable technology. More proactive efforts, such as improving the material infrastructure, encouraging technology adoption for blended skilling, speeding up policy implementation, and ecosystem development, would assist the growth of the start-up ecosystem. Early-stage firms looking for funding to establish the credibility required to move from ideation to commercialization.
As we are in 2023 certain Indian businesses are already developing and earning recognition on a global scale for their excellent working business concepts. Another week in this month we saw several new businesses receive funding for their innovative startups. A few of these startups that received investments are listed below. However we saw GetWork, an end-to-end SaaS platform based in Gurugram, announced that Samarthya Investment Advisers, NVS Wealth Managers, and Artha Venture Fund have contributed Rs 7 crore to a Pre-series A round and DataMesh Group, a full-suite provider of interoperable, proprietary payments-processing, secured $30 million.
Here, the top 5 startups this week are listed below
GetWork, an end-to-end SaaS platform based in Gurugram, announced that Samarthya Investment Advisers, NVS Wealth Managers, and Artha Venture Fund have contributed Rs 7 crore to a Pre-series A round. Famous founders and angel investors like Pravin Agarwala (cofounder of Betterplace), Shuchi Kothari (director of Health & Glow and DSP Group Family Office), and Saurabh Garg also participated in the round. GetWork Club, a one-stop shop where students can get services including resume writing, upskilling training, mentorship programmes, and products, was recently introduced.
Every year, more than 42,000 colleges and training programmes contribute 1.2 crore new graduates to the labour force. Yet, there isn't a single platform that offers particular resources, advice, and employment prospects to recent tier 2 and tier 3 college graduates. GetWork Club and our placement platform are dedicated to addressing this significant issue.
In an effort to upskill more young people in the nation, edtech company NxtWave reported raising $33 million in its most recent financing round, which was spearheaded by Greater Pacific Capital (GPC). NxtWave stated that it intends to use the funds to improve its product and content in order to further improve the learning experience.
"We'll provide kids in India with high-quality, employability-focused education and adequately prepare them for jobs of the future. The government has established a highly favourable environment for skill-based learning under National Education Policy 2020 "co-founder and CEO of NxtWave Rahul Attuluri.
Private equity firm ChrysCapital is eyeing an investment of $100 million in omnichannel eyewear retailer Lenskart, at a valuation of $4 billion. The talks on the investment deal are ongoing and the deal is yet to be finalised.
The report added that, if finalised, this would be among the largest investments of ChrysCapital in a new-age entity. The new funding will bring the total ongoing funding round at Lenskart to around $500 million, with early investors such as Kedaara Capital, SoftBank Vision Fund, TR Capital, and others looking at partial exits.
The pre-seed round of $100k for the direct-to-consumer (D2C) Discovery platform Blingg was raised from DVC (Decentralized VC), a group of specialist syndicates that invest in businesses from pre-seed to pre-IPO. The 3PM Ventures founder Pavan Kumar joined the round along with other angel investors.
Via their Shopify-integrated platform, D2C brands may launch, sample, and sell their products using the discovery platform Blingg. Blingg has collaborated with 75+ D2C Companies in the food, beverage, health, wellness, and beauty industries since its beginning in 2021. It has also introduced 200+ new D2C Goods and sent out 10,000+ D2C Discovery boxes to its privileged user base.
In an oversubscribed Series A funding round, DataMesh Group, a full-suite provider of interoperable, proprietary payments-processing, secured $30 million to take advantage of significant local prospects and to further establish itself in the fast-growing payments processing sector.
In addition to 1835i Ventures, ANZ's external innovation and venture capital arm, the investment also included a sizeable amount of first-time funding from Deutsche Bank's corporate headquarters in Frankfurt. NAB Ventures served as the round's lead investor. Together with a number of big existing investors, other investors included institutional VC firms, Family Offices, prominent High Net Worth (HNW) people, and others. Allunga Advisors handled the deal.
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