Mergers, Acquisitions and Funding Round-up this week: June 3 to June 8

Local Samosa is back with this week's funding round-up. From June 3 to June 8, this week has observed many deals related to fundraising, startups, and acquisitions.

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This week observed multiple fundings and investments in the start-up landscape of India. Cumulatively, Indian start-ups were able to raise a total of $97.3 Mn across 10 deals with an over 55% decline from what it was for the previous week, i.e. $217.84 Mn. The week remained rich in terms of secondary transactions. On the other hand, the seed funding went down by 67% this time. Check out the major updates from the start-up world. 

Fibe raises $90 million from multiple investors


Image Courtesy: Fibe

The Pune-based consumer lending startup Fibe, which was previously known as EarlySalary, has raised a $90 million financing round. The round had the Hong Kong-based TR Capital which invested $32 million to get a mix of secondary and primary shares, along with Trifecta Capital and Amara Partners. Of the total funding, the $66 million is in primary investment while the rest was for secondary shares.

Astrotalk raises 78.3 Cr from Left Lane Capital and Elev8 Capital


Image Courtesy: LinkedIn

Astrotalk, the online astrology platform has raised 78.3 Cr ($9.5 Mn) from its existing investors Left Lane Capital and Elev8 Capital. The fund was raised in an extended Series A funding round. This B2C brand providing Hyperlocal Services has received $20 million from New York-based Left Lane Capital, marking its first institutional funding round in February. 

Testsigma raises $8.2 million by MassMutual Ventures and others


Image Courtesy: Forbes

An AI-based low-code test automation platform Testsigma has raised $8.2 million from MassMutual Ventures, along with existing investors Accel, STRIVE, and BoldCap. This B2B Horizontal SaaS company had also raised $4.6 million led by Accel along with TRIVE and BoldCap in 2022.

LogicLadder raises $2.5 million by Big Capital and Rainmatter


Image Courtesy: Business Review Live

Sustainability and climate management solutions provider LogicLadder has raised $2.5 million in a funding round led by Singapore-based Big Capital and Zerodha-backed venture fund Rainmatter. The funds have been expected to be used to expand its global footprint in South Asia and North America, according to the company. 

BIGGUYS raises $2 Mn from a host of NRIS 


Image Courtesy: LinkedIn

BIGGUYS, the Bengaluru-based chicken quick service restaurant (QSR) chain has raised $2 Mn (around INR 16 Cr) from a host of NRIs that include Surya Kalai, Vinod Achutan, and Nagaraja Kalia among others belonging to countries like Singapore, Australia and Switzerland. The fund was raised in the bridge funding round in a mix of equity and other instruments.

Clodura.AI gets $2 million from Bharat Innovation Fund


Image Courtesy:LinkedIn

Clodura.AI, an enterprisetech, Horizontal SaaS B2B company has raised $2 million (about Rs 16.6 crore) in a funding round led by Bharat Innovation Fund. This pre-series A funding round also witnessed the participation of Malpani Ventures. The company said it will use the funding to further develop its AI capabilities and expand its user base.

Other mergers and acquisitions

  • Aiming to become one of the leading sports and entertainment focus publishers in the US market, Nazara Technologies’ subsidiary Absolute Sports (parent of Sportskeeda) will soon be acquiring all the assets of Pennsylvania-based entertainment news site Soap Central for an amount of $1.4 Mn in an all-cash deal.
  • Amazon has reached its final stage in acquiring MX Player from Times Internet. The company has also confirmed that it has signed an agreement to buy some assets of the video streaming platform. 
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