India’s startup ecosystem faced a funding decline of 65.8%, raising only $6.9 billion across 1,013 venture capital (VC) deals during January-November 2023, compared to $20.2 billion in the previous year. A report by GlobalData reveals that the US also experienced a decline of 42% in deals volume and 44% in deals value. Despite the challenging funding winter, Indian startups remain optimistic as VC firms still find India an attractive market.
Rural-focused lending fintech Navadhan has raised $5 million (Rs 40 crore) in its pre-series A round of funding led by Prime Venture Partners, with participation from existing investors Gemba Capital and Varanium NexGen Fintech Fund. The Mumbai-based company, founded in 2019, has previously raised around $2.8 million over two seed rounds.
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Ukrainian President Volodymyr Zelenskyy makes a direct appeal to US senators for support as Congress faces a critical decision on Ukraine aid. The White House warns that funding will be depleted soon if issues over domestic policy are not resolved. The conflict with Russia and its implications for democracy are highlighted. Lobbying efforts by Zelenskyy’s officials intensify, with several top US officials participating in closed-door briefings. The complex politics surrounding the funding become apparent as Senate Republicans condition their support on addressing the border crisis, while Democrats walk out of negotiations.
ShipGlobal, a cross-border logistics firm, has secured $2.5 million in funding from Info Edge Ventures. The firm, which primarily assists small and medium-sized sellers in India who sell through ecommerce platforms, plans to use the funds to expand operations to Australia and West Asia, enhance its tech capabilities, and increase its presence with new sellers. ShipGlobal has already raised over 15,000 sellers in India and ships their products to the US, Canada, and the European Union.
Fixed asset investment platform, Tap Invest, has announced securing $2 million in funding.
Dunzo, a cash-strapped startup, is facing challenges in managing its cash flow and has pending dues towards vendors and staff. The company’s board and investors are closely reviewing major expenses before approving any significant payments or commitments. Dunzo is actively seeking fresh funding through a rights issue but faces limitations due to breached debt terms. The company aims to close the funding round in the next few months.
The Manipur government has introduced a crop compensation package of ₹38.06 crore for farmers affected by ethnic violence. A survey conducted by a farmers’ body indicates that around 9,719 hectares of paddy fields in the valley are at risk of crop failure due to sporadic firing. The proposal for funding has been accepted by the Ministry of Home Affairs and the package is expected to be released to the affected farmers by November.
Bernstein, a financial management firm, has warned that the ongoing standoff between Canada and India could have detrimental effects on investments in renewable projects in India.
E-commerce startup Flash.co, founded by ex-Flipkart executive Ranjith Boyanapalli, has secured $6.7 million in funding. The company provides custom-made email accounts and rewards for frequent online shoppers, with the aim of building unified digital identities across e-commerce platforms. Flash.co has already processed over a million orders since its launch in April. The funding round was led by venture capital firms Blume Ventures and PeerCapital. Flash.co plans to use the funding for strategic hires, infrastructure enhancements, and international expansion.
Kale Logistics Solutions has secured $30 million in funding to expand its operations in the U.S. and Europe. The Indian startup offers a suite of cloud-based software tools that digitize and automate logistics and shipping activities, aiming to eliminate paper-based processes. The funding will be used to increase its presence, hire more staff, invest in research and development, and enhance its product with more features. This comes as the global logistics industry undergoes rapid digitization, with a growing demand for intelligent automation and end-to-end visibility.
