Indian startup ecosystem saw a decline throughout May, it fell to the lowest in this week between May  20 and 25. During this week 16 deals were made by Indian startups from 20 May to 25 May. The  amount raised from these deals was $58.36 million in funding this week. The numbers in funding  amount went down by 52% in comparison to last week’s report. 

Following the previous week, Fintech startups led the list of this week as well, with the total funding  amount gained by startups in this sector reported to be $23.9 million across four deals. Navi Finserv,  the leading tech startup secured the biggest amounts, Buoyed by the $18 million fundraising. Navi  Finserv, a non-banking finance company raised Rs 150 crore through NCDs from six investors.

The  investors who participated in the funding round include Dadachanji Group’s chairman Kairus Shavak  Dadachanji, Rishad Kairus, and Pervin Kairus Dadachanji led the round by Rs 110 crore. Other investors  including Rohit, Sandhya, and Yash Kapadia invested a total amount of Rs 40 crore. 

E-commerce startups raised $3.5 million across 4 deals. Freshleaf, a tea brand startup has raised Rs 1  Crore in a Seed fund round led by IPV. The seed funding saw a four-times increase, from last week’s  $3.5 million to $13.12 million this week. Portl and Infinx are the only healthcare-related startup on the  list. Portl, a digital fitness and wellness startup secured $3 million in a funding round led by the Bharat Innovation Fund with participation from Kalaari Capital, and new investor T-Hub Foundation. Portl is  planning to broaden its product range and design stronger technology for users of all fitness levels.  

Most of these startups were from fintech followed by e-commerce, deep tech, logistics, and cleantech. In addition, Vaaree a Home Décorstartup raised $2.5 million in Pre-series A funding. WOW Skin Science  a Bengaluru-based beauty and personal care brand, also raised $75 million in fresh capital. Startup funding had a 52% drop as compared to the previous week, as it went from $ 122 million to $58.36 million. Funding activity in the world’s third-largest ecosystem saw a decline for a third consecutive  week in May. 

Conclusion: 

Indian startup ecosystem saw a decline throughout May, it fell to the lowest in this week between May  20 and 25. During this week 16 deals were made by Indian startups from 20 May to 25 May. Navi  Finserv, the leading tech startup secured the biggest amounts, Buoyed by the $18 million fundraising. 

Other investments include Freshleaf, a tea brand startup that has raised Rs 1 Crore in a Seed fund  round led by IPV. Portl, a digital fitness and wellness startup secured $3 million in a funding round led  by the Bharat Innovation Fund. Most of the startups who raised funds this week were from fintech  followed by logistics, deep tech, cleantech, and the healthcare sector. Startup funding had a 52% drop  as compared to the previous week.