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).
With large PE and VC funds still placing their bets cautiously amid the volatile macroeconomic environment, the dry spell might continue for some time. EV startup Euler Motors and Ecommerce-focused logistics firm Ecom Express led the funding charts this week.
Euler Motors picks up $60 million led by GIC: Electric vehicle (EV) startup
Euler Motors has raised $60 million in funding led by Singapore’s sovereign wealth fund GIC. Moglix, a business-to-business ecommerce firm for industrial products, Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, and ADB Ventures also participated. Euler builds three-wheeler commercial vehicles for its partner companies to use for their logistics requirements.
Ecom Express raises $39 million from existing investors: Ecommerce-focused logistics firm
Ecom Express has secured $39 million in funding from existing investors Warburg Pincus, CDC Group and Partners Group, regulatory documents sourced from business intelligence platform Tofler showed. Partners Group invested $29 million, Warburg Pincus invested around $5.8 million, and CDC Group put in the remaining amount. The company raised money from existing investors after it struggled to attract new ones
Vance bags $5.8 million in seed round: Global neo-banking platform
Vance has raised $5.8 million in a seed round led by Hummingbird Ventures. The round also saw participation from Global Founders Capital, YCombinator, Soma Capital and seasoned angels such as Alan Rutledge and Gokul Rajaram. Founded in 2022 by Parth Garg, a Stanford dropout, Vance aims to change the way global citizens engage with financial services.
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Agri-tech startup Falca raises over $3 million: Agri-tech platform
Falca has raised over $ 3 million in pre-series A round funding led by Inflection Point Ventures, along with a combination of debt and equity funding. The round also saw participation from LetsVenture, and Mumbai Angels among other HNIs. The rural agri-tech supply chain platform offers farming solutions to small & marginal farmers by providing services like quality & authentic inputs to avail machinery on rent, market linkages, and storage solutions, among others.
Beauty startup Vanity Wagon picks up $2 million: Beauty startup
Vanity Wagon raised around $2 million in pre-Series funding at a valuation of $8 million. Coled by Agility Ventures Partners and Lotus Herbals Private Limited, the round saw participation from Inflection Point Ventures, Venture Catalysts, and other high-net-worth individuals (HNIs). The Delhi-based startup will utilise the funds to strengthen its market position, invest in brand building, grow the private label portfolio.
