Between May 6 and 11, Indian startups raised $220.2 million in a total of 21 agreements.

Atlan’s $105 million investment round was the week’s only big funding round.

Seed funding continued to decline this week, with firms at this stage obtaining $8.4 million.

Weekly Funding Roundup

Investment activity in the Indian startup ecosystem was muted this week compared to the previous six days. Between May 6 and 11, startups raised $220.2 million in 21 agreements, a 30% drop from the previous week’s $316.4 million in 23 deals.

Investing Spree: Indian Startup Investment of the Week [May 6–May 11]

Key Startup Funding Highlights for the Week

  • Despite the week’s dampened investment trends, SaaS startup Atlan closed a huge deal. The data collaboration software provider raised $105 million in its Series C fundraising round, which was headed by GIC and Meritech Capital. The investment also increased Atlan’s post-money valuation to $750 million.
  • Boosted by Atlan’s massive funding, enterprisetech has risen to dominate sectoral funding patterns. Startups in the field raised $113.2 million in five deals, the most at a sectoral level.
  • Peak XV Partners, Endiya Partners, Nitin Gupta, and Inflection Point Ventures were this week’s most active investors, each financing two firms.
  • Seed funding fell further this week, with firms receiving $8.4 million. This is down 32% from last week’s $12.3 million.

Updates on the Indian Startup IPOS

  • Travel Boutique Online, often known as TBO Tek, is a business-to-business travel platform. It raised INR 696.5 Cr from 47 anchor investors and launched its initial public offering (IPO) on May 8. Its public offering was oversubscribed by 86.7X on the final day of bidding on May 10, with buyers asking for 80.5 crore shares vs 92.85 lakh shares on offer.
  • Insurance tech unicorn Digit Insurance is slated to launch its second public offering on May 15 and close on May 17. The startup’s IPO would include a new issue of shares for INR 1,125 crore and an offer for sale (OFS) component worth 5.47 crore. It has set a price range of INR 258 to 272 per equity share.

Acquisitions and Mergers This Week

  • Hexaware Technologies, a digital solutions provider, has bought data consulting firm Softcrylic for an undisclosed sum. It acquired the US-based company to boost its data and analytics skills.
  • Private equity firm KKR has announced that it will pay an undisclosed sum for medical device startup Healthium Medtech Ltd from an affiliate of funds advised by Apax Partners LLP.