SUMMARY
The Indian startup ecosystem secured $257 Mn across 18 funding deals in the first week of September
Ather Energy raised $108 Mn from Hero MotorCorp and GIC, making it the biggest fundraise of the week
Delhi NCR-based omnichannel meat brand Good To Go acquired Chennai-based meat delivery startup TenderCuts in a distress sale
The month of September began with a positive upswing in funding for Indian startups. Between September 4 and September 9, 2023, Indian startups collectively secured $257 Mn across 18 deals.
This week’s funding further marks a significant increase of 394% compared to $52 Mn raised by Indian startups in the previous week.
The week witnessed one mega deal, with Ather Energy bagging $108 Mn from Hero MotoCorp and GIC.
Funding Galore: Indian Startup Funding Of The Week [Sept 4 – Sept 9]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 6 Sept 2023 | Ather Energy | Cleantech | Electric Vehicle | B2C | $108 Mn | – | Hero MotoCorp, GIC | |
| 7 Sept 2023 | Nazara Games | Media & Entertainment | Gaming | B2B B2C | $61.4 Mn | – | Nithin Kamath, Nikhil Kamath, SBI Mutual Fund | |
| 5 Sept 2023 | Pepperfry | Ecommerce | B2C Ecommerce | B2C | $23 Mn | – | – | – |
| 5 Sept 2023 | Captain Fresh | Agritech | Market Linkage | B2B B2C | $20 Mn | Series C Extension | SBI Investments, Evolvence Capital, Tiger Global, Accel Partners, Matrix Partners India, Prosus Ventures | |
| 8 Sept 2023 | Brine Fi | Fintech | Investment Tech | B2C | $16.5 Mn | Series A | Pantera Capital, Elevation Capital, Starkware, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures | Pantera Capital |
| 5 Sept 2023 | Atomicwork | Enterpristech | Horizontal SaaS | B2B | $11 Mn | Seed | Blume Ventures, Matrix Partners, Storm Ventures, Neon Fund | Blume Ventures, Matrix Partners |
| 5 Sept 2023 | Flipspaces | Consumer Services | Hyperlocal Services | B2B | $4 Mn | Pre-Series B | Prashasta Seth | Prashasta Seth |
| 7 Sept 2023 | altM | Cleantech | Biotech | B2B | $3.5 Mn | Seed | Omnivore, Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati, Mirik Gogri, Paula Mariwala | Omnivore |
| 5 Sept 2023 | Cirkla | Ecommerce | B2B Ecommerce | B2B | $3 Mn | Seed | Matrix Partners India, Stellaris Venture Partners | Matrix Partners India, Stellaris Venture Partners |
| 5 Sept 2023 | Manastu | Deeptech | Spacetech | B2B | $3 Mn | Pre-Series A | Capital 2B, BIG Capital, E2MC, Sanchi Connect, Wealthy via Ventures, Roots Ventures, Riceberg Ventures, Spectrum Impact | Capital 2B, BIG Capital, E2MC |
| 4 Sept 2023 | LISSUN | Healthtech | Fitness & Wellness | B2C | $1.3 Mn | Seed | IPV, Rainmatter Capital, Ivy Cap Ventures, WFC, GrowX Ventures | IPV, Rainmatter Capital |
| 4 Sept 2023 | MappIs KOGO | Enterprisetech | Horizontal SaaS | B2B | $1 Mn | – | MapMyIndia | |
| 4 Sept 2023 | Sploot | Ecommerce | D2C | B2C | $800K | Seed | Redstart Labs | Redstart Labs |
| 5 Sept 2023 | Ellipsol | Cleantech | Solar Tech | B2B B2C | $301K | Seed | Capital A, Grand Anicut Fund | Capital A |
| 4 Sept 2023 | PrintBrix | Ecommerce | B2B Ecommerce | B2B | – | Seed | EvolveX | |
| 6 Sept 2023 | Madmix | Ecommerce | D2C | B2C | – | Seed | Prime Securities, Authum Investments, Team India Managers | Prime Securities |
| 4 Sept 2023 | GoodGudi | Ecommerce | B2C Ecommerce | B2C | – | Seed | AC Ventures, April Ventures, Capinity Partners, Kunal Shah, Aprameya Radhakrishna | AC Ventures |
| 8 Sept 2023 | Aaritya Technologies | Fintech | Investment Tech | B2C | – | Seed | Accel, Elevation Capital | |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
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Key Startup Funding Highlights Of The Week
- Bengaluru-based EV scooter manufacturing startup Ather Energy raised $108 Mn from Hero MotorCorp and GIC, making it the biggest fundraise of the week.
- Fueled by Ather’s fundraise, the electric vehicle (cleantech) sector emerged as the most funded this week, securing $111 Mn across three deals.
- Ecommerce reported the highest deal count, securing $26.8 Mn. Notably, one-third of all funding deals were in the ecommerce sector, accounting for six out of the total 18 deals reported this week.
- After a lackluster performance in the past few weeks, the first week of September saw a marked resurgence in investor interest for seed funding. Over $20 Mn was raised across ten seed-stage funding deals.
- Elevation and Matrix Partners were the busiest investors this week as they participated in two deals each.
Startup Fund Launches This Week
- B2B SaaS-focused venture capital firm Pentathlon Ventures announced the launch of a second fund, Fund II, with a target corpus of INR 450 Cr. The fund plans to invest in 25 startups.
- Unicorn India Ventures announced the first close of its INR 1,000 Cr Fund III at INR 225 Cr. The VC firm is looking to close the fund by March 2024. The VC firm intends to invest in 25 startups from this fund.
- Soonicorn Ventures has received SEBI’s nod to launch an angel fund with a total corpus set at INR 250 Cr. It also has an additional INR 250 Cr green-shoe option.
- National Real Estate Development Council (NAREDCO) Maharashtra has announced the launch of INR 50 Cr RealTech Fund to back proptech startups.
- Anicut Capital has secured an investment of INR 50 Cr from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund.
Startup Acquisitions Of This Week
- Delhi NCR-based omnichannel meat brand Good To Go acquired Chennai-based meat delivery startup TenderCuts in a distress sale.
- Reliance Retail Ventures Limited (RRVL) is acquiring a majority stake (51%) in Alia Bhatt’s children’s wear D2C brand Ed-a-Mamma.
- Oneglint Media Solutions, a photography solutions company, acquired Memzo – an AI-powered photo-sharing product.
- PowerSchool, a cloud-based software for K-12 education, acquired Chennai-based enterprise resource planning software startup Neverskip for an undisclosed amount.
- After raising $2.5 Mn, Hybrid Shifting Solution is acquiring Pikkol, an AI-based technology-enabled logistics brand.
- GOAT Brand Labs has completed the acquisition of the remaining stake in Frangipani, in line with the terms initially set during their majority acquisition in 2021.
Other Major Developments From This Week
- Delhi NCR-based fintech unicorn BharatPe is in talks with existing investors to raise $100 Mn in a new round of funding.
- Bhavish Aggarwal’s Ola Electric has reportedly raised $140 Mn in a funding round led by Singapore’s sovereign wealth fund Temasek with participation from other existing investors.
- The Odisha government has approved a grant worth INR 1.28 Cr for 10 startups with an aim to boost innovation and entrepreneurship in the state.
