Indian Startup Funding — Indian Startups Raised $220 Mn This Week

From Atlan To Lendingkart — Indian Startups Raised $220 Mn This Week

SUMMARY

Indian startups cumulatively raised $220.2 Mn across 21 deals between May 6 and 11

Atlan $105 Mn funding was the lone mega funding round of the week

Seed funding continued to maintain to tumble down this week, with startups at this stage securing $8.4 Mn this week

Investment activity in the Indian startup ecosystem was a low-key affair this week as compared to the previous six-day period. Between May 6 and 11, startups cumulatively raised $220.2 Mn across 21 deals, a 30% decline from last week’s $316.4 Mn secured in 23 deals.

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Funding Galore: Indian Startup Funding Of The Week [May 6 – May 11]

Travel Tech	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
8 May 2024	Atlan	Enterprisetech	Horizontal SaaS	B2B	$105 Mn	Series C	GIC, Meritech Capital, Salesforce Ventures, Peak XV Partners	GIC, Meritech Capital
7 May 2024	GreenCell Mobility	Travel Tech	Transport Tech	B2B	$36.7 Mn	Credit	Sumitomo Mitsui Banking Corporation	Sumitomo Mitsui Banking Corporation
9 May 2024	K12 Techno Services	Edtech	Edtech Saas	B2B-B2C	$27 Mn	–	Venturi Partners	Venturi Partners
6 May 2024	Superplum	Agritech	Precision Agriculture	B2B	$15 Mn	Series A	Erik Ragatz	Erik Ragatz
7 May 2024	Lendingkart	Fintech	Lendingtech	B2B	$10 Mn	Debt	BlueOrchard	BlueOrchard
6 May 2024	Poshn	Agritech	Market Linkage	B2B-B2C	$4 Mn	pre-Series A	Prime Venture Partners, Zephyr Peacock India	Prime Venture Partners, Zephyr Peacock India
8 May 2024	Myelin	Enterprisetech	Horizontal SaaS	B2B	$4 Mn	Equity	SIDBI Venture Capital, Endiya Partners, Pratithi Investment Trust, Subh Labh	SIDBI Venture Capital
6 May 2024	Ecozen	Cleantech	Solar Tech	B2B	$2.9 Mn	–	Coromandel International	Coromandel International
7 May 2024	Parseable	Enterprisetech	Horizontal SaaS	B2B	$2.75 Mn	Seed	Peak XV, NP-Hard Ventures	Peak XV, NP-Hard Ventures
7 May 2024	BharatRohan	Deeptech	Dronetech	B2B	$2.3 Mn	pre-IPO	Villgro Innovation Foundation, Caspian, RevX, Venture Garage	–
7 May 2024	Cornext	Agritech	Farm Inputs	B2B	$2.2 Mn	Seed	Omnivore	Omnivore
7 May 2024	REGRIP	Cleantech	Waste Management	B2B-B2C	$2 Mn		SiriusOne Capital, Inflection Point Ventures, LetsVenture, Rikant Pitti, Mahavir Pratap Sharma, Aparna Thyagarajan	SiriusOne Capital, Inflection Point Ventures, LetsVenture
7 May 2024	ICON	Ecommerce	D2C	B2C	$1.2 Mn	Seed	DSG Consumer Partners	DSG Consumer Partners
8 May 2024	Atomgrid	Ecommerce	B2B Ecommerce	B2B	$1.2 Mn	Seed	Merak Ventures, Dexter Ventures, Upsparks, Point One Capital, Nitin Gupta, Prateek Jindal	Merak Ventures
7 May 2024	Eternz	Ecommerce	D2C	B2C	$1.15 Mn	Pre-seed	Kae Capital, Gemba Capital, IIMA Ventures, TDV Partners, Venture Lab	Kae Capital
7 May 2024	Knit	Enterprisetech	Horizontal SaaS	B2B	$1 Mn	Seed	Endiya Partners, Axilor Ventures	Endiya Partners
8 May 2024	Centriti	Logistics	Supply Chain	B2B	$719K	pre-Series A	Ev2 Ventures, Atrium Angels, Alluviam Capital, Brigade REAP, HOF Profectus & CoralBay Ventures	Ev2 Ventures
6 May 2024	50Fin	Fintech	Leadingtech	B2C	$550K	–	Arali Ventures, Nitin Gupta	Arali Ventures, Nitin Gupta
9 May 2024	Treacle	Enterprisetech	Horizontal SaaS	B2B	$479K	pre-Seed	Inflection Point Ventures	Inflection Point Ventures
6 May 2024	GyanLive	Edtech	Test Preparation	B2C	–	–	Classplus	Classplus
6 May 2024	QUE	Ecommerce	D2C	B2C	–	–	Shikhar Dhawan	Shikhar Dhawan
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Despite the muted funding trends in the week, one mega deal materialised in the week for SaaS startup Atlan. The data collaboration software provider bagged $105 Mn in its Series C funding round, co-led by GIC and Meritech Capital. The round also saw Atlan’s post-money valuation climbing to $750 Mn.
Buoyed by Atlan’s mega funding, enterprisetech rose to dominate funding trends at a sectoral level. Startups in the space raised $113.2 Mn across 5 deals, the greatest number of deals secured at a sectoral level.
Peak XV Partners, Endiya Partners, Nitin Gupta, and Inflection Point Ventures were the most active investors this week, backing 2 startups a piece.
Seed funding continued to tumble down this week, with startups at this stage securing $8.4 Mn this week. This is a 32% decline from last week’s $12.3 Mn.

