August 2nd week: Indian startups raised only $12 million

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This week remain low funding week for Indian startups ecosystem and raises only $12 million from investor. Indian startups raised only $9 million in previous week also.

In fact, since the start of the current financial year, this is the first time that venture investments into startups has fallen to a level below $15 million on a weekly basis.
For the second week of August, there were a total of nine equity deals, with a majority of the transactions concentrated in the early-stage deals. Debt financing made a comeback, with a total amount raised by startups touching $8.6 million from companies such as Upgrad and Ziploan.

Bengaluru-based BigHaat raised over $2 million in pre-Series A funding round. The startup will use the capital to scale its data and technology. It is going to be hiring across various departments, and aims to engage over 10 million farmers across India over the next 24 months. The current round also saw participation from Rockstud Capital, BigHaat’s existing investor Ankur Capital, and angel investors.
CityCash, a Mumbai-based fintech startup focussed on creating a transit led micro-payments ecosystem, raised its seed round of $1 million from Orios Venture Partners, an early-stage venture capital fund. The startup said the new funds will be used for expanding market access, merchant ecosystem, and to develop technology to deploy Open Loop National Common Mobility Cards on SoftPOS and digital ticketing solutions.

Mobile advertisement firm Affle acquired eight percent stake in indigenous social keyboard provider Bobble AI for Rs 19.8 crore. Prior to Affle’s investment, the major investors were Xiaomi and SAIF Partners. After Affle’s investment, the shareholding of Xiaomi would be 27.6 percent and that of SAIF Partners would be 19.42 percent. Bobble Indic Keyboard includes speech-to-text capabilities and is accessible in multiple Indian languages. It is also a pre-loaded default keyboard for Xiaomi across multiple devices in India.

Mumbai-based DocSumo, a document AI startup, raised seed funding of $220,000 from Better Capital, TechStars, and Barclays. DocSumo will use this investment to strengthen its product, marketing, and sales engine, and also foray into newer markets like the US. Started in 2019 by former Rocket Internet executive Rushabh Sheth (CEO), and Bikram Dahl (CTO), DocSumo’s technology platform helps to automate and analyse financial data such as bank statements, pay stubs, tax data, and business financial documents. It helps companies and firms to convert unstructured documents into structured data.

Online climate school closed a $1.4 million seed round led by Stanford Angels and Entrepreneurs (India), BEENEXT Emerging Asia, Zerodha-backed Rainmatter Capital, and prominent angels from the Indian and US ecosystem. The startup runs online learning programmes and has a community that helps individuals across the globe transition their skills into working on tough climate change problems.

Undisclosed Funding  AI-based sales augmentation platform DaveAI raised an undisclosed amount in its pre-Series A round of funding led by Mumbai Angels Network. The round also saw participation from GHV Accelerator, IIIT Technology Venture Partners, and Mohan Kumar, CEO of Crestere Technologies. Founded by Dr Ananthakrishnan Gopal, Ashok Balasundaram, and Sriram P H, DaveAI is a sales augmentation platform with a vision to democratise AI for enterprises. DaveAI can be used by brands to create sales experiences on web, VR, and AR.

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