indian startup funding: ETtech Deals Digest: Ray of sunshine amid funding winter for Indian startups

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It’s the second week of November, a time typically marked by chilly winter winds in north India. For Indian startups, though, it’s been winter all year long. The cold spell of funding for Indian startups continued this week, with things only looking wrose for many established startups. The week was marred by news of layoffs at both Indian and foreign startups, as well as Big Tech in the US. Edtech startup Unacademy cut 10% of its workforce, laying off 350 people, while Meta announced it would sack as many as 11,000 workers.

There was a tiny ray of sunshine for Indian startups, though. The International Financial Service Centre Authority (IFSCA) announced a grant for fintech startups, starting from early next year. The IFSCA Fintech Incentive Scheme will have six grants ranging from Rs 15 lakh to Rs 75 lakh. Another piece of good news came from the Indian insurance regulator, IRDAI, which proposed to the government that insurance companies be allowed to buy more than 10% of unlisted companies. Currently, insurers cannot invest in unlisted firms without IRDAI’s approval.

Amagi raises $109 million in funding from General atlantic: Media technology startup
Amagi raised $109 million at a valuation of $1.4 billion. The fresh investment included $80 million in primary capital from global growth equity firm General Atlantic, and the rest came in via secondary stake sales.In March, the startup raised $95 million in a funding round led by Accel, which catapulted it into India’s growing list of unicorns, or startups valued at $1 billion or more.

Even, a healthcares startup, raises $5 million: Bangalore-based healthcare startup
Even raised $15 million in funding , after raking in $5 million in its seed round. New investors Alpha Wave and Aspada (Lightrock) participated in the round in addition to existing investors Khosla Ventures, Founders Fund, Lachy Groom, Nikesh Arora (CEO of Palo Alto Networks), Kunal Shah (CEO of CRED), and Tom Stafford (partner at DST Global).

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Zerodha’s investment arm backs home appliance firm Up: Rainmatter, the investment arm of Zerodha, has i
nvested $500,000 in Benguluru-based smart home appliance company Up. The startup, previously known as React Labs, makes connected home appliances and its first product, ‘delishUp’, is in beta testing.

QubeHealth raises funds from New Horizon, others: QubeHealth, an early-stage, healthcare-focused fintech startup,
raised an undisclosed sum in a round led by US-based New Horizon Ventures, ThinKuvate (Singapore) and existing investor Keiretsu Forum. Axiomatic Ventures, Inflection Point Ventures, and other angel investors from India and the US also participated in the round, which the company said would give it a runway of over 20 months.

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