Indian Startups Secure $169.28 Million in Funding

This week, Indian startups raised a total of $169.28 million, featuring 4 growth-stage and 20 early-stage funding deals, while one startup opted not to disclose its funding amount. In comparison, 24 startups had collectively attracted around $242.88 million the previous week.

Growth-stage Deals

Growth and late-stage investments amounted to $169.28 million across four deals this week. The round was spearheaded by digital lending fintech Finnable, which obtained Rs 500 crore in funding led by Z47 and TVS Capital, with support from the MEMG Family Office. Following this, the Isprava Group, known for luxury home development and rentals, secured Rs 250 crore (approximately $28.4 million) in debt from Singapore-based Luxe Opco Holdings. The men’s grooming brand Bombay Shaving Company also raised Rs 136 crore ($15.3 million), while D2C brand Haus & Kinder obtained $3.3 million.

Early-stage Deals

The early-stage segment remained vibrant this week, with 20 startups collectively raising $62.28 million. Tetr College, a pioneering global B-school, led with an $18 million initial round from Owl Ventures and Bertelsmann India Investments (BII). This was followed by Brandworks Technologies, which received $11 million in its Series A funding. The digital mental health platform MindTalk secured $7.3 million in seed funding. Additionally, companies such as HRS Navigation, edtech startup Codeyoung, D2C brand QuickShift, and a full-stack platform for gig and blue-collar workers also raised capital. Beverage startup Ochre Spirits also received funding this week, although the amount remains undisclosed. For a comprehensive funding breakdown, various sources can be consulted.

City and Segment-wise Deals

In terms of city-wise deal distribution, Bengaluru and Mumbai each recorded 8 deals, followed by Delhi-NCR with 3 deals. Other locations like Pune, Kerala, Rourkela, Prayagraj, Lucknow, and Goa also witnessed various deals throughout the week.

Segment-wise, e-commerce startups topped the week with 5 deals, while healthtech secured 3 deals. Additional sectors such as edtech, HRtech, food & beverage, consumer technology, and others also received funding during this period.

Series-wise Deals

This week, seed rounds dominated the funding landscape with 9 deals, followed by pre-seed rounds with 4 deals. Series A and pre-Series A both had 3 deals each. Participation was also seen in Series A, Series C, and other stages. To explore series-wise deals along with monetary breakdowns, various sources should be reviewed.

Week-on-Week Funding Trends

Startup funding experienced a decline this week, dropping by 30.3% to $169.28 million compared to the $242.88 million raised in the previous week. The average funding over the last eight weeks is approximately $315.76 million, with 25 deals reported weekly.

Key Hirings and Departures

Fintech unicorn Razorpay has appointed Prabhu Rambadran as its senior vice president of engineering, previously leading engineering at Google. Myntra’s Chief Business Officer Sharon Pais has transitioned to Head of Business Unit for Flipkart Fashion. upGrad has named Deepesh Dhakad as its new Chief Product and Technology Officer. Marmento, a prominent commerce transformation firm and India’s first Shopify Premier Partner, brought on Anshuman Jain as Chief Revenue Officer to bolster its leadership team. JioHotstar has appointed former Uber executive David Zakkam as its new Senior Vice President and Head of Analytics & Data Strategy. Sourav Karmakar, AVP of Product at CoinDCX, has resigned after 3.5 years.

Fund Launches

India Accelerator, in collaboration with V S Fortune, has initiated LeapFWD, a programme focused on proptech and construction tech aimed at identifying and scaling high-potential startups. IFC has invested $60 million in Everstone Capital Partners V, the latest private equity venture from Everstone Group, reinforcing its enduring partnership with them. The Hyderabad Angel Fund (haf.vc) has launched a Rs 100 crore VC initiative to bolster high-potential startups and strengthen India’s regional venture landscape. British International Investment has partnered with BlueOrchard to create a $250 million fund.

Mergers and Acquisitions

Agri-tech platform Unnati Agri is poised to acquire its counterpart Gramophone in a share-swap agreement. Post-merger, Gramophone is expected to retain around 30-35% of the combined entity, with the remainder held by Unnati. The AI-derived video infrastructure firm VideoDB, based in San Francisco, has acquired Devzery, a Chennai-based startup focusing on AI-powered regression testing, for an undisclosed sum.

Shutdowns

Agritech startup BharatAgri has ceased operations after failing to secure additional funding necessary to sustain its business amidst escalating losses.

New Launches and Partnerships

PhonePe has entered a partnership with OpenAI to enhance the adoption of ChatGPT. Swiggy is expanding its concierge-style travel and lifestyle service, Crew, to major Indian cities.

Financial Results This Week

FirstCry’s parent company reports Rs 2,099 Cr revenue, achieving Rs 111 Cr EBITDA in Q2 FY26. E-sports platform JetSynthesys reveals a Rs 108 Cr EBITDA loss on Rs 208 Cr revenue for FY25. Infibeam’s revenue surged by 93% to reach Rs 1,965 Cr in Q2 FY26. Healthkart’s revenue approaches Rs 1,400 Cr for FY25, with profits tripling. PokerBaazi’s write-off has pushed Nazara into losses in Q2 FY26. MamaEarth’s parent company reports Rs 39 Cr profit on Rs 538 Cr revenue in Q2 FY26. Info Edge showcases Rs 805 Cr revenue and Rs 347 Cr profit in Q2 FY26. Unicommerce’s revenue increases by 75% in Q2 FY26. Awfis’s profit experiences a nearly 60% decline in Q2 FY26. Yatra exceeds Rs 350 Cr revenue in Q2 FY26, with profits doubling. Ather surpasses Ola Electric with Rs 899 Cr revenue in Q2 FY26. MapMyIndia records Rs 114 Cr revenue in Q2 FY26, with profits falling by 38%. WeWork announces Rs 575 Cr revenue and Rs 6 Cr profit in Q2 FY26. Uppercase’s losses have doubled in FY25, while revenue has grown by 34%.

News Flash This Week

Pine Labs has made a market entry with a 10% listing gain. PhysicsWallah’s IPO was oversubscribed 1.8X overall, led by QIBs achieving 2.7X bids. SEBI’s warning on digital gold is seen as a positive development for fintech platforms. Groww debuted its IPO with a 14% listing gain, widening its lead over Zerodha in October, despite a market slowdown. Insights on CarTrade’s proposed acquisition of CarDekho are available. Lenskart had a subdued market debut, opening at a discount compared to its IPO price. The stock began trading at Rs 395 on the NSE (1.7% lower than issue price) and Rs 390 on the BSE (down nearly 3%). Edtech unicorn PhysicsWallah is set for listing next week after its IPO saw a 1.8x overall subscription. The employee quota was oversubscribed by 3.5 times, while retail and NII stood at 1.05 times and 0.48 times, respectively. Meanwhile, SaaS company Capillary Technologies opened its IPO yesterday, successfully raising Rs 394 crore from 21 anchor investors. Fintech giant Pine Labs has secured all three essential payment licenses from the RBI, allowing the company to provide comprehensive digital payment services and manage transactions across domestic and international markets. Foodtech leader Swiggy is furthering its reach into lifestyle services with the expansion of its concierge app, Crew, initially trialled and is now operational in Bengaluru, Mumbai, and the NCR, marking Swiggy’s aim to establish itself as a one-stop premium assistance platform.