Funding down by 33%📉, Dineout with Swiggy🍽️, FMCG sales fall on Amazon🧴
Startup funding fell by 33% in Q2, Swiggy completes acquisition of Dineout, FMCG sales fall on Amazon after Cloudtail transition, Funding Deals and more.
Good Morning Reader,
Start your day, the smart way!
1 Mail | 2 Minutes | 3 Stories
Indian startup funding fell by 33% in Q2: Tracxn report📉
The Indian startup ecosystem saw a 33% decline in venture funding to $6.9 billion in the second quarter of this year thanks to poor macroeconomic conditions, according to a report from Tracxn.
“Though investors are a little wary due to the current environment, it hasn't dampened the investment spirit of the community. They have become more decisive about the startups they want to nurture and are focusing extensively on a long-term perspective,” said Abhishek Goyal, cofounder, Tracxn.
Dailyhunt parent VerSe Innovation, Delhivery, Udaan, ShareChat and upGrad raised the largest sums in Q2. In terms of cities, Bengaluru, Delhi and Mumbai raked in the most money from investors.
Swiggy completes acquisition of Dineout🍽️
Food and groceries delivery e-commerce major, Swiggy has completed the acquisition of Dineout, a dining out and restaurant tech platform.
Dineout founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor have joined Swiggy as the acquisition is completed.
The food delivery giant acquired Dineout in May this year. The deal will "enable Swiggy to cater to every food occasion", a statement said, adding that the food ordering platform will strengthen its position with Dineout's offering. Swiggy restaurant partners, too, will be benefited with a larger customer base.
Payments focussed fintech startup Innoviti has closed its Series D round with an additional $25 million funding from investors led by Singapore’s Panthera Growth Partners.
Mobile-based point-of-sale (PoS) startup, QueueBuster has raised Rs 63 crore (or roughly $8.16 million) as a part of its fresh funding round led by Chiratae Ventures, Omidyar Network India and Flourish Ventures.
BuildNext, a tech-enabled homebuilder has raised $3.5 million in a Pre-Series A funding round led by Pidilite Industries’ wholly-owned subsidiary – Madhumala Ventures.
Agritech startup WayCool has received Rs 50 crore in debt funding round which was led by Stride Ventures.
➡️ Check out our LinkedIn space for more on the funding deals.
FMCG sales fall on Amazon after Cloudtail transition🧴
FMCG sales have fallen significantly on Amazon India after brands including Nestle, Dabur and HUL were asked to switch to new seller Rocket Kommerce from Cloudtail.
Sources estimate that the fall in sales could be in the range of 30-40%.
Cloudtail was the biggest seller on Amazon but the e-tailer shut it earlier this year, after acquiring a 100% stake in its parent firm Prione. Amazon was forced to shut the seller as existing norms do not allow an entity running an online marketplace and its group companies to own equity in any seller on the platform or control its inventory.
The biggest hurdle from the transition to Rocket Kommerce has been the brands’ inability to provide credit to the new seller.
Most business-to-business (B2B) transactions are credit-based, meaning that brands give sellers a few weeks to pay for the goods sold.
Tweet of the day🐥 (Fact Friday)
📸 Have you checked our reels on Instagram?
Other Top Stories
🚀 Space startups pin high hopes on upcoming space policy to reach global markets
💰 Rajeev Misra steps back at SoftBank to launch a new fund
"Today might not be perfect, but it’s a perfect day to be happy."
- Lori Deschene
Thanks for reading😊
Hit Like❤️. Share with your friends/colleagues, if you enjoyed the newsletter.