Between May 13 and 18, Indian companies raised a total of $121.8 million in 21 deals, a 45% drop from the previous week. Fintech regained supremacy in weekly funding trends, with entrepreneurs in the industry raising $33.1 million across three deals. Seed funding continued to decline this week, with firms at this stage getting $3.5 million this week.

Weekly funding roundup May 13 –May 18

Funding activity in the world’s third-largest startup ecosystem fell for the second week in a row in May. Between May 13 and 18, Indian companies raised $121.8 million across 21 agreements, a 45% decrease from the previous week’s $220.2 million raised across the same number of deals.

Investing Spree: Indian Startup Investment of the Week [May 13–May 18]

Key Startup Funding Highlights for the Week

  • Propelld, a fintech firm, received the largest cheque of the week. Fintech topped the sectoral fundraising trend, boosted by its $25 million fundraise. Startups in the field raised $33.1 million in three transactions, the most at the sectoral level.
  • Gruhas Proptech and Venture Highway were this week’s most active investors, each funding two firms.
  • Seed funding continued to fall this week, with startups at this stage raising $3.5 million. This was a 58% drop from last week’s $8.4 million.

Updates on the Indian Startup IPOS

  • Shares of B2B travel platform TBO Tek made a spectacular start on the stock exchanges on Wednesday, listing at INR 1,426 on the NSE, a 55% premium over its issue price of INR 920. Similarly, the company floated on the BSE at INR 1,380, representing a 50% premium.
  • Zappfresh, a direct-to-consumer meat delivery service, has launched its initial public offering (IPO). This Monday, the Delhi, NCR-based company became a public company, marking the first key step toward its public offering.
  • Insurtech unicorn Digit’s public offering got 50.76 crore bids versus 5.28 crore shares on sale, resulting in a 9.6x subscription. Its IPO consists of a fresh issue of shares at INR 1,125 crore and an offer for sale (OFS) of 5.47 crore shares.
  • Walmart is now looking into the “right time” for Flipkart’s initial public offering (IPO). Walmart International President and CEO Kath McLay stated that the IPO ambitions originate from Flipkart’s development trajectory, which has been EBITDA positive for the last two quarters.