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Tag: Funding

  • Startups in India Secure .7 Billion in Funding During Q1: The Startup Excellence Report

    Startups in India Secure $3.7 Billion in Funding During Q1: The Startup Excellence Report



    Indian Startups Raise $3.7 Billion in Q1 2025

    Indian Startups Raise $3.7 Billion in Q1 2025

    Indian startups raised $3.7 billion in the first quarter of 2025 through a combination of growth and early-stage investments. This quarter featured several significant fundraising efforts, with multiple transactions exceeding $250 million and consistent early-stage funding activity. The merger and acquisition scene remained vibrant, highlighted by Hindustan Unilever Limited’s acquisition of Minimalist for $350 million. The trend of layoffs continued to lessen, with only a handful of companies making cuts, resulting in a limited impact on employment overall.

    Funding Breakdown for Indian Startups

    Data from various sources indicates that during the first quarter of 2025, Indian startups garnered around $3.7 billion. This comprised 68 growth and late-stage investments amounting to $3.05 billion, coupled with 209 early-stage transactions worth $683 million. In addition, 42 funding deals remained undisclosed during this timeframe, although no company achieved unicorn status in Q1 2025.

    Quarter-on-Quarter Trend

    In comparison to the previous quarter (Q4 2024), the $3.7 billion raised in Q1 2025 reflects an increase of nearly 10%. Additionally, Q1 2025 ranks among the highest in funding compared to the same quarters over the past two years, notably Q1 2023 and Q1 2022, when the startup ecosystem witnessed $12 billion in funding during a funding boom.

    Leading Growth-Stage Deals

    Throughout Q1 2025 (January to March), the top 15 Indian startups amassed remarkable funding across various sectors including AI, fintech, healthtech, and enterprise solutions. Impetus Technologies topped the list with $350 million, followed by Innovaccer at $275 million and Zolve at $251 million. Significant funding also flowed to Darwinbox ($140 million), Infra.Market ($125 million), Leap Finance and Aragen (both at $100 million), Netradyne ($90 million), ToneTag ($78 million), and Udaan ($75 million). The comprehensive list is displayed below:

    Leading Early-Stage Deals

    In the early-stage funding arena, Atomicwork led the pack with $25 million, followed by Lucidity ($21 million), Harsoria ($20 million), and TrueFoundry at $19 million. Waterfield Advisors raised $18 million, while Spyne secured $16 million. Others like Cognida.ai, Abound, Geri Care, and Navadhan collectively raised between $12.8 million and $15 million.

    Mergers and Acquisitions

    The first quarter of 2025 experienced substantial merger and acquisition activity within the Indian startup ecosystem, culminating in 50 deals. A standout transaction involved D2C skincare brand Minimalist being acquired by Hindustan Unilever Limited for nearly $350 million. Wingify’s sale to Singapore-based PE firm Everstone for $200 million also marked a significant M&A event. Other notable acquisitions included Flipkart’s Super.money taking over BharatX, and fintech unicorn Chargebee acquiring AI-centric customer tracking platform Trainn.

    City and Segment-Wise Deal Analysis

    Bengaluru startups emerged as the leaders in funding activity during Q1 2025, securing 122 deals and raising over $1.4 billion, which accounted for 38% of the total capital. Following Bengaluru, Delhi-NCR startups closed 79 deals worth $884.53 million, representing 23.85% of the total funds raised. Startups based in Mumbai, Hyderabad, and Pune secured the next highest deal volumes with 54, 14, and 13 transactions respectively. Notably, Mumbai startups contributed 12.61% of total funding, gathering $467.68 million.

    Fintech led the funding categories in Q1 2025, with 41 startups drawing over $905.37 million. Healthtech, e-commerce, and AI sectors also performed well, achieving 38 deals ($496 million), 35 deals ($308.66 million), and 24 deals ($475 million) respectively. Furthermore, sectors like SaaS, foodtech, proptech, and electric vehicles also secured investments this quarter.

    Series-Wise Deal Overview

    In Q1 2025, seed-stage deals dominated in volume, recording 98 transactions that raised $181.33 million. This was followed by Series A, which had 57 deals securing $401.7 million. In terms of total funding, Series D led with $748.6 million amassed from 9 deals, accounting for 20.18% of the overall funding, while Series B brought in $682.34 million from 18 transactions, contributing 18.4% of the capital raised.

