Discover more from 1947 Tech Newsletter 🇮🇳
1947 Rise ☀️: 212
1. Big-ticket funding still elude Indian startups
The days of big-ticket funding seem a distant memory at this point, with wary investors walking away from large funding deals at unicorns, citing tech turbulence. It has been months since we’ve seen Indian startups bagging deals upwards of $100 million as richly valued startups have struggled to raise startups have struggled to rack up capital. Investors have turned extremely cautious, prizing profitability over growth amid strong macroeconomic headwinds.
The number of funding rounds of $100 million and upwards has fallen from 29 in the first quarter of the calendar year to 18 in the second quarter and just three in the third quarter (as of August 24).
2. Startup founders, VCs hit by Bengaluru floods bemoan city infrastructure
Flipkart, Myntra, PhonePe, Vedantu and a host of other startups were hit by the rains and floods crippling India’s technology capital and its business commnuity.
Founders and CEOs took to microblogging site Twitter as they chronicled their struggles to commute over the past two days even as employees were asked to work-from-hiome by most companies.
“ Ten years ago people moved away from Mumbai because of rising cost of living and started setting up headquarters in Bengaluru or Pune. Today, there is no advantage that Bengaluru brings since the cost of living is rising and the civic infrastructure is crumbling. Every founder (in Bengaluru) is troubled, and there might be a mass exodus (of businesses) from the city. This incident is just the tipping point. There should be a focus on building the public infrastructure so that the (startup) ecosystem thrives,” said Jitendra Gupta, founder and chief executive officer, Jupiter, a fintech startup.
I recently went on to Pomp’s pod to talk about the Indian tech ecosystem and the 1947 Rise Fund.
I have carved out some allocation for the wonderful community of the 1947 Rise newsletter.
If interested in investing in the 1947 Rise Fund — feel free to DM me on Twitter
1947 Operators 🎙
For the full episode 👇🏼
Worth your attention:
EV startup Yulu raises $82 million in funding led by Magna International Link
Wow! Momo Foods raises Rs 125 crore in funding from Oaks Asset Management Link
GroMo raises $11 million in funding from SIG Venture Capital and others Link
Supply chain finance startup CashFlo raises $8.7 million in funding led by General Catalyst Link
Prosus Ventures may join funding round of ex Myntra CEO’s new fashion startup Link
Villa rental startup StayVista raises Rs 40 crore in funding led by DSG Consumer Partners Link
Venture Catalysts partners with Credai on a $100 million fund for real estate startups Link
Construction supply chain startup Zippmat raises $10 million led by Matrix Link