The Weekly Wrap: all you need to know by Friday COB | July 7th
By Puja Sharma
The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.
The Big Story
The venture capital (VC) landscape in India had a drastic decline in the first half (H1) of 2023, with investments down 79% from the previous year. Multiple reports indicate the impact was particularly severe in FinTech, EdTech, and enterprise tech.
The total investments in H1 2023 totaled $3.8 billion, a stark contrast to the robust $18.4 billion secured the previous year, according to Venture Intelligence. There were just 293 deals last year, down 60 percent from 727 the year before. In the early-stage segment, funding value declined by 65% to $624 million, compared with $1.8 billion in 2022, while for growth-stage companies it was $342 million, a 43% decrease from the previous year’s $602 million.
Growth private equity (PE) investments witnessed the steepest fall. The total investment in this segment amounted to $1.6 billion, an 84% plunge from the previous year’s $10.5 billion. Venture Intelligence defines Growth PE as investments of less than $20 million from Seed to Series D in companies over 10 years old, as well as institutional investments from Series E to F in companies of the same age.
Deals of the week
- Alfii secures $2.5m pre-seed funding to launch FinTech-powered HR Platform
- Resistant AI extends Series A to $27.6m with new funding
- Unit21 secures $45m Series C to combat fraud and money laundering
- Papara acquires Rebellion, emerges as Europe’s latest FinTech unicorn
- Paytm and Shriram Finance to boost digital loan distribution
- Standard Chartered and Atome partner to expand financial access in Singapore
- Mambu expands partnership with Google Cloud
- Volante Technologies powers custodian banks to complete pilot testing on FedNow Service
- LendInvest secures £500m funding from Chetwood Financial
- InsurTech OneDegree closes Series B round at $55m
- Vestas & Mangopay partner to boost payments on renewables marketplace
- Lab2Land partners with FinBox to disburse $480k credit line to Agri retailers
- Vestas & Mangopay partner to boost payments on renewables marketplace
- SBI launches revamped digital app-‘YONO for Every Indian’
- Melton Building Society taps Finastra Essence to transform operations
Be on the lookout for
Global FinTech Fest (GFF) is a FinTech conference, jointly organised by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the FinTech Convergence Council (FCC). The event is being held between 5th to 7th September 2023 at Jio World convention center, Mumbai, India.
The theme of GFF23 underscores the need for collaboration and articulates the key imperatives to shape the future of the financial ecosystem globally. The current global macroeconomic indicators are more unsettled than at any point in recent history. The pandemic strained the geo-political situation: soaring interest rates, rising inflation, funding winter, volatile markets and tapering growth are creating complex, once-in-a-generation challenges.
Building a resilient financial ecosystem requires deep collaboration between governments, financial institutions, FinTechs, and consumers, GFF23 will bring together the stakeholders to contemplate, discuss and collaborate to create such solutions.
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