    Layoffs, Shutdowns, and Departures

    In terms of layoffs, there was a modest decline with only three startups implementing job cuts affecting around 350 employees. Ola Electric, now a publicly listed company, also conducted layoffs affecting 1,000 employees. Compared to 1,200 layoffs in Q4 2024, the overall numbers remained stable. The year 2024 saw approximately 4,700 employees face layoffs, a significant drop from 24,000 in 2023 and 20,000 in 2022. During Q1 2025, four startups closed down, including ANS Commerce, which was acquired by Flipkart, and others such as Deep Rooted, O’Be Cocktails, and Thrive.

    Additionally, the startup ecosystem faced notable exits of high-level executives in Q1. Reports show that 38 top executives, encompassing CEOs, CBOs, CFOs, co-founders, managing directors, and presidents, resigned during this period, contrasted by 102 key hires.

    Emerging Trends

    Despite the ongoing funding winter, early-stage investments have remained robust, with a total of 209 deals generating $683 million, suggesting a sustained interest in new ventures, particularly within SaaS, AI, and fintech sectors. The merger and acquisition landscape displayed strong momentum with 50 recorded deals in Q1 2025, including high-profile transactions such as HUL’s acquisition of Minimalist and Wingify’s sale to Everstone. Other significant trades involved PayU acquiring Mindgate Solutions, Jumbotail taking over Solv, and the Amazon-Axio transaction. This points towards an increasing tendency for market consolidation and strategic exits within the startup framework.

    The absence of new unicorns in Q1 2025 signifies a shift from previous years characterized by frequent unicorn milestones, reflecting a more prudent valuation outlook among investors. Layoffs decreased notably with only a few startups announcing job cuts, indicating that closures are diminishing and firms are devising strategies to remain operational. The executive transitions hint at possible strategic adjustments as startups prepare for upcoming funding rounds, shifts, or public offerings.


  • Unpacking SpotDraft’s Series B Funding Round: Insights into Valuation and Cap Table

    Unpacking SpotDraft’s Series B Funding Round: Insights into Valuation and Cap Table


    SpotDraft Secures $54 Million in Series B Funding for Contract Lifecycle Management

    SpotDraft, a leading contract lifecycle management (CLM) platform, has successfully raised $54 million in its Series B funding round. This round was spearheaded by Vertex Growth Singapore and Trident Partners, with additional contributions from Prosus, Premji Invest, Arkam Ventures, Volrado Venture Partners, and several other investors.

    Earlier in March 2023, SpotDraft had secured $26 million during its Series A funding round. Startup Superb analyzed regulatory filings to provide insights into the financial breakdown, cap table, and the current valuation of the firm.

    In the Series B round, the SpotDraft board allocated 139,025 Series B compulsory convertible preference shares at an issue price of Rs 33,938 each, raising approximately Rs 472 crore (about $54-55 million). This funding round began in December 2024, kickstarting with an investment of Rs 50.5 crore from Xeed Ventures through 021 Capital, along with participation from Premji Invest and Arkam Ventures via Unitary Fund. The remaining capital was secured in March 2025.

    Leading the investment, Vertex Growth contributed Rs 126 crore (around $14.8 million). Trident Partners and Prosus followed with investments of Rs 109.6 crore ($12.9 million) and Rs 73.2 crore ($8.6 million), respectively. Other prominent investors included Premji Invest with Rs 37.6 crore, Arkam Ventures with Rs 34 crore, and Xeed Ventures contributing Rs 33.6 crore, along with Volrado Venture Partners at Rs 25 crore.

    According to estimates from Startup Superb, the company’s post-money valuation has now escalated to between $190 million and $200 million. Based on diverse sources from startup data intelligence platforms, the Bengaluru-based company has raised a total of nearly $98.5 million to date. After the Series B funding, Xeed Ventures has become the largest shareholder, holding a 15.8% stake in SpotDraft, followed by Arkam Ventures with 10.27% and Premji Invest with 10.24%. The company’s co-founder, Shashank Bijapur, retains a 9.08% stake.

    For detailed insights into the complete shareholding structure, references can be found in various sources.

    Established in 2017, SpotDraft is an AI-powered contract lifecycle management (CLM) platform tailored for the needs of in-house legal teams. This innovative platform simplifies each phase of the contracting process by providing features such as AI-assisted redlining, electronic signatures, an intelligent contract repository, handling of third-party documents, and clickwrap agreements, among others.

    SpotDraft faces competition from other legaltech startups, including Legistify, Leegality, Sirion, and Vakilsearch, among others.

