From Bright Money To Doceree — Indian Startups Raised $194 Mn This Week

SUMMARY

Indian startups raised $194 Mn across 34 funding deals, marking a substantial 113% week-on-week increase

Seed funding activity surged this week with $9 Mn in fund infusion across 17 deals, a substantial jump from $5.4 Mn raised a week prior

Fuelled by Bright Money’s fundraise, the fintech sector emerged as the most funded sector this week, securing $67.5 Mn across two deals

Following a brief dip in funding last week, the month of September is concluding on a notably stronger note. Indian startups raised $194 Mn across 34 funding deals, marking a substantial 113% increase from the $91 Mn raised in the prior week.

Throughout September, Indian startups garnered $995 Mn in funding over a span of four weeks.

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News

Funding Galore: Indian Startup Funding Of The Week [Sept 25 – Sept 30]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
27 Sept 2023	Bright Money	Fintech	Lendingtech	B2C	$62 Mn	–	Encina Lender Finance, Alpha Wave, Hummingbird, Peak XV Partners
27 Sept 2023	Doceree	Enterprisetech	Horizontal SaaS	B2B	$35 Mn	Series B	Creaegis, Eight Roads Ventures, F-Prime Capital	Creaegis
28 Sept 2023	Third Wave Coffee	Ecommerce	D2C	B2C	$35 Mn	Series C	Creaegis, WestBridge Capital, Sujeet Kumar	Creaegis
26 Sept 2023	Pilgrim	Ecommerce	D2C	B2C	$20 Mn	–	Vertex Ventures Southeast Asia and India, Fireside Ventures and Narotam Sekhsaria Family Office	Vertex Ventures Southeast Asia and India (Temasek)
25 Sept 2023	Castler	Fintech	Payments	B2B	$5.5 Mn	Pre-Series A	Capital 2B, IIFL Fintech Fund, Flipkart Ventures	Capital 2B
29 Sept 2023	SigNoz	Enterprisetech	Horizontal SaaS	B2B	$5.4 Mn	–	SignalFire, Uncorrelated Ventures, Alumni Ventures
28 Sept 2023	Quick Smart Wash	Consumer Service	Hyperlocal Services	B2C	$5.15 Mn	–	Elan Corporation
22 Sept 2023	Legistify	Enterprisetech	Horizontal SaaS	B2B	$4 Mn	Series A	IndiaMart, Titan VC, GSF, Cathexis Ventures, Justin Hamilton, Enrission Group
27 Sept 2023	Data Sutram	Enterprisetech	Horizontal SaaS	B2B	$3 Mn	Series A	Bharat Fund, Singularity Growth Funds, Indian Angel Network, IndiaInfolIne, White Venture Capital	Bharat Fund
26 Sept 2023	Raptee	Cleantech	Electric Vehicle	B2C	$3 Mn	Pre-Series A	Bluehill Capital, Eugene Mayne, Lakshmi Narayanan, Ramesh Kannan, Chandu Nair	Bluehill Capital
29 Sept 2023	Clinkally	Ecommerce	D2C	B2C	$2.6 Mn	–	Y Combinator, Tribe Capital, Goodwater Capital, Sequoia Scout Fund, Rebel Fund
25 Sept 2023	abCoffee	Ecommerce	D2C	B2C	$2 Mn	Seed	Tanglin Ventures Partners, 100X.VC, Panthera Peak, OTP Venture Partners,	Tanglin Ventures Partners
27 Sept 2023	QuriousBit	Media & Entertainment	Gaming	B2C	$2 Mn	Seed	General Catalyst, Lumikai
29 Sept 2023	Fairdeal.Market	Ecommerce	B2B Ecommerce	B2B	$2 Mn	–	WaterBridge Ventures, Gemba Capital, GrowX Ventures, Priyaranjan Ventures, Manish Bajoria	WaterBridge Ventures
26 Sept 2023	Autocracy Machinery	Agritech	Farm Inputs	B2B	$1.2 Mn	Seed	Venture Catalysts, Nikhil Jaisinghani, Bharat Jaisinghani, Meghna Agarwal, Abhishek Rungta, Srikanth Iyengar, Abhishek Modi, VC Grid, S Four capital	Venture Catalysts
28 Sept 2023	MyMandi	Agritech	Market Linkage	B2B-B2C	$1.2 Mn	–	RTAF
25 Sept 2023	FlexifyMe	Healthtech	Telemedicine	B2C	$1 Mn	Seed	Flipkart Ventures, GSF, iHub Anubhuti, Chandigarh Angels (CAN), Venture Catalyst, OneCapital
28 Sept 2023	oorja	Cleantech	Electric Vehicle	B2B	$1.5 Mn	pre-Series A	Micello Fund, Capital-A, Java Capital, Anicut Capital, Lead Angels	Micello Fund
