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Start-ups in India received $2.9 billion of VC money in the July-September quarter, marking a 66 per cent decrease from the second quarter of 2022 and an alarming 81 per cent drop from the same quarter last year, reveals a new report by start-up and VC data platform Crunchbase.
Sales from the country have almost doubled since last year and tripled in last 2.5 years, according to the maker of smart living applications that include shower systems, bathroom and kitchen faucets, and other premium home solutions.
Seed-stage and late-stage funding in Indian startups suffered in September, with no deal crossing the $100 Mn threshold. Early-stage funding, however, went up 23% as compared to August.
Reports suggested OFI Global China Fund and other funds managed by Invesco's Developing Markets Equity investment team were looking to sell ZEE shares today.
With larger fashion marketplaces like Myntra and Ajio gaining prominence, smaller, vertical-focused players have lost out. LimeRoad’s slump sale is further proof that online fashion in India is harder to crack than it appears.