    In the fiscal year 2024, SpotDraft reported a threefold increase in revenue from operations, achieving Rs 60 crore, up from Rs 20 crore in the fiscal year 2023, while the company’s losses held steady at Rs 68 crore during the same period.

  • Startup Highlights: Funding and Acquisitions in India (March 24 – March 29)

    Startup Highlights: Funding and Acquisitions in India (March 24 – March 29)


    Indian Startups Secure $152.49 Million in Funding

    This week, Indian startups have collectively raised around $152.49 million, comprising 5 growth-stage and 17 early-stage funding deals, with one startup opting to keep its funding information confidential.

    Growth-Stage Funding Highlights

    In the realm of growth-stage investments, the wealthtech firm Smallcase secured $50 million in its Series D funding round, driven by Elev8 Venture Partners, while Jindal Stainless acquired a 9.62% share in M1xchange. Additionally, DCDC Kidney Care successfully obtained Rs 150 crore from ABC Impact. The agritech enterprise VAHDAM, known for its direct-to-consumer tea products, also obtained financial support this week.

    Early-Stage Funding Insights

    Seventeen early-stage startups achieved a total funding of $54.09 million this week. Fintech startup Abound led this group with a $14 million funding round, followed by NBFC startup Ecofy, manufacturing company GreenFortune, climate tech enterprise FluxGen, and the direct-to-consumer diamond jewellery brand Firefly Diamonds, among others. Edtech startup KollegeApply also secured funds, although the raised amount has not been disclosed.

    For a comprehensive funding breakdown, please explore various sources.

    City and Segment-wise Funding Analysis

    Looking at the geographical distribution of funding, startups in Delhi-NCR topped the list with 8 deals, followed by Bengaluru, Mumbai, Hyderabad, and Chennai.

    From a segment perspective, fintech businesses led with 6 deals. E-commerce and healthtech sectors followed with 5 and 3 deals, respectively. Agritech, climate tech, AI, and other sectors also secured financing.

    Series-wise Funding Overview

    This week, seed funding deals took the lead with 7 transactions, followed by pre-Series A, Series D, debt, Series A, and others.

    Week-on-Week Funding Trend

    In week-to-week comparisons, startup funding experienced a decrease of 13.57%, dropping to $152.49 million from approximately $176.44 million acquired in the preceding week. Over the last eight weeks, the average weekly funding stands at around $243.62 million with 24 deals each week.

    Significant Hiring News

    This week witnessed notable leadership changes across multiple organisations. Delhivery appointed Milind Sharma, co-founder of the now-defunct Peppertap, as Head of Rapid Commerce and D2C Brands. B2B SaaS company MaxIQ named Sastry Malladi as its Chief Technology Officer (CTO). Camb.Ai has brought on Anupam Sengupta to lead AI Business for the India Subcontinent and SEA region, while Times Internet has recruited former Razorpay executive Johney Maheshwari to oversee its corporate development division.

    Mergers and Acquisitions

    A variety of significant mergers and acquisitions were reported this week. B2B platform Jumbotail acquired Solv India from SC Ventures, the innovation and investment arm of Standard Chartered. KRAFTON, creators of Battlegrounds Mobile India (BGMI), gained a controlling interest in Pune-based Nautilus Mobile for Rs 118 crore ($13.7 million). SaaS unicorn Chargebee acquired Trainn, an AI-powered customer tracking solution, to bolster its revenue management and customer retention capabilities. In addition, JungleWorks secured AI-based startup Outplay.

    For further details, check various sources.

    Fund Launches and Expansion Initiatives

    The Indian government has unveiled a Rs 1,000 crore funding initiative aimed at enhancing the space sector startup ecosystem. NuVentures, a venture capital firm established by Venk Krishnan in 2015, has announced the launch of a $75 million fund with a focus on investing in startups that possess strong ties to India. Singularity AMC revealed that its second private equity fund, which is oversubscribed, has amassed Rs 1,800 crore ($210 million).

    For a complete overview of fund launches, series-wise deals, and additional insights, please refer to various sources.

    Layoffs

    A report from Mint indicates that electric mobility startup Zypp Electric has laid off around 250 employees, which represents 10% of its workforce, over the last three months, citing performance issues.

    Shutdowns

    Alcoholic beverage startup O’Be Cocktails has ceased its operations after over five years in the market.

    New Launches and Partnerships

    • SaaSBoomi introduces BoomiAI to assist AI-driven founders.
    • RedBeryl, a luxury lifestyle management firm, partners with Tata CLiQ Luxury.
    • Twid collaborates with redBus to launch reward points for users.
    • TenderCuts’ founder Nishanth RaviChandran launches an AI-based analytics startup.
    • The Centre plans to launch ‘Sahkar Taxi’ to compete with existing players like Ola and Uber.

