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

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 ]

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.