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Semiconductor startups, $250 Million rounds, and the funding slowdown.

Get another weekly recap here.

Author

Vikram Venkat
May 16, 2023

Welcome back to TechMantras!

Your one-stop guide for information on the Indian startup Ecosystem.

Every week, I consume various articles on the Indian startup ecosystem, and deliver exciting metrics and developments through a quick read.

Addressing the effects of the funding winter

Swiggy’s valuation slashed by 50% to $5.5 Billion

What are the factors driving this trend?

This slowdown in the number of unicorns, revenue and funding in general could be attributed to:

  • Central banks across the globe raising interest rates.

  • Cost of capital becoming expensive

  • Potential deceleration of future earnings.

In the future, companies may struggle funds to match their desired valuations, but the fact that the Indian economy shows an almost 0% probability of recession could be an encouraging sign to ride out the wave in the near future.

Back to this week’s funding

25 startups raise over $341 Million

This week saw Byju’s raise $250 Million followed by Rippl’s round of $40 Million, with the rest dominated by early-stage startups.

1. 🔗 Link: Semiconductor startup raises $3M from Sequoia Capital

  • Chennai-based Incore have just completed their seed round for their fab-less semiconductors.

  • The startup plans to use the funds to increase its portfolio of Core-hub generators and more to act in the embedded chips space.

  • Founded in 2018, they enable their customers with turnkey processor IP solutions for legal, automotive automation, and more.

2. 🔗 Link: Legal automation and Debt recovery platform to raise new round

  • Credgenics is in advanced stage talks to raise a fresh new round, having already raised $25 Million. The company was valued at $100 Million post their Series A round

  • They provide loan collection services and debt recovery tech solutions, with their clientele including the likes of ICICI, Kotak Bank, IDFC First, Axis Bank, and so on.

  • They have also announced they have turned profitable, having handled 40 million retail loans and touching an overall loan book of $47 Billion in FY22.

And that’s all for today friends! Thanks for reading, and I would love to hear your thoughts.

As always, feel free to reach out to me on LinkedIn or Twitter!

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