    Financial Results This Week

    • AlgoBulls reports a remarkable 4.4X revenue increase for FY24 and achieves positive EBITDA.
    • VerSe reduces its cash burn by 51% in FY24 and aims for profitability in the second half of CY25.
    • BharatPe reaches EBITDA breakeven in the first nine months of FY25.
    • BattRE surpasses Rs 100 crore revenue milestone in FY24, maintaining profitability.
    • Garuda Aerospace’s revenue and profit have more than doubled in FY24.
    • Mindgate, supported by PayU, reports a profit surge of 3.6X in FY24, achieving Rs 257 crore in revenue.
    • Celebal Tech nears Rs 300 crore in revenue for FY24 but incurs significant losses.

    Potential Financing Deals

    • Kareena Kapoor-backed Pluckk expected to raise $10 million in Series A funding.
    • Groww is in discussions to secure $200 million in a pre-IPO funding round.
    • Country Delight aims to raise $25 million from Temasek.
    • Zepto is negotiating for a $250 million secondary funding round.
    • Curefoods plans to secure debt financing from Blacksoil and Binny Bansal.
    • Apna Mart raises $25 million, led by Fundamentum and Accel.

    News Flash This Week

    • Mobikwik expands into stock broking with its new subsidiary.
    • Ola Electric’s subsidiary resolves its insolvency dispute with Rosmerta Group.

    Summary of the Week

    Startup funding this week decreased by 13.57%, totaling $152.49 million as compared to the previous week’s amount of around $176.44 million. Fintech firm Mobikwik is making strides into the securities broking field with the introduction of its fully owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL), aiming to broaden its financial service offerings by including stock and commodity brokerage services.

    Home Minister Amit Shah announced the forthcoming launch of ‘Sahkar Taxi,’ a government-supported ride-hailing service aimed at competing with platforms like Ola, Uber, and Rapido. This initiative is designed to empower drivers by providing them complete control over their earnings without the interference of third-party commissions.

    Numerous startups are currently in the process of raising capital, as indicated by regulatory filings reviewed by Startup Superb. Dairy startup Country Delight is looking to collect $25 million in its Series E funding round from Temasek. Another startup, B2C, seeks to raise $10 million in Series A funding from Euro Gulf Investment. Additionally, Apna Mart, a franchise-driven grocery and FMCG chain, is securing $25 million in a new round led by Fundamentum Partnership Fund and Accel.

  • Smallcase Secures Million in Series D Funding Led by Elev8

    Smallcase Secures $50 Million in Series D Funding Led by Elev8


    Wealthtech Startup Smallcase Secures $50 Million in Series D Funding

    Wealthtech startup Smallcase has successfully raised $50 million in its Series D funding round, led by Elev8 Venture Partners, a growth-stage fund with a total of $200 million, dedicated to supporting high-potential startups in India. This round also included contributions from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures.

    The investment will be utilised to enhance Smallcase’s offerings of investment products across various asset classes and to further establish its connections with retail investors and ecosystem partners, as stated in a press release from Smallcase.

    This new funding round marks a significant moment following a hiatus of more than 3.5 years. To date, Smallcase has accumulated approximately $120 million in total funding, which includes $40 million from a Series C round led by Faering Capital in August 2021. As per data from startup intelligence platforms, Peak XV stands as the largest external stakeholder, closely followed by Faering Capital and Blume Ventures.

    About Smallcase

    Founded in 2016, Smallcase provides a model portfolio platform that has benefited over 10 million investors. The startup also delivers technological solutions to over 250 financial institutions, which encompasses research firms, advisors, wealth managers, and brokerages. Recently, Smallcase expanded its services through a partnership with Zerodha, leading to the creation of an asset management company dedicated to index funds and ETFs.

    Financial Performance

    Smallcase’s operational revenue escalated to Rs 67.4 crore in FY24, a remarkable rise from Rs 30.6 crore in FY23. The company successfully mitigated its losses by 74.4%, bringing them down to Rs 34 crore in the previous fiscal year due to reductions in advertising expenses and employee benefits.

    Funding Landscape in Indian Wealthtech

    Numerous Indian wealthtech startups, including Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy, have collectively secured nearly $250 million in funding across 15 deals within the last 18 months.