Updates On Indian Startup IPOs

After raising INR 696.5 Cr from 47 anchor investors, B2B travel portal Travel Boutique Online or TBO Tek floated its initial public offering (IPO) on May 8. Its public issue got oversubscribed 86.7X on the final day for bidding on May 10, with investors bidding for 80.5 Cr shares as against 92.85 Lakh shares on offer.
Taking its second stab at the public market, insurance tech unicorn Digit Insurance is set to float its IPO on May 15 and close on May 17. The startup’s IPO will comprise a fresh issue of shares worth INR 1,125 Cr and an offer for sales (OFS) component of 5.47 Cr. It has set a price band in the range of INR 258 to INR 272 per equity share.

Startup Acquisitions This Week

Digital solutions provider Hexaware Technologies has acquired data consulting firm Softcrylic for an undisclosed sum. It has bought the US-based firm to strengthen its data and analytics capabilities.
Private equity firm KKR announced that it will acquire medical devices company Healthium Medtech Ltd from an affiliate of funds advised by Apax Partners LLP for an undisclosed amount.

Other Major Developments Of The Week

Lending tech startup Niro is eyeing $4.3 Mn in a pre-Series B funding round. It is looking to raise the funds from Marui Group, along with existing investors like Elevar Equity, GMO Venture Partners, Rebright Partners, among others, at a valuation of $55 Mn.
InCred Capital’s Incred Alternative Investments marked the first close of its maiden private equity fund with capital commitments of over INR 330 Cr. The Vivek Singla-led venture capitalist (VC) firm is targeting to close the fund at INR 500 Cr.
Wealth management firm Client Associates announced the first close of its maiden Category II alternative investment fund (AIF) at INR 300 Cr. It will look to back 12-15 consumer tech startups at the Pre-Series A to Series B stages with cheque sizes in the range of INR 10 Cr – INR 50 Cr per deal.
Murugappa Group’s EV arm TI Clean Mobility (TICMPL) will be raising INR 580 Cr in a mix of equity and compulsorily convertible preference shares (CCPS). PE firm GEF Capital will back the company via its two funds, GEF South Asia Growth Invest III and GEF South Asia EBT Trust III.
Among CarTrade’s bull run on the bourses, Goldman Sachs Asset Management has increased its stake in the startup to 5.15%, becoming a substantial shareholder. It now possesses 2.4 Mn shares in the company, up 4% from the erstwhile 2.3 Mn.
Ex-BharatPe CBO Pratekk Agarwaal-led VC firm GrowthCap is looking to close its maiden fund at INR 50 Cr in the next two months. It will be investing in fintech, SaaS, and deeptech startups.
Pune-based software company Icertis is looking to raise $150 Mn via a secondary share sale, a deal that could see an increased investment from SoftBank.