27 Sept 2023	PierSight	Deeptech	Spacetech	B2B	$600K	Seed	All In Capital, Andreas Klinger, Vismay Agrawal, Nikunj Jalan, Techstars	All In Capital
25 Sept 2023	AltUni	Edtech	Online Certification	B2C	$500K	Seed	Indian Angel Network, Vishesh C Chandiok, Ganesh Balakrishnan, Harsh Parikh, Narayan Babu, Supreet Singh, Ashvin George, Prashant Mohanraj, Shreyans Mehta, Amit Monteiro, Raghav Joshi, Mainak Shome, Bhoopesh Jain, Sandeep Bhadresa
27 Sept 2023	Zeron	Enterpristech	Horizontal SaaS	B2B	$500K	Seed	Varanium Capital, Yatra Angel Network
25 Sept 2023	StampThePassport	Travel Tech	Travel Planning & Activities	B2C	$481K	Seed	–	–
27 Sept 2023	Figr	Enterpristech	Horizontal SaaS	B2B	$250K	Seed	Antler India,
28 Sept 2023	DecorTwist	Ecommerce	D2C	B2C	$250K	Seed	Adhvith Dhuddu	Adhvith Dhuddu
26 Sept 2023	Belly Rubs	Ecommerce	B2C Ecommerce	B2C	$180K	Seed
25 Sept 2023	DIAL 4242	Healthtech	Healthcare Services	B2C	$120K	Seed	G Vamshi Raju, Starfish Ventures	G Vamshi Raju, Starfish Ventures
25 Sept 2023	Algomage	Enterpristech	Horizontal SaaS	B2B	–	Seed	Flipkart Ventures
25 Sept 2023	NimbleBox.ai	Enterpristech	Horizontal SaaS	B2B	–	Seed	Flipkart Ventures
25 Sept 2023	ReCircle	Cleantech	Waste Management	B2C	–	Seed	Flipkart Ventures
28 Sept 2023	BabyChakra	Ecommerce	D2C	B2C	–	–	Dia Mirza
29 Sept 2023	Axiom Ayurveda	Ecommerce	D2C	B2C	–	–	Emami
26 Sept 2023	NIKOL EV	Cleantech	Electric Vehicle	B2C	–	Seed	EvolveX
27 Sept 2023	Flow Sports Life	Consumer Services	Hyperlocal Services	B2C		Seed	IPV	IPV
29 Sept 2023	Drip Project	Ecommerce	D2C	B2C	–	–	Blume Ventures’ Blume Founders Fund, StrongHer Venture, Ankita Vasista, Priti Sawant	Blume Ventures’ Blume Founders Fund
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Bengaluru and San Francisco-based Consumer fintech startup Bright Money raised $62 Mn funding in a mix of equity and debt, making it the biggest funding deal of the week.
Fuelled by Bright Money’s fundraise, the fintech sector emerged as the most funded sector this week, securing $67.5 Mn across two deals.
Ahead of the festive season, the ecommerce sector witnessed the most number of deals. The sector saw ten deals and a total of $62 Mn being raised.
Seed funding activity surged this week with $9 Mn in fund infusion across 17 deals, a substantial jump from $5.4 Mn raised across five deals a week prior
Flipkart Ventures was the busiest investor this week as it participated in five deals.

Startup Acquisitions This Week

SaaS firm KaarTech acquired Chicago-based customer experience solutions consultancy company Dunn Solutions for an undisclosed amount.
D2C fashion startup Styched acquired performance wear brand Zymrat in a cash and equity swap deal.
Indian music giant Saregama is acquiring a 92.6% stake in the new-age digital entertainment startup Pocket Aces at a valuation of $40 Mn.

Other Major Developments From This Week

Debt VC firm Trifecta Capital announced the final close of its third venture debt fund, Trifecta Venture Debt Fund III, at INR 1,777 Cr.
According to Inc42 sources, electric vehicle (EV) charging infrastructure provider Bolt.Earth is in talks with investors to raise $20 Mn in its Series B round at a valuation of $100 Mn.
Hyderabad’s Young Entrepreneurs Association (YEA) launched its new startup fund with an initial corpus of INR 5 Cr for potential startups in the Hyderabad region.
Matrix Partners India has elevated three of its principals – Aakash Kumar, Pranay Desai, and Sudipto Sannigrahi – to the managing director roles.
Healthcare-focussed startup Affordplan this week saw a complete management buyout led by its CEO, thus giving a complete exit to the founders and four private equity investors.