    Elev8 Venture Partners, which is supported by South Korea’s KB Investment, aims to focus on sectors such as B2B SaaS, enterprise tech, consumer tech, and fintech. This investment in Smallcase represents its third backing, following investments in identity verification platform IDfy and astrotech platform Astrotalk.

  • Kareena Kapoor Supports Pluckk’s Ambitious Million Series A Funding Round

    Kareena Kapoor Supports Pluckk’s Ambitious $10 Million Series A Funding Round


    Pluckk Set to Raise Rs 85 Crore in Series A Funding

    Pluckk, a business-to-consumer fresh produce food-tech platform, is poised to secure Rs 85 crore (about $10 million) in its Series A funding round, with participation from Euro Gulf Investment. This funding signifies the first major financial boost for the Mumbai-based company after a span of three years.

    The board of Pluckk has approved a resolution to issue 3,023 Series A compulsory convertible preference shares, priced at Rs 2,81,383 each, to achieve the targeted Rs 85 crore or $10 million. This information has been disclosed through regulatory filings obtained from the Registrar of Companies.

    According to the filings, the fresh capital will be allocated to drive aggressive growth strategies, cover interest payments on debentures, and support other corporate needs. Based on Startup Superb’s calculations, the company’s valuation is expected to reach approximately $50-55 million following this funding round.

    About Pluckk

    Founded in 2021 by Pratik Gupta, Pluckk operates as a farm-to-fork platform, delivering fresh, health-oriented produce straight to consumers. The company includes a variety of trendy food offerings such as vegan options, low-carb alternatives, and products aimed at enhancing gut health and immunity.

    Previous Funding and Acquisitions

    Prior to this funding round, Pluckk raised $5 million in seed funding from Exponentia Ventures. Subsequently, the company acquired the DIY meal kit platform KOOK for $1.3 million and later, in the previous year, it purchased the nutrition brand Upnourish for $1.4 million.

    Financial Performance

    Pluckk is aiming for an annual recurring revenue (ARR) of Rs 200 crore for the present fiscal year. In the fiscal year ending March 2024, the company reported a 25.6% year-on-year growth, achieving Rs 42.8 crore compared to Rs 34 crore in FY23, despite incurring a loss of Rs 41.03 crore.

    Competitive Landscape

    In the competitive landscape, Pluckk contends with companies like Gourmet Garden, Kisankonnect, and, to a lesser extent, Otipy. Major competitors such as Deep Rooted and Fraazo have exited the market after raising significant investments. This development was reported exclusively by Startup Superb.

  • IFC Backs Alteria Capital’s Innovative Short-Term Fund for Startups

    IFC Backs Alteria Capital’s Innovative Short-Term Fund for Startups



    Alteria Capital Secures IFC as Anchor Investor for Shorter Duration Scheme

    Alteria Capital Secures IFC as Anchor Investor for Shorter Duration Scheme

    Alteria Capital, a venture debt firm, has successfully engaged the International Finance Corporation (IFC) as a key anchor investor for its Shorter Duration Scheme (SDS). This venture represents the first investment from IFC in the international SME credit market.

    While the specific size of the SDS has not been made public, it is part of Alteria’s broader Fund III, which aims for a total target of $250-$300 million. Out of this, $186 million has already been secured for the Venture Debt Scheme.

    Focus of the Shorter Duration Scheme

    Inaugurated in March 2023, the SDS is designed to provide short-term funding for startups, specifically those needing capital for less than 18 months. The sectors that SDS focuses on include fintech, consumer goods, and electric vehicles (EV).

    Investments and Future Plans

    Although the final closure of the fund has yet to be reached, investments have already been made in several startups, including Ivy Homes, Swara Fincare, Moneyview, and TEN x YOU. Alteria has a goal of financing 50 startups via the SDS in the forthcoming 2.5 years.

    Engagement with Investors

    Vinod Murali, the managing partner at Alteria, has mentioned that the firm is actively communicating with both domestic and international investors to secure additional funding.

    Significance of IFC’s Investment

    Wendy Werner from IFC has highlighted the importance of innovative financial solutions in closing funding gaps, which ultimately enhances India’s startup ecosystem.

    To date, Alteria has invested over $800 million in Indian startups, supporting renowned companies such as Spinny, Ola Electric, One Card, Ather, and Jupiter.


  • Apna Mart Secures Million Investment from Fundamentum and Accel

    Apna Mart Secures $25 Million Investment from Fundamentum and Accel



    Apna Mart Secures Funding for Expansion in Grocery Sector

    Apna Mart Secures Funding for Expansion in Grocery Sector

    Apna Mart, a franchise-driven grocery and FMCG chain, has successfully raised Rs 214.5 crore (around $25 million) through a combination of equity and debt, with participation from Fundamentum Partnership Fund and Accel, alongside contributions from current investors. Startup Superb provided the exclusive report about Apna Mart’s latest funding round in December.

