Indian startups cumulatively raised $125 Mn across 18 deals, a 54% decline from $256.9 Mn secured via 8 deals in the preceding week
Fintech was the investor favourite sector this week, with startups bagging $50 Mn via 2 deals
Deeptech startups raised $33.9 Mn via the highest six deals in the week
This year, festivities in India fuelled a mixed bag of funding trends for the world’s third largest startup ecosystem. After seeing a renewed vigour in investor interest between October 28 and November 2, the fresh capital infusion subsided in the first week of November.
Between November 4 and 9, Indian startups secured $125 Mn across 18 deals. This marked a 51% decline from the $256.9 Mn secured via 8 deals in the preceding week. Pertinent to note that funding trends have remained volatile in the final quarter of 2024.
Note: This week’s funding galore also includes deals from the preceding week
Funding Galore: Indian Startup Funding Of The Past Two Weeks [ Oct 28 – Nov 9 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
29 Oct 2024
Finova Capital
Fintech
Lendingtech
B2B-B2C
$135 Mn
Series E
Avataar Venture Partners, Sofina, Madison India Capital, Norwest Venture Partners
–
29 Oct 2024
Vridhi Home Finance
Fintech
Lendingtech
B2C
$36.9 Mn
Series B
Norwest Venture Partners, Elevation Capital, Sunku Ram Naresh, Sandeep Arora, Sunil Mehta
Norwest Venture Partners
28 Oct 2024
Udaan
Ecommerce
B2B Ecommerce
B2B
$35.6 Mn
Debt
Lighthouse Canton, Stride Ventures, InnoVen Capital, Trifecta Capital.
–
6 Nov 2024
Easy Home Finance
Fintech
Lendingtech
B2C
$35 Mn
Series B
Claypond Capital, Sumitomo Mitsui Banking Corporation, Xponentia Capital, Finsight Ventures, Harbourfront Capital, Pegasus India
Claypond Capital, Sumitomo Mitsui Banking Corporation
29 Oct 2024
Zinc
Fintech
Investment Tech
B2C
$25.5 Mn
Seed
Nexus Venture Partner, Quona Capital, EDBI, Global Ventures, Saison Capital
Nexus Venture Partner
31 Oct 2024
Country Delight
Ecommerce
D2C
B2C
$23.8 Mn
Debt
Alteria Capital
Alteria Capital
6 Nov 2024
MODIFI
Fintech
Payments
B2B
$15 Mn
–
Sumitomo Mitsui Banking Corporation, Maersk, Intesa SanPaolo, Heliad
Sumitomo Mitsui Banking Corporation
7 Nov 2024
Boldfit
Ecommerce
D2C
B2C
$13 Mn
–
Bessemer Venture Partners
Bessemer Venture Partners
7 Nov 2024
GalaxEye
Deeptech
Spacetech
B2B
$10 Mn
Series A
MountTech Growth Fund – Kavachh, Mela