Between September 2 and 7, Indian startups collectively mopped up around $348 Mn in funding across 19 deals
Rapido’s fundraise, the traveltech sector became the funded sector with an investment of $204 Mn deals
Ather Energy is looking to file its DRHP with the SEBI next week for an INR 4,500 Cr IPO in a mix of a fresh issue and offer for sale (OFS)
The month of September started relatively in a high spirit as far as the startup funding is concerned. In the first week of the ongoing month, i.e., between September 2 and 7, Indian startups collectively managed to secure $348 Mn in funding across 19 deals, 25% lower than $466 Mn raised by 16 startups in the closing week of August.
The week further saw two mega deals with Drip Capital bagging $133 Mn, and Rapido finally announcing its massive $200 Mn funding from WestBridge Capital.
Funding Galore: Indian Startup Funding Of The Week [ Sept 2– Sept 7 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
5 Sep 2024
Rapido
Travel Tech
Transport Tech
B2C
$200 Mn
Series E
WestBridge Capital, Nexus Venture Partners, Think Investments, Invus Opportunities
WestBridge Capital
5 Sep 2024
Drip Capital
Fintech
Lending Tech
B2B
$113 Mn
–
GMO Payment Gateway, Sumitomo Mitsui Banking Corporation, International Financing Corporation IFC, East West Bank
–
4 Sep 2024
JUSTO Realfintech
Real Estate Tech
Real Estate Services
B2B
$7 Mn
–
Arbour Investments
Arbour Investments
2 Sep 2024
Nutrabay
Ecommerce
D2C
B2C
$5 Mn
pre-Series A
RPSG Capital Ventures, Kotak Alternate Asset Managers
RPSG Capital Ventures
4 Sep 2024
The Hosteller
Travel Tech
Accommodation
B2C
$4 Mn
–
V Cube Ventures SA, LV Angel Fund, Unit E Consulting LLP
V Cube Ventures SA
5 Sep 2024
RecommerceX
Cleantech
Waste Management
B2B-B2C
$3.6 Mn
Seed
Accel, Kae Capital
Accel, Kae Capital
2 Sep 2024
Global Care
Healthtech
Healthcare Services
B2C
$3 Mn
Series A
35North India Discovery Fund – II
35North India Discovery Fund – II
3 Sep 2024
BigEndian Semiconductor
Deeptech
IoT & Hardware
B2B
$3 Mn
Seed
Vertex Ventures SEA & India
Vertex Ventures SEA & India
3 Sep 2024
Theater
Ecommerce
D2C
B2C
$3 Mn
pre-Series A
Prath Ventures
Prath Ventures
4 Sep 2024
Invest4Edu
Fintech
Investment Tech
B2C
$3 Mn
Seed
–
–
4 Sep 2024
Boson Whitewater
Cleantech
Water Tech
B2B
$1.1 Mn
–
Rainmatter
Rainmatter
4 Sep 2024
TruNativ
Ecommerce
D2C
B2C
$1.1 Mn
–
Rainmatter
Rainmatter
4 Sept 2024
Valyx
Fintech
Payments
B2B
$800K
Seed
Huddle Ventures, Waveform Ventures, Bharat Founders Fund, Propell Fund
Huddle Ventures, Waveform Ventures
4 Sept 2024
Slikk
Ecommerce
B2C Ecommerce
B2C
$300K
Seed
Better Capital, Untitiledxyz Ventures
Better Capital
3 Sep 2024
BiUP Technologies
Enterpristech
Horizontal SaaS
B2B
–
–
CarDekho
CarDekho
4 Sep 2024
0xPPL
Media & Entertainment
Social Media & Chat
B2C
–
–
Peak XV Partners, AllianceDAO, Anagram, Balaji Srinivasan, Sandeep Nailwal, Anatoly Yakovenko, Raj Gokal
Peak XV Partners, AllianceDAO, Anagram
3 Sep 2024
Plan B
Ecommerce
D2C
B2C
–
Seed
JIIF, Ah! Ventures
3 Sept 2024
ReCircle
Cleantech
Waste Management
B2B-B2C
–
Seed
Venture Catalysts, Mumbai Angels
6 Sept 2024
Mechanic Pro
Consumer Services
Hyperlocal Services
B2C
–
Seed
Naveen Kumar Telkani & Family
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- Bike taxi startup and now a cab aggregator Rapido entered the unicorn club with $200 Mn from WestBridge Capital.
- Fuelled by Rapido’s fundraise, the traveltech sector became the funded sector with an investment of $204 Mn deals
- In terms of number of deals, the ecommerce sector bagged the most with five deals, raking $9.4 Mn
- The seed funding soared to $10.7Mn this week across eight deals, an over 200% higher than $3.05 Mn reported last week.
Other Major Developments Of The Week
- Alternative credit provider Blacksoil Capital and impact investment lender Caspian Debt have got unanimous approval from their boards of directors to merge via a share swap agreement.
- Ather Energy is looking to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) next week for an INR 4,500 Cr IPO in a mix of a fresh issue and offer for sale (OFS).
- Mumbai-based venture debt firm VentureSoul Partners has marked the first close of its INR 600 Cr maiden fund, raising INR 146.5 Cr ($17.4 Mn).
- Mumbai-based lendingtech startup SarvaGram is reportedly in discussions to raise a fresh funding of around $50 Mn from both new and existing investors.
- OfBusiness has begun preparations for an initial public offering (IPO) of up to $1 Bn and is close to finalising the bankers for its public listing in the second half of 2025.
- LetsVenture has launched LV Debt, a marketplace designed to educate founders and offer debt financing tailored to the specific requirements of startups.
- Money View is looking to raise INR 250 Cr (around $29.8 Mn) from unidentified investors through private placement of non-convertible debentures (NCDs).
- Hindustan Composites said it has signed a share purchase agreement to acquire a stake in IPO-bound foodtech major Swiggy for INR 5.175 Cr.
