From Drip Capital To Rapido – Indian Startups Raised $348 Mn This Week

From Drip Capital To Rapido – Indian Startups Raised $348 Mn This Week

SUMMARY

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. 

From Drip Capital To Rapido – Indian Startups Raised $348 Mn This 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. 
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