Indian Startups Secure $194.22 Million in Funding

This week, a total of 28 Indian startups gathered approximately $194.22 million in funding, comprising 9 growth-stage and 18 early-stage deals, while one startup opted to keep its funding amount confidential.

In contrast, the previous week had seen 27 startups across various stages secure around $585.71 million.

Growth-Stage Deals

Growth and late-stage funding accumulated nearly $137.2 million this week, spearheaded by D2C snacking brand Farmley, which successfully concluded its Series C round led by L Catterton. Following closely, battery tech startup VFlowTech raised $20.5 million in its Series B round. Disposable hygiene firm Nobel Hygiene secured $20 million through a combination of primary and secondary transactions. Additional funding was raised by IT service provider Celebal Technologies, biopharmaceutical company Avammune Therapeutics, ice-cream brand Hocco, digital invoicing and discounting platform M1xchange, quick service restaurant (QSR) chain Biryani Blues, and omnichannel jewellery retailer.

Early-Stage Deals

Furthermore, 17 early-stage startups amassed a collective $57 million in funding. Oncology startup Complement1 led the early-stage sector with a $16 million seed round, followed by mixed reality startup Flam, and AI startups Hyperbots, Adopt AI, and manufacturing firm TIEA Connectors, among others. Intelligent analytics and attribution platform Cryptique also raised funds but did not disclose the exact amount.

For a comprehensive breakdown of the funding, consult various sources.

City and Segment-Wise Deals

In terms of city breakdown, Bengaluru-based startups led with 12 deals, followed by Delhi-NCR with 7 deals. Startups from Mumbai, Jaipur, and Ahmedabad also secured funding.

By segment, healthtech startups topped the list with 4 deals, while foodtech and AI startups each recorded 3 deals. Media and entertainment, logistics, fintech, and other sectors also secured funding.

Series-Wise Deals

Throughout the week, seed funding dominated with 12 deals, followed by Series B, Series A, Series C, and others.

Week-on-Week Funding Trend

On a weekly comparative note, startup funding saw a significant decline of 67%, dropping to $194.22 million from approximately $585.71 million acquired in the previous week. The average funding over the last eight weeks is around $218.61 million, with an average of 25 deals per week.

Key Hirings & Departures

The week witnessed some significant hirings across various companies. Amagi, a cloud-based media SaaS company, appointed two independent directors in compliance with the Companies Act ahead of its IPO. Swiggy Instamart announced a new Senior Vice President (SVP). Meanwhile, Pankaj Goel, who had joined BharatPe as Chief Technology Officer (CTO) in July 2023, has exited from his position.

For more details, consult various sources.

Mergers and Acquisitions

Capillary Technologies, an AI-driven loyalty management firm, has acquired Kognitiv, which provides omnichannel loyalty solutions, as part of its strategic move into North America. Curefoods has obtained the pan-India rights for Krispy Kreme, a renowned global doughnut and coffee brand, marking its entry into North India.

For further details, consult various sources.

Fund Launch

Manish Maheshwari, the former head of X India, has launched his venture capital (VC) firm, BAT VC, announcing a $100 million fund aimed at supporting early-stage ventures in India. Kriscore Capital, a new VC firm focused on early-stage Indian tech startups, announced the first close of its debut fund at Rs 200 crore ($23.3 million), comprising an initial Rs 100 crore corpus and a Rs 100 crore greenshoe option.

For insights and series-wise deals with funding breakdown, visit various sources.

New Launches and Partnerships

• Zepto has launched a subscription-based data insights tool, Atom.
• Pine Labs and J&K Bank have introduced a RuPay Credit Card.
• Phi Commerce has partnered with DGFT Japan to penetrate the Japanese digital payments market.

Financial Results This Week

• Delhivery reports a profit of Rs 70 crore in Q4 FY25, with a 6% increase in revenue.
• PB Fintech surpasses Rs 1,508 crore in revenue in Q4 FY25, with profits tripling.
• Quikr achieves its first-ever profit in FY24 but retains only Rs 20 crore in current assets.
• Ixigo reports Rs 284 crore revenue in Q4 FY25, with profits increasing 2.4 times.
• SoftBank experiences a turnaround in FY25, reporting a $7.4 billion profit and increasing investments in AI and chips.
• NoBroker reveals Rs 803 crore revenue in FY24, but 57% of expenses remain unexplained.
• BillDesk’s growth slows in FY24, with PAT declining to Rs 121 crore.
• Ather Energy reports Rs 676 crore revenue in Q4 FY25, narrowing losses by 17%.
• DailyRounds achieves Rs 568 crore revenue and Rs 320 crore PAT in FY24.

News Flash This Week

• Gensol faces insolvency as IREDA approaches NCLT over a Rs 510 crore loan default.
• OYO secures relief as the Delhi HC rejects Zostel stake award.
• PayU receives final authorization from the RBI ahead of its IPO for operating as an online payment aggregator.
• PhonePe and G-Pay spearhead UPI volume in April, while CRED targets high-value transfers.
• Leap.club ceases operations due to funding challenges and retention issues.
• Swiggy launches a pilot student rewards initiative in over 200 cities.
• Pine Labs powers J&K Bank’s UPI-linked revolving credit product.

Summary

In summary, startup funding dropped nearly 67% this week to $194.22 million, compared to approximately $585.71 million in the previous week. PayU has successfully obtained final approval from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator, paving the way for onboarding new merchants onto its platform. Women-focused startup Leap.club has shut down its operations, citing high customer acquisition costs alongside retention problems. PhonePe reinforced its leading position within India’s UPI ecosystem in April 2025, processing 8,362.31 million UPI transactions valued at Rs 12.05 lakh crore, securing 46.73% of the total volume and 50.32% of the total value among the leading UPI applications. Quick commerce entity Zepto debuted Zepto Atom, a subscription-based service providing brand partners with real-time market data, consumer insights, repeat purchase behaviours, and predictive analytics, accessible via a dedicated website and mobile application.