Synopsis
Indian startups secured a significant $1.09 billion in funding across 14 deals, with fintech giant Cred leading the charge with a massive $900 million round. This surge, primarily driven by late-stage investments, marks a substantial increase from previous weeks. Notable participants included Bessemer Venture Partners and Norwest, backing firms like Mitigata and Coval.ai respectively.Listen to this article in summarized format
Late-stage deals dominated funding activity this week, accounting for 93.1% of the total capital. Early-stage deals made up 4.9%, while private equity rounds accounted for 1.2%.
Among VC firms, Bessemer Venture Partners, Norwest, and Lightspeed Venture Partners were the active backers this week, participating in the rounds of Mitigata, Coval.ai, and Super Living, respectively.
Top deals
Cred: In the week’s largest deal, Meta led a Rs 8,550 crore, or $900 million, round in Cred, valuing the fintech company at $4.5 billion post-money. The transaction includes about $500 million in fresh capital and $400 million in secondary share sales. Per the terms of the deal, Cred founder Kunal Shah stepped down from the company to joined Meta’s global leadership team, with Miten Sampat taking over as interim CEO.
