Cross-border speciality chemical manufacturing platform Mstack raised $40 million in its Series A funding round co-led by Lightspeed and Alphawave along with a debt from HSBC Innovation Banking…reports Asian Lite News
At least 32 domestic startups secured nearly $135 million in funding this week, which saw four growth-stage deals and 22 early-stage deals in a significant jump of over 45 per cent from last week.
Deeptech startups emerged as leader this week as Industrial robotics maker Haber raised Rs 317.2 crore (approximately $38 million) in its Series C round, led by Creaegis with participation from Accel India and BEENEXT Capital.
Software-as-a-service (SaaS) platform Spry Therapeutics raised $15 million led by Flourish Ventures, Together Fund and Fidelity’s Eight Roads and F-prime Capital.
Cross-border speciality chemical manufacturing platform Mstack raised $40 million in its Series A funding round co-led by Lightspeed and Alphawave along with a debt from HSBC Innovation Banking. Mstack is now planning to make inroads into agrochemicals and pharmaceuticals. With the fresh proceeds, the firm will also hire talents across functions including R&D.
Meanwhile, digital adoption platform (DAP) Whatfix introduced a $58 million liquidity programme for its employees and investors, marking the company’s fourth buyback of employee stock options (ESOPs).
This week, Bengaluru-based startups led with 11 deals followed by Delhi-NCR, Mumbai and Pune.
Last week, 21 startups in India raised nearly $93 million in funding across 16 deals, which included four growth-stage deals and 12 early-stage fundings. It was a big drop from nearly $461 million raised by 29 domestic startups in the previous week, which included 10 growth-stage deals.
In the third quarter (July-September), domestic startups raised more than $4 billion, including several transactions over $300 million and $200 million, along with pre-IPO rounds. This included 85 growth and late-stage deals worth $3.3 billion, along with 207 early-stage deals worth $754.26 million.
Meanwhile, India has the golden opportunity to embrace technology as a great enabler and multiplier, driving India’s inclusive growth, industry experts and startup founders have stressed.
The startup ecosystem will generate more employment and there is a need to strengthen the policy ecosystem further, according to Sunil Kant Munjal, Chairman, Hero Enterprises.
“This is the phenomenal time to embrace the opportunity to turn the youth to valuable resources and embrace technology as a great enabler and multiplier,” he said during a PHDCCI event in the national capital.
Sanjeev Bikhchandani, Founder and Executive Vice Chairman, Info Edge (India) Ltd, emphasised that key factors driving India towards Viksit Bharat at 2047 include further reduction in regulatory compliances and increasing availability of capital, thereby nudging the forces in the right direction.
Speaking during a fireside session, Varun Alagh, Co-founder and CEO, Mamaearth (Honasa Consumers Pvt Ltd) said that there is a large scope of safe healthcare products in India.
He expressed bullish sentiments for the personal care industry in India, adding that “women-driven workforce and strengthening research and development should be focussed in the coming times”.
According to Ishpreet Singh Gandhi, Founder and Managing Partner, Stride Ventures, last-mile financing is important and large capital is flowing to India under climate technology.
“New-age businesses and startups are performing well in India,” he said.
The PHDCCI Economic Monitor has highlighted India’s sustained economic resilience in recent years, with GDP growth averaging over 8 per cent in the last three fiscal years.
Key indicators such as a significant drop in CPI inflation, steady growth in industrial production (IIP), core infrastructure, exports, and financial markets underpin India’s robust macroeconomic health.
Moreover, India’s pivotal role in driving global economic growth is becoming increasingly evident, positioning the country as a powerhouse in the global economic system.
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