Indian Startups Raise $353 Million: Weekly Funding Recap

This week, Indian startups raised a total of $353.19 million, featuring 10 deals in the growth stage and 22 in the early stage. Three startups chose to keep their funding amounts private. In comparison, the previous week saw 26 startups collectively gather around $220.52 million.

Growth-Stage Deals

Growth and late-stage funding reached $275.7 million through ten deals this week. Cleantech company Candi Solar led with a debt round of $58.5 million. This was followed by distribution and supply chain platform Ripplr, which secured $45 million in its Series C round from SBI and existing investors. Dairy tech firm Ace International received $35 million, primarily from FMO, while edu-fintech firm Auxilo raised Rs 225 crore (approximately $25.5 million) in debt funding. Asset management company NEO also managed to secure $25 million through a follow-on round led by Crystal Investment Advisors (Atha Group). Additionally, wealth management platform Wealthy, electric vehicle company 3ev Industries, and consumer lending platform Moneyview, among others, received funding this week.

Early-Stage Deals

Early-stage startups raised roughly $77.49 million in 22 deals this week. The leading deal came from electric vehicle OEM 3ev Industries, which acquired Rs 120 crore (about $13.4 million). AI-learning startup Redrob’s Series A round saw $10 million raised. AI-driven procurement platform Zinit, Mirana Toys, LightSpeed Photonics, and stock analytics platform Tijori Finance also participated in securing funds. Additionally, Indian plant-based beverage brand Oatey, B2B banking infrastructure platform Blostem, and investor education platform Definedge attracted undisclosed amounts of funding.

City and Segment-Wise Deals

Bengaluru led the count this week with 14 deals, followed by Delhi-NCR and Mumbai, which recorded 8 and 7 deals, respectively. Pune, Hyderabad, and Belagavi also saw deals during the week. In terms of segments, fintech led with 9 deals, while AI startups followed closely with 4 deals. Other segments like cleantech, EV, e-commerce, deeptech, and food and beverage also participated in funding activities.

Series-Wise Deals

This week, seed rounds continued to dominate funding activity with 8 deals, followed by Series A with 7 deals. Pre-Series A and debt rounds had 5 deals each. Pre-seed, Series B, Series C, and other funding avenues also saw engagement. For more details on series-wise deals, various sources can be consulted for breakdowns and additional insights.

Week-on-Week Funding Trend

Compared to the previous week, startup funding increased by 60% this week, reaching $353.19 million, up from around $220.52 million. Over the last eight weeks, the average funding has been close to $320 million, with an average of 26 deals per week.

Key Hirings

This week marked 11 notable hires within the startup ecosystem. Yatra Online’s co-founder Dhruv Shringi stepped down as CEO, with Siddhartha Gupta taking the reins. upGrad appointed ex-G20 Sherpa and former NITI Aayog CEO Amitabh Kant as an Independent Director. Beauty e-commerce platform Kult named Parag Gupta as CFO. CoinDCX welcomed former Kotak Mahindra Bank CRO Arvind Kathpalia to its advisory board, while Arihant Capital Group appointed Ajay Jain as MD and CEO of its investment and merchant banking division.

Fund Launches

Accel and Google have initiated a co-investment initiative aimed at early-stage Indian AI startups, facilitated through Accel’s Atoms accelerator and Google’s AI Futures Fund. In another development, VentureSoul Partners has successfully closed its maiden Rs 300 crore debt fund, planning to raise an additional Rs 300 crore by February 2026. The India Global Forum has also revealed a $250 million fund, with backing from the Ved Family Office and Ananta Capital, designed to aid Indian consumer and industrial brands in achieving global expansion via Dubai.

Mergers and Acquisitions

Business accounting software firm Vyapar has acquired startup Suvit to enhance its digital compliance solutions for Indian MSMEs. Xoriant, owned by ChrysCapital, has also acquired TestDevLab, a software quality engineering company based in Latvia.

Layoffs

Junglee Games, owned by Flutter Entertainment, has laid off 350 employees across its Delhi and Bengaluru offices. The company plans to restructure its operations in India and intends to redeploy its remaining workforce of around 600 individuals.

ESOP Buyback

Edtech firm SpeakX, previously known as Yellow Class, has launched its first ESOP buyback program, valued at $1 million, providing early liquidity options to its employees. This initiative will benefit 15 out of its 20 employees.

New Launches and Partnerships

Accel and Google are set to collaborate for co-investments up to $2 million in Indian AI startups. Additionally, math-learning platform Bhanzu has inaugurated its first physical centre in Texas.

Financial Results This Week

Vyapar has reported a Rs 63 crore loss in FY25, with its cash reserves decreasing by 93%. SafeGold recorded Rs 6,867 crore in gold transactions for FY25, achieving EBITDA positivity. The Ayurveda Experience spent Rs 248 crore on advertising, leading to Rs 440 crore in revenue for FY25. Ripplr has reported a Rs 91 crore loss with a GMV of Rs 1,164 crore for FY25. Scripbox turned profitable with Rs 107 crore revenue in FY25. Clear reported Rs 272 crore in revenue alongside a Rs 96 crore loss for FY25. PayU India achieved $397 million in revenue for H1 FY26, while Healthians posted Rs 263 crore in revenue for FY25, nearing a breakeven point.

News Flash This Week

Meesho has set a price band between Rs 105–111 for its upcoming IPO, scheduled to open on December 3. The Enforcement Directorate arrested WinZO’s founders following a Rs 505 crore asset freeze in a money-laundering investigation. CarTrade and CarDekho have mutually decided to discontinue acquisition discussions. Rapido has delivered an impressive 111x return on AdvantEdge’s initial investment. Fractal Analytics and Amagi have received SEBI approval for their IPOs. Paytm has finally secured RBI approval to function as a payment aggregator, while a hacker claimed the leak of 1.86 million records from Adda.io.

Summary

Startup funding saw a weekly increase of 30%, with a total of $220.52 million raised, compared to approximately $169.28 million the week prior. Meesho has advanced towards going public by filing its RHP, with the IPO set to occur from December 3–5, and anchor participation on December 2. The price band is set at Rs 105–111, valuing the total offer at around Rs 5,421 crore. The issue includes a fresh raise of Rs 4,250 crore and an OFS of 10.55 crore shares from early investors and some founders. The Enforcement Directorate’s action led to the arrest of WinZO co-founders Saumya Singh Rathore and Paavan Nanda on money laundering allegations. Both were remanded to custody for further questioning after an asset freeze of Rs 523 crore linked to WinZO and Gameskraft. Rapido has become a significant contributor to AdvantEdge Founders Fund I, which reported an impressive 11.5x MOIC and over 3x DPI. Paytm Payments Services Limited has received the RBI’s Certificate of Authorization to operate as a payment aggregator, following its reapplied licence after previous rejection due to foreign investment compliance issues. CarTrade Tech has formally scrapped its planned merger with Girnar Software, the parent company of CarDekho and BikeDekho.