    The board at Apna Mart has approved a special resolution to issue 6,342 Series B compulsory convertible preference shares, priced at Rs 2,78,402 each, aiming to generate Rs 176.5 crore or $20.5 million, along with 3,800 debentures worth Rs 38 crore or $4.5 crore, as revealed by regulatory filings from the Registrar of Companies (RoC).

    Details of the Funding Round

    Fundamentum Partnership Fund is spearheading this funding round with an investment of Rs 84 crore. Accel India, Peak XV, and Sparrow Capital are set to contribute Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. The remaining amount will come from 2 AM Ventures, Disruptors Capital, and Alteria.

    Valuation and Growth Prospects

    According to Startup Superb, Apna Mart’s valuation post-allotment is estimated at about Rs 738 crore ($87 million), reflecting an impressive 81% increase from its previous funding round. Co-founded by Abhishek Singh and Chetan Garg, Apna Mart promises grocery and FMCG deliveries within a 15-minute window, in addition to operating physical retail locations. The company serves across 14 cities, including Ranchi, Hazaribagh, and Bilaspur, employing a franchise model to enhance operational efficiency.

    Market Position and Financial Performance

    As per the startup data intelligence platform, Apna Mart has raised approximately $40 million over several funding rounds. After the recent investment, Accel India stands as the largest external stakeholder with a 20.91% share, followed by Peak XV at 13.06% and Fundamentum at 11.39%.

    Based in Bengaluru, Apna Mart reported an impressive 85.6% year-over-year revenue growth, reaching Rs 59.6 crore in the previous fiscal year ending March 2024. However, in their pursuit to expand, the company also experienced a 51.4% increase in losses, totaling Rs 33 crore during the same period.

    Future Approach in the Grocery Sector

    Apna Mart continues to refine its grocery model via a franchise-led strategy paired with a robust online presence. The company is developing steadily with strong support from investors such as Nandan Nilekani’s Fundamentum and Accel, which has reaffirmed its commitment through a increased investment. Apna Mart is certainly a noteworthy player in the grocery sector, a market that is currently led by quick commerce companies like Blinkit, Swiggy Instamart, and Zepto.


  • Indian Startup Landscape: Key Funding and Acquisition Highlights from March 17 to March 22

    Indian Startup Landscape: Key Funding and Acquisition Highlights from March 17 to March 22



    Indian Startups Raise $176.44 Million This Week


    Indian Startups Raise $176.44 Million This Week

    This week, Indian startups achieved a total funding of approximately $176.44 million, comprising 5 growth-stage and 15 early-stage transactions, while 5 startups opted to keep their funding information private.

    Growth-Stage Deals

    In the realm of growth-stage funding, Euler Motors, a commercial EV manufacturer, successfully attracted $60 million from Hero MotoCorp. Additionally, Nivara Home Finance, which provides housing loans, raised $28 million in a Series B funding round led by True North. The beauty and personal care brand Pilgrim secured $23 million, while regional OTT platform Stage and agritech startup Otipy also achieved funding successfully.

    Early-Stage Deals

    A total of 15 early-stage startups raised $50.94 million combined during the week. Leading this funding category was rural India-focused fintech startup Navadhan, which secured $12.8 million. This was followed by healthtech firm Everhope Oncology, cybersecurity and fraud control platform Protectt.ai, ice cream brand Go Zero, and the 60-minute fashion delivery platform Slikk, among others.

    D2C nutrition brand GoOAT, edtech firm Upedd, and social commerce platform Broadway also garnered funds, albeit the amounts were not disclosed. For further details, various sources can be consulted.

    City and Segment-wise Deals

    Examining the city-wise breakdown of funding, startups in Mumbai led with 7 deals, trailed by those in Delhi-NCR, Bengaluru, and Hyderabad, among others.

    In terms of sectors, Foodtech startups took the lead with 5 deals, followed by Healthtech startups with 3 deals. Other sectors including fintech, e-commerce, AI, robotics, and edtech also attracted investments.

    Series-wise Deals

    This week, pre-seed funding deals were predominant with 6 deals, followed closely by Series A, Seed, Series B, pre-Series A, and others.

