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.
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.
