The Week that Was: Indian Startup News Overview (27th Nov - 2nd Dec)
Every day, the startup ecosystem in India grows and strengthens. This week we observed an increase in the value of private investments as well as the number of venture capital funds in India and around the world. These funding and investments help in shaping the size and speed with which Indian startups are growing. The seed, angel, venture, and private equity funds are considered to be a significant factor in the rapid expansion of the Indian startup ecosystem, which also received technical assistance from incubators, accelerators, and the government.
This week, Flexible office operator Table Space has raised around $300 million from Hill House Capital, a global private equity fund; and Leap.club, a professional networking startup for women has raised $1 million in from existing investors and other startup founders.
Here is a list of the top five startups that performed exceptionally well this week!
Flexible office operator Table Space has raised around $300 million from Hill House Capital, a global private equity fund, to expand its operations. The investment is expected to be funded in two tranches. "Table Space has signed some large clients recently and has been looking for funding to expand its business. The fresh funding will help them expand at a faster pace," said multiple people aware of this transaction.
Table Space is one of the fastest-growing managed workspace providers for enterprises in India and plans to expand its footprint from the present five million square feet to eight million square feet by December 2023. Table Space did not comment on the deal. Sources say that the deal was closed in October.
Proptech firm Homesfy Realty said it has raised $1.1 million (about Rs 8.97 crore) from investors to expand business and also filed its draft paper with Sebi to launch an Initial Public Offer (IPO). Mumbai-based Homesfy Realty Ltd is engaged in providing real estate broking services to real estate developers, retail buyers/sellers and investors for residential and commercial space. It has an operational presence in Pune, Bengaluru, and Delhi-NCR as well. The company runs two platforms Homesfy.in and MyMagnet.io.
Recently, the company has filed the Draft Red Herring Prospectus (DRHP) for its SME IPO with NSE Emerge. The proceeds from the proposed IPO will be used for working capital, general corporate purpose, and organic growth. The public offer comprises of issue of up to 8,05,200 equity shares.
Indian agrifood startups received a record $4.6 billion in investment in FY 2021-22, up 119 per cent year-over-year, as the country overtook China as Asia-Pacific's biggest funder of agrifood-tech innovation. Farmtech startups raised $1.5 billion across 140 deals, a 185 per cent year-over-year increase, according to the report by VC firms AgFunder and Omnivore.
Restaurant marketplaces and e-grocery startups secured close to $3 billion, around 66 per cent, of the total investment. Deal activity also increased to 234 in FY2022 compared to 189 deals in FY2021. Downstream startups raised $3.8 billion, a 115 per cent increase from $1.77 billion in FY2021.
Tech-enabled pet care startup Vetic said that it has raised $3.7 million in a seed funding round led by investor Lachy Groom. The round also saw participation by renowned angel investors, including Utsav Somani (partner, AngelList India), Nitin Saluja (founder Chaayos), Shiva Singh Sangwan (founder, 1947 Rise), Revant Bhate (CEO, Mosaic Wellness), and Manu Gupta (founder, Blue Lion VC).
A clutch of Oyo CXOs Ritesh Agarwal (CEO), Abhinav Sinha (COO), Abhishek Gupta (CFO), Maninder Gulati (CSO), and Anuj Tejpal (CBO) also invested in the tech-first startup. Launched in August 2022 by Gaurav Ajmera (ex-COO Oyo and ex-CBO Pristyn Care), Vetic aims to provide medical care for pets, and all other pet care needs, such as nutrition, wellness etc.
Leap.club, a professional networking startup for women, said it has raised $1 million in from existing investors and other startup founders. Existing investor Enzia Ventures led the round, which also saw participation from Artha India Ventures, Ghazal Alagh of Mamaearth, Alok Mittal of Indifi, Atul Goel (E-city Ventures), and Vatsal Singhal of Ultrahuman, among others.
The latest fundraising comes 12 months after the company raised $810,000 in its previous round. It also raised $380,000 in July 2020. Members use Leap.club to expand their network, make career moves, build an audience, and make friends.
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