    Week-on-week Funding Trend

    Week-on-week, startup funding witnessed a sharp decline of over 60%, totalling $176.44 million, compared to approximately $462.27 million secured in the prior week. The average funding over the past eight weeks remains around $254.66 million, with approximately 25 deals on a weekly basis.

    Key Hirings and Departures

    This week also noted significant leadership transitions across multiple companies. AceVector Limited, the parent firm of Snapdeal, appointed Anil Kumar as Group Company Secretary. Apna designated Preet Deep Singh as its Head of Public Policy. Additionally, co-working company Awfis enhanced its leadership roster with several key hires including Sanjay Baurai, who serves as Strategic Advisor for Workplace Solutions and Growth, Parul Seth as National Head – Business Development and Growth, and Roshan Alva as National Director, Sales.

    There were notable exits this week, as ex-Navi executives Shobhit Agarwal and Apurv Anand reportedly joined forces to launch a new asset management venture.

    Mergers and Acquisitions

    PayU, part of Prosus’s payments and fintech division, has acquired a 43.5% interest in real-time payments tech firm Mindgate Solutions. Additionally, Unicommerce, an e-commerce SaaS company, received approval for the complete acquisition of Shipway. Last year, the Ace Vector-owned firm had already secured over a 42% stake in the shipping solution provider.

    Fund Launches/Expansion

    Venturi Partners, a growth-stage investor focusing on consumers in India and Southeast Asia, has launched its second fund targeting $225 million with a cap of $250 million. All In Capital, a pre-seed VC firm, has introduced its second fund with a target corpus of Rs 200 crore and an additional Rs 100 crore greenshoe option, bringing the total to Rs 300 crore. The Earth Fund, concentrating on sustainability and proptech, has teamed up with Gruhas, led by Nikhil Kamath and Abhijeet Pai, to create a Rs 200 crore fund, which also has a Rs 100 crore greenshoe option, totalling Rs 300 crore.

    ESOP Buyback

    This week, wealthtech platform Dezerv successfully concluded its Employee Stock Ownership Plan (ESOP) buyback programme, enabling the liquidation of vested stocks valued at Rs 46 crore (around $5.3 million) for both past and current employees.

    Shutdown

    The farm-to-fork startup Deep Rooted has decided to shut down. Initially operating as a B2B venture managing 100 acres of greenhouses, it provided produce to over 120 restaurants in Bengaluru before transitioning to B2C following the COVID pandemic.

    New Launches and Partnerships

    This week saw several exciting new ventures: Rliox EV introduced a new division for EV leasing; Spyne launched a digital platform tailored for used car dealers; Swiggy introduced Assure, a B2B application aimed at assisting restaurants in sourcing supplies; Kissht expanded its offerings by launching Digital Property Loans; Salesforce and Ather Energy collaborated to enhance dealership operations; and Turno and ThunderPlus partnered to create ultra-fast charging hubs.

    Conneqt and Umwelt.AI joined forces to launch an AI-driven employee experience platform, while Zeno Health introduced a speedy 50-minute medicine delivery service. Additionally, UIDAI worked with Sarvam AI to augment Aadhaar utilizing AI-driven voice assistance and fraud detection features. Yatish Talvadia, a former co-founder of Milkbasket, launched Anmasa, a new D2C grocery brand.

    Financial Results This Week

    This week, Storia Foods reported a revenue increase of 51% to reach Rs 169 crore in FY24. Decathlon India announced revenue of Rs 4,008 crore and a profit after tax of Rs 197 crore for FY24. ZingHR surpassed the Rs 120 crore revenue milestone in FY24, reducing its losses by 67%. Prozo continued its growth trajectory in FY24 with improved economic metrics, and Uber India generated Rs 807 crore from ride-hailing services in FY24. In contrast, Groyyo, backed by Tiger Global, experienced a stall in growth during FY24, with increasing losses.

    Potential Deals

    The startup ecosystem is abuzz with potential transactions: Servify is valued at around $700 million in its Series D round; 60-minute fashion delivery startup Slikk is aiming to raise $10 million led by Nexus; Innovist, the parent company of Bare Anatomy, has initiated a Series B funding round; Your-Space, a student housing startup, is set to raise $8.2 million in debt; Peak XV is expected to lead a new round for GoodScore’s parent company; and Ayana Renewable is on track to secure Rs 150 crore from IL&FS Mutual Fund.

    News Flash This Week

    Paytm Money has received approval from SEBI for a research analyst licence. PhysicsWallah has confidentially submitted draft IPO paperwork to SEBI, aiming to raise $500 million. Fractal has invested $20 million in Asper.AI, propelling its next growth phase and innovation.


