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1947 Rise ☀️: 338
Eruditus, PharmEasy, & Funding in India
1. Indian startups raise $3.8 bn in H1 of 2023, lowest half-yearly funding in 4 yrs
Indian startups raised $3.8 billion in the first half of 2023 (January to June), falling by a massive 36% as compared to the fundraising in H1 of 2022. This is also the lowest six-month funding in the last four years, as per PwC India research report. Furthermore, Fintech, SAAS, and D2C continued to be the most funded sectors in H12023.
As per PwC’s data, Indian startups fundraising stood at $3.8 billion across 298 deals in H1 of 2023, compared to $5.9 billion raised in the first half of 2022.
2. Eruditus taps PEs, SWFs for $100–150 mn
Higher education startup Eruditus has reached out to top private equity (PE) and sovereign wealth funds (SWF) to raise $100–150 million, two people aware of the development said. The fundraising will see the Mumbai-based company issue new shares, while some existing investors will also divest their holdings.
Despite the turmoil in edtech and the broader dip in startup valuations, Eruditus is confident of protecting its valuation after turning cash flow positive last month, one of the persons said.
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Worth your attention
PharmEasy plans Rs 2,400-crore rights issue at 90% discount to repay loan Link
Investors, founders may have overestimated potential size of India’s startup market: Zerodha… Link
Founders who cross the line on governance should face jail time: Mohit Bhatnagar of Peak XV… Link
Battery Smart raises $33 million in funding from Tiger Global, Blume Ventures, others Link
AI4Bharat researchers to raise $12 million from Peak XV, Lightspeed for own firm Link
India becoming a land of entrepreneurs, says IDFC CEO V Vaidyanathan Link
Tata Group could soon become the first Indian iPhone maker Link
Nischal Shetty’s Shardeum raises $5.4 million in a strategic round Link