SUMMARY
Indian startups cumulatively raised $243.3 Mn from 17 deals between March 23-30
Avanse Financial Services raked in $120 Mn, marking the only mega deal this week
Fintech startups attracted the highest funding this week, with startup's in the sector securing $151.8 Mn across four deals
Investments in Indian startups picked up pace during the week between March 23 and March 30, as volatility continued in the startup investment landscape. This week, Indian startups cumulatively raised $243.3 Mn from 17 deals, a 19% increase from $204.9 Mn raised last week. The number of deals stood at 14 in the previous week..
This week saw one mega funding deal, with education-focussed non-banking financial company (NBFC) Avanse Financial Services securing a primary capital infusion of $120 Mn in a round led by Abu Dhabi-based investment firm Mubadala Investment Company.
Funding Galore Indian Startup Funding Of The Week [Mar 23- Mar 30]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 26 Mar 2024 | Avanse Financial Services | Fintech | Lendingtech | B2C | $120 Mn | – | Mubadala Investment Company, Avendus PE Investment Advisors Private Limited | Mubadala Investment Company |
| 27 Mar 2024 | ShareChat | Media & Entertainment | Social Media & Chat | B2C | $49 Mn | Debt | Temasek, Lightspeed, HarbourVest, Moore Strategic, Alkeon Capital, Tencent, others | – |
| 27 Mar 2024 | Aye Finance | Fintech | Lendingtech | B2B | $16.4 Mn | Debt | German impact investment, Invest in Visions | – |
| 23 Mar 2024 | SUBKO Coffee Roasters | Ecommerce | D2C | B2C | $10 Mn | Series B | Nikhil Kamath, Blume Founders Fund, The Gauri Khan Family Trust, Priya and John Abraham, Sangita Jindal, Srinivas and Pallavi Dempo, The Mehta International Mauritius Limited Group | Nikhil Kamath |
| 28 Mar 2024 | KreditBee | Fintech | Lendingtech | B2C | $9.4 Mn | Series D | Advent International, Mitsubishi UFJ Financial Group (MUFG) Bank, Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, Mirae Asset Ventures | – |
| 29 Mar 2024 | Bambrew | Ecommerce | B2B Ecommerce | B2B | $7.1 Mn | Series A | Blume Ventures, Blue Ashva Capital, Mumbai Angels, Indus Capital, Sreevathsa Prabhakar, Mandeep Manocha, RK Narayan | Blume Ventures |
| 27 Mar 2024 | AdOnMo | Enterprisetech | Horizontal SaaS | B2B | $7 Mn | Series B | Ravindranath Kancherla, Kancherla Pruthvinath, Qatar Insurance Company, ZNL Growth | – |
| 28 Mar 2024 | MobiKwik | Fintech | Payments | B2C | $6 Mn | Debt | BlackSoil | BlackSoil |
| 27 Mar 2024 | SuperK | Ecommerce | B2B Ecommerce | B2B | $6 Mn | Series A | Blume Ventures, Silver Needle Ventures, Veltis Capital, Atrium Angels, others | Blume Ventures |
| 28 Mar 2024 | E-Trav Tech | Travel Tech | Travel Tech SaaS | B2B | $3.9 Mn | – | EaseMyTrip | EaseMyTrip |
| 28 Mar 2024 | SydeLabs | Enterprisetech | Horizontal SaaS | B2B | $2.5 Mn | Seed | RTP Global, Picus Capital, others | RTP Global |
| 26 Mar 2024 | Aeria | Real Estate | Real Estate SaaS | B2B | $1.8 Mn | – | Kalaari Capital, Foundamental, AC Ventures, AL Trust, others | Kalaari Capital |
| 27 Mar 2024 | Woodsmen Mountain Whiskey | Alcoholic Beverages | Alcoholic Beverages | B2C | $1.5 Mn | Series A | FinFirst Group, Anthill Ventures, Nikhil Vora, Chaitanya Rathi, Shantanu Deshpande, Bala Sarda, Pradeep Gidwani, Arjun Vaidya, Nitin Kaushal and Chakradhar Gade, others | FinFirst Group, Anthill Ventures |
| 27 Mar 2024 | TAC Infosec | Enterprisetech | Horizontal SaaS | B2B | $1 Mn | Pre IPO | NAV Capital, Astorne Capital, Beacon Stone Capital, Zinnia Global Fund, LC Radiance Fund | – |
| 26 Mar 2024 | JustDeliveries | Consumer Services | Hyperlocal Delivery | B2B – B2C | $1 Mn | Pre-Series A | NABVENTURES Fund, FAAD Network, Anay Ventures, Caret Capital, Mahansaria family office | NABVENTURES Fund |
| 28 Mar 2024 | Daakia | Enterprisetech | Horizontal SaaS | B2B | $500k | Seed | Sasi Kumar Marasu, others | Sasi Kumar Marasu |
| 23 Mar 2024 | AmIgo Labs | Enterprisetech | Horizontal SaaS | B2B | $238K | – | Maruti Suzuki | Maruti Suzuki |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
||||||||
Key Startup Funding Highlights Of The Week
- Avanse Financial bagged the biggest cheque this week.
- Boosted by Avanse Financial’s mega funding deal, the fintech sector emerged as an investor favourite this week. The space saw a cumulative investment of $151.8 Mn across four deals.
- Enterprisetech saw the maximum number of funding deals this week, with startups operating in the space bagging $11.2 Mn via five deals.
- Seed stage startup funding plummeted 84% to $3 Mn this week from last week’s $19.25 Mn.
- Blume Ventures emerged as the most active investor this week investing in SUBKO Coffee Roasters and SuperK.
Updates On Indian Startup IPOs
- SaaS cybersecurity startup TAC Infosec’s initial public offering (IPO) opened on the exchanges on March 27 and will close on April 2. The IPO comprises a fresh issue of 28.29 Cr equity shares at a price band of INR 100-106. On the back of strong demand from retail investors, the startup’s IPO was oversubscribed 23.42X at the end of the second day of subscription on Thursday (March 28).
- The IPO of fintech SaaS company Trust Fintech closed on March 28 with 101X subscription on the back of huge demand from retail investors and non-institutional investors. The IPO comprised a fresh issue of 62.82 Lakh equity share at price band of INR 95-INR 101 per share, with a lot size of 1,200 equity shares.
Other Major Developments From This Week
- Early stage investor Chiratae Ventures reportedly sold its stake in multiple startups, including Lenskart, Bizongo and Rentomojo, to private equity firm Madison India Capital for $70 Mn in a bulk secondary deal.
- The Competition Commission of India (CCI) cleared subscription to CCPS class B shares of API Holdings, the parent of PharmEasy, by the family office of Manipal Group chairman Ranjan Pai and 360 ONE (formerly IIFL). Pai will now emerge as one of the biggest investors in PharmEasy with an estimated stake of more than 12%.
- Infibeam Avenues’ UAE subsidiary, Avenues World FZ-LLC, is looking to raise $25 Mn in a pre-IPO round from a select group of investors, as it gears up for a listing in the UAE capital market.
- Omnichannel jewellery startup BlueStone is eyeing raising $16.5 Mn in a mix of debt and equity. The startup’s board recently passed two separate resolutions to raise INR 100 Cr debt and an equity funding of INR 37.7 Cr by allotting Series G compulsory convertible cumulative preference shares (CCPS) to its investors.
- Global investment firm L Catterton’s Asia arm and former Hindustan Unilever (HUL) executive Sanjiv Mehta have forged a joint venture agreement to float a new India-focussed investment vehicle. Mehta will helm the formation of the joint venture focused on investing in Indian consumer-facing companies.
