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Indian Startups Secure $112.35 Million in Funding This Week

This week, Indian startups collectively obtained approximately $112.35 million in funding, with six growth-stage and twelve early-stage deals being recorded, while six startups chose not to disclose their funding details.

In contrast, the previous week saw 25 startups across various stages of growth raise about $62.67 million.

Growth-Stage Funding Highlights

This week, growth and late-stage investments reached nearly $85 million, spearheaded by foodtech unicorn Rebel Foods, which secured $25 million from the Qatar Investment Authority. Additionally, enterprise tech company Uniqus Consultech acquired $20 million in a Series C funding round led by Nexus Venture Partners. Drone technology firm Vayudh also raised $10 million in its Series A round, supported by Dharaana Capital. Other firms including fintech player Bankbazaar, agritech startup Farmart, and Fabric, along with its subsidiary Intellicar, also attracted investments during the week.

Early-Stage Funding Highlights

In the early-stage sector, twelve startups raised a total of $27.41 million. Emversity, a skill-training platform, led this segment with a $5 million funding round, followed by healthcare-oriented fintech SaveIN, savings application Bachatt, agri-biotech company GreenGrahi, direct-to-consumer snack brand Phab, and a travel tech startup for online visa applications, among others. Dev-tools startup DevAssure, transit-tech platform Tummoc, AI startup Catalogus, and the AI-enhanced quick commerce platform KiranaPro also received funding but did not disclose specific amounts.

City and Segment-Specific Insights

Regarding the number of funding deals based on location, startups in Delhi-NCR led with nine deals, followed by Bengaluru, Mumbai, Chennai, and other regions. In terms of segments, fintech startups took the lead with four deals, while travel tech and foodtech companies secured three and two deals, respectively. Agritech, e-commerce, AI, deep tech, drone tech, and other sectors also participated in the funding landscape.

Funding Rounds Overview

During the week, seed funding deals topped the charts with nine agreements, succeeded by Series A, pre-seed, Series C, and other funding rounds.

Funding Trends Week-on-Week

Startup funding witnessed a significant increase of 70% this week, reaching $112.35 million compared to approximately $62.67 million from the previous week. The average funding for the past eight weeks stands at about $232.47 million with 25 deals each week.

Key Appointments and Departures

This week saw noteworthy promotions within various companies. The parent company of Mamaearth elevated Karan Bajwa and Avinash Dhagat to CXO positions. Accel promoted Pratik Agarwal and Rachit Parekh to Partner roles. Pine Labs appointed its CEO Amrish Rau as Managing Director and Chairman of the company, while Ideaspring welcomed Kailashnath as a partner. However, there were notable departures, including Sandip Basu, Group CFO of VerSe (the parent of Dailhunt), resigning for health reasons, and Nitin Agarwal, CEO of Globalbees, stepped down due to personal issues.

Mergers and Acquisitions

Ampivo AI, a provider of multi-modal AI solutions, has acquired a majority stake (51%) in Commerce Forever Solutions. CARS24 has also acquired Team-BHP, a prominent automotive community platform in India. Moreover, eyewear brand ClearDekho has been purchased by the Indian conglomerate Jaipuria Group.

Layoffs in the Industry

CARS24, the e-commerce platform for pre-owned vehicles, has laid off over 200 employees from its product and technology divisions as part of an effort to reduce costs.

New Fund Launches

A91 Partners has closed its third fund at $665 million, aiming to continue supporting growth-stage companies with strategic investments. Blue Ocean Games, backed by South Korean gaming giant Krafton Inc., has launched a $30 million fund to assist indie game developers globally, with a focus on emerging talents from India. Trident Growth Partners has successfully raised over Rs 1,000 crore in the initial close of its first fund.

New Startups and Partnerships

Former Housing.com CEO Jason Kothari has initiated a new venture named Mythik. The founder of Candere has launched Lucira, a brand specializing in lab-grown diamond jewellery. Akums has partnered with Tamil Nadu Agricultural University to facilitate pharmaceutical innovation. The Circle FC is collaborating with Start-in UP to elevate Uttar Pradesh startups to a global platform. NSDC has joined forces with Rapido to enhance skills and boost employability in the gig economy. MobiKwik is teaming up with Poonawalla Fincorp to offer immediate personal loans.

Potential Upcoming Deals

Bhavish Aggarwal’s Krutrim is in negotiations to raise $300 million, while IPO-bound Captain Fresh aims to secure debt financing from Trifecta. ELIVAAS is also discussing a new funding round of Rs 100 crore, and Pagarbook has turned cash flow positive despite a sharp decline in valuation.

Financial Results This Week

XpressBees reported an EBITDA positivity for FY24, with its warehousing business growing by 60 times. Zupee registered a profit of Rs 146 crore after tax for FY24, while Boult Audio experienced a revenue increase of 40%, surpassing Rs 700 crore in FY24.

News Flash This Week

The Enforcement Directorate conducted raids at eight locations associated with FIITJEE due to centre closures. Ather Energy has filed its RHP to raise Rs 2,626 crore through a fresh issue. Flipkart’s board has approved the transition of its domicile from Singapore to India. Zetwerk is planning to go public within the next 12 to 24 months, and MobiKwik has established a wholly-owned NBFC subsidiary.

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