  • Your-Space Secures .2 Million in Debt Funding for Innovative Student Housing Initiative

    Your-Space Secures $8.2 Million in Debt Funding for Innovative Student Housing Initiative


    Your-Space Secures Funding for Student Housing Expansion

    Your-Space, a leading student housing startup, has successfully secured Rs 70 crore (around $8.2 million) in debt financing. This funding round was spearheaded by existing investor Shantanu Rastogi, who serves as the Managing Director of General Atlantic. Additional contributions came from other current investors, including Castle Investments and Ajax Capital.

    In a regulatory filing made in January, the Your-Space board approved a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) priced at Rs 690 each to accomplish the Rs 70 crore fundraising goal.

    Shantanu Rastogi’s investment amounting to Rs 25 crore led the round, while new investor Ashish Kacholia is set to invest Rs 10 crore. Other key contributions include Rs 7.5 crore from Satyadharma Investments and Castle Investments, with Ajax Capital and Holy Basil Consultancy each contributing Rs 5 crore.

    So far, Your-Space has secured approximately Rs 51 crore of the targeted Rs 70 crore, with the remaining funds expected shortly. The freshly acquired funds will be allocated towards working capital needs, payments to creditors, and various other operational expenditures, as noted in the filings.

    Importantly, the conversion of the debentures into equity shares will occur at a valuation of Rs 185 crore at a future date as specified in the filings.

    Your-Space specializes in providing budget-friendly PGs, hostels, and co-living accommodations for both males and females. The startup boasts over 60 technologically advanced living spaces, equipped with safety features such as facial recognition, biometrics, and digital locks.

    According to various data sources from startup intelligence platforms, the company has raised approximately $17.6 million in total funding, which encompasses both debt and equity investments, including a $10 million Series A funding round in January 2022 led by Shantanu Rastogi.

    Based in Delhi, the company has reported impressive growth, achieving over 20% year-on-year increase in operating revenue, reaching Rs 142.7 crore in FY24 compared to Rs 117.2 crore in FY23. However, it should be noted that Your-Space incurred a loss of Rs 30.7 crore during the same financial year.

  • Ayana Renewable Secures ₹150 Crore Investment from IL&FS Mutual Fund

    Ayana Renewable Secures ₹150 Crore Investment from IL&FS Mutual Fund



    Ayana Renewable Secures Rs 150 Crore in Debt for Renewable Projects

    Ayana Renewable Secures Rs 150 Crore in Debt for Renewable Projects

    Ayana Renewable is initiating a significant debt raise of Rs 150 crore (around $17.4 million) from IL&FS Mutual Fund. This financing is happening shortly after Ayana entered a share purchase agreement with the ONGC-NTPC Joint Venture.

    Details of the Debt Raise

    The board of Ayana Renewable has approved a special resolution to issue 1,500 non-convertible debentures, priced at Rs 10,00,000 each, aiming to raise Rs 150 crore, according to their regulatory filing with the RoC. The capital will be utilised for refinancing existing debts, providing support to subsidiaries engaged in renewable initiatives, and covering other necessary infrastructure expenditures. Remarkably, these debentures will have a tenure of three years starting from the date of the initial drawdown.

    About Ayana Renewable

    Ayana Renewable is recognised as an asset-heavy Independent Power Producer (IPP) focused on the development and management of solar and wind energy projects backed by long-term Power Purchase Agreements (PPAs). Supported by the National Investment and Infrastructure Fund (NIIF) and various global investors, the company is actively exploring avenues for growth through equity, debt, and bonds, all while ensuring effective operational practices. Additionally, Ayana is looking into hybrid energy, battery storage solutions, and green hydrogen initiatives.

    Recent Developments and Partnerships

    Recently, NIIF, British International Investment (BII), and Eversource Capital entered into a share purchase agreement to sell their complete 100% stake to ONGC NTPC Green Pvt. Ltd. (ONGPL), a joint venture equally owned by ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), for an enterprise valuation of $2.3 billion.

    Company Growth Overview

    Established in 2018 by BII, Ayana has successfully raised over $700 million from NIIF, BII, and Eversource to date, with recent approval from the Competition Commission of India (CCI) for the aforementioned share agreement. In FY24, Ayana has achieved a moderate revenue growth of 4%, rising to Rs 856 crore from Rs 823 crore in FY23. However, the company’s profits have considerably decreased by 42.3%, with net earnings falling to Rs 45 crore during the same time frame.