SUMMARY
Indian startups raised $125 Mn in funding across 18 deals this week, a 25.5% dip from the previous week
B2B seafood startup bagged $25 Mn in funding from British International Investment and Nekkanti Seafoods, making the biggest funding round of this week.
ixigo’s parent Le Travenues Technology Ltd refiled its DRHP to raise INR 120 Cr via fresh issue of shares.
After a massive uptick in investment activity, the Indian startup ecosystem entered the slow funding lane in the second week of the ongoing month. Between February 12 and 19, startups collectively raised $125 Mn across 18 deals, which is a 25.5% dip from $168 Mn raised by 25 startups in the previous week.
Funding Galore: Indian Startup Funding Of The Week [Feb 12 – Feb 17]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 16 Feb 2024 | Captain Fresh | Ecommerce | B2B Ecommerce | B2B | $25 Mn | Series C Extension | British International Investment, Nekkanti Seafoods Group | |
| 12 Feb 2024 | Amber | Real Estate Tech | Shared Spaces | B2C | $21 Mn | – | Gaja Capital, Lighthouse Canton, Stride Ventures | Gaja Capital |
| 13 Feb 2024 | Supertails | Ecommerce | D2C | B2C | $15 Mn | Series B | RPSG Captial, Fireside Ventures, Saama Capital, DSG, Sauce VC | RPSG Capital |
| 15 Feb 2024 | Metalbook | Ecommerce | B2B Ecommerce | B2B | $15 Mn | Series A | Rigel Capital, FJ Labs, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital | Rigel Capital |
| 12 Feb 2024 | Jeewani Hospitality | Travel Tech | Accomodation | B2C | $12 Mn | – | EaseMyTrip | |
| 15 Feb 2024 | Ayekart | Agritech | Market Linkage | B2B-B2C | $6.5 Mn | Series A | Omnivore, Siana Capital, Unleash Capital | |
| 14 Feb 2024 | Ascend Capital | Fintech | Lending Tech | B2B-B2C | $6 Mn | Series A | InfoEdge Ventures, Asha Ventures | InfoEdge Ventures, Asha Ventures |
| 14 Feb 2024 | TORK Motors | Cleantech | Electric Vehicle | B2C | $6 Mn | – | Maxis Capital | |
| 15 Feb 2024 | Veera | Healthtech | Fitness & Wellness | B2C | $6 Mn | Seed | Ayon Capital, 6th Man Ventures, Folius Ventures, The Operating Group, iSeed Ventures, Accomplice and Cypher Capital, Aalap Mahadevia, Kabir Narang, Nikhil Mohta | Ayon Capital |
| 14 Feb 2024 | Explurger | Media & Entertainment | Social Media | B2C | $4.5 Mn | Series A | Affle | |
| 12 Feb 2024 | Yu | Ecommerce | D2C | B2C | $2.4 Mn | Series A | Ashish Kacholia, Asian Paints Promoter Group | Ashish Kacholia, Asian Paints Promoter Group |
| 13 Feb 2024 | Noccarc | Healthtech | Medtech | B2B | $2 Mn | – | IAN, Sunil Munjal, Small Industries Development Bank of India (SIDBI), Technology Development Board (TDB) | IAN |
| 15 Feb 2024 | Segwise | Enterprisetech | Horizontal SaaS | B2B | $1.6 Mn | Seed | Powerhouse Ventures, Antler India, Blume Ventures, Everywhere Ventures, Saka Ventures, Untitled Ventures, Kunal Shah | Powerhouse Ventures |
| 13 Feb 2024 | Happi Planet | Ecommerce | D2C | B2C | $1 Mn | – | Fireside Ventures | |
| 12 Feb 2024 | Corrit Electric | Cleantech | Electric Vehicle | B2B | $602K | – | Porush Jain, | |
| 13 Feb 2024 | Scandalous Foods | Ecommerce | B2B Ecommerce | B2B | $361K | Seed | IAN, KRS Jamwal, Mrunal Jhaveri, Arjun Vaidya, Ajay Mariwala, Sushma Gupta | |
| 13 Feb 2024 | Frubon | Ecommerce | D2C | B2C | – | Series A | Fireside Ventures, Pi Ventures LLP | |
| 15 Feb 2024 | Freo | Fintech | Banking | B2C | – | Debt | Small Industries Development Bank of India (SIDBI) |
Key Startup Funding Highlights Of The Week
- Bengaluru-based B2B seafood startup bagged $25 Mn in funding from British International Investment and Nekkanti Seafoods, making the biggest funding round of this week.
- Fuelled by Captain Fresh’s funding, ecommerce emerged as the most funded sector with $58.1 Mn and a maximum of seven deals this week.
- This week, seed funding plummeted to $7.9 Mn across 4 deals, from $17.7 Mn across nine deals last week.
- Fireside Ventures emerged as the busiest investor this week as it participated in three deals.
Updates On Indian Startup IPOs
- Fintech SaaS company Trust Fintech Limited had filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge to raise funds via an initial public offering (IPO).
- ixigo’s parent Le Travenues Technology Ltd refiled its DRHP to raise INR 120 Cr via fresh issue of shares.
- OTT streaming platform Ullu Digital has filed its DRHP with the BSE SME for an IPO to raise around INR 130 Cr.
Other Major Developments From This Week
- Navi Finserv is planning to raise up to INR 600 Cr via issuance of Non-Convertible Debentures (NCDs) to fuel its business growth.
- Home interior startup HomeLane to acquire DesignCafe in a stock-swap deal.
- Hyderabad Angels launched its maiden venture capital fund at INR 150 Cr to invest in early stage startups.
- Endiya Partners is set to launch its third fund for a corpus ranging between INR 800 Cr and INR 1,000 Cr ($100-$125 Mn).
- Nazara’s NODWIN Gaming to acquire Ninja Global FZCO (Ninja), to foray into Turkey and the Middle East region
- Africa’s mobility fintech startup Moove raised $10 Mn (about INR 83 Cr) in debt from Stride Ventures to expand its presence in the Indian market.
- InCred Group’s InCred Alternatives Investments launched its maiden Category II AIF, with a target corpus of INR 500 Cr ($60 Mn+).
- PedalStart, a startup accelerator launched Series-2 fund with $250K funding to help early stage startups
