Indian Startups Raise $240.85 Million in Funding

Throughout the week, approximately 30 Indian startups secured around $240.85 million in funding. This included 5 growth-stage deals and 20 early-stage deals, while 5 startups opted not to disclose their transaction details.

Growth-Stage Funding

In the growth-stage funding segment, the edtech startup Leap garnered $65 million in its Series E round led by Apis Partners. B2B seafood venture Captain Fresh raised $30 million in its ongoing pre-IPO round. The SaaS IT management platform SuperOps received $25 million, and a supply chain startup also secured $12 million in its Series C round from Evolvence India and Mirabilis Investment Trust.

Early-Stage Funding

Furthermore, 20 early-stage startups attracted funding totalling $107.15 million during the week. Leading the early-stage funding was the B2B SaaS startup Atomicwork with $25 million from its Series A round. The co-working company Innov8, healthcare services provider Geri Care focused on senior citizens, telecom firm Astrome Technologies, and mobility startup VoltUp were among others that received funds.

Several D2C handloom brands like Dressfolk and road safety products manufacturer Prisomoline also obtained funding, but the amounts remain undisclosed. For further details, various sources can be consulted.

City and Segment-Wise Funding

City-wise, Bengaluru-based startups dominated with 12 deals, followed by Delhi-NCR, Mumbai, Chennai, Patna, and other cities.

Segment-wise, e-commerce startups led with 5 deals, while SaaS and fintech startups followed closely with 3 deals each. Foodtech, healthtech, manufacturing, and others also secured funding.

Series-Wise Funding Deals

In the series-wise breakdown for the week, Seed funding deals led with 10 agreements, trailed by Series A, pre-Series A, Series B, pre-seed, and other funding rounds.

Weekly Funding Trends

Comparatively, startup funding exhibited a slight decrease of 3.22% to $240.85 million this week, down from $248.87 million raised the previous week. The average funding over the past eight weeks averages around $349.53 million, with 26 deals executed weekly.

Key Hires and Departures

This week witnessed several significant hires. Zomato appointed its former Head of Growth, Shalin Bhatt, as the Head of its Dining-Out division. FlexiLoans made prominent executive appointments, including Hemant Saklecha as the Chief Credit and Risk Officer (CCRO) and Pavan Matai as the Head of its Supply Chain Finance unit.

Notable departures took place as well, with Sridhar Vembu stepping down as the Founder and CEO of Zoho. The Managing Director and CEO of Paytm Payments also resigned, along with Clensta’s Co-founder and Chief Business Officer.

Mergers and Acquisitions

This week saw several significant acquisitions. Raise Financials acquired the financial media startup Filter Coffee, while Shadowfax, a logistics firm, took over CriticaLog. NODWIN Gaming, owned by Nazara, expanded its portfolio by acquiring e-sports startup StarLadder, and MapMyIndia secured a stake in AI startup SimDaaS. More information can be found across various sources.

Fund Launches

In fund launches, the venture debt firm Trifecta Capital announced the initial close of its fourth and largest venture debt fund to date, amassing Rs 2,000 Cr (approximately $230 million). The early-stage angel VC firm Peaceful Progress Fund also closed its first fund at Rs 50 crore. Veloce Fintech, part of the Lemon Group, introduced its SEBI-registered Category-II Alternative Investment Fund (AIF) called the Veloce Opportunities Fund.

To see the series-wise deals along with amounts and specific details regarding fund launches, one can refer to various sources.

New Launches and Partnerships

• CRED launches e₹ wallet in collaboration with RBI
• Paras Chopra to establish an advanced AI lab in India following a $200 million exit
• ONDC partners with CoRover to launch Mahakumbh AI Sahayata
• ETO Motors teams up with FlixBus for intercity electric bus ventures
• The Derma Co opens its first brand outlet in Gurugram
• Easebuzz collaborates with Zepto to enhance payment infrastructure
• Anq introduces RuPay On-The-Go on X Card for seamless transit
• Elever launches quant-based Portfolio Management Services (PMS)
• Paytm unveils QR Widget for immediate payment collection on Android home screens
• Pee Safe partners with National Games 2025 to promote women’s health and sustainability
• Hyperone Energy aims to release India’s first EV moped with chain drive technology by 2025
• Flipkart introduces a feature for credit card bill payments
• Nutraceuticals brand Miduty branches into skincare with clean, science-based products

Financial Results This Week

• Upstox reports an eightfold profit increase to Rs 190 Cr in FY24
• PB Fintech declares a revenue of Rs 1,292 Cr and profits of Rs 72 Cr for Q3 FY25
• CollegeDekho’s revenue surges by 32% to Rs 216 Cr in FY24
• CityMall achieves Rs 450 Cr GMV in FY24 despite ongoing losses
• CarTrade posts Rs 176 Cr in revenue along with Rs 45.5 Cr in profits for Q3 FY25
• MapMyIndia records Rs 32 Cr profit for Q3 FY25
• Ixigo shows Rs 242 Cr revenue in Q3 FY25 with a 54% jump in PBT
• A23 reports Rs 841 Cr in revenue and Rs 72 Cr profit in FY24
• Parent company of Man Matters, Mosaic Wellness, records Rs 333 Cr in revenue for FY24

Potential Deals

• InsuranceDekho aims to raise up to $100 million with bank participation
• Mukka Proteins seeks Rs 60 Cr in debt funding from Tata Capital
• Former Tiger Global executive’s Tanglin Venture Partners plans to raise $250 million for a new fund
• D2C brand P-TAL is in talks to secure Rs 30 Cr in funding
• Juspay is targeting to raise $150 million in a new funding round led by Kedaara Capital
• Mahesh Bhupathi-backed Scentials is gathering fresh investments from existing stakeholders

News Highlights This Week

• OfBusiness transitions into a public company ahead of its IPO
• Representatives from Accel, Prosus, and Bessemer exit The Good Glamm Group
• Zepto has reverted its corporate domicile from Singapore to India
• North East Small Finance Bank is set to rebrand as Slice Small Finance Bank
• Flipkart Group has received a BSI code for organisational resilience
• Lenskart has commenced its IPO process by appointing two bankers
• MobiKwik becomes the first fintech company to fully implement CBDC
• Droom plans to submit draft papers for a Rs 1,000 Cr IPO by June
• Curefoods is in discussions with bankers for a $300-400 million IPO
• Pine Labs is preparing to file IPO draft papers by mid-February
• Shiprocket aims to become a public company with plans to list in the upcoming year
• Servify is set to file a Draft Red Herring Prospectus (DRHP) for a $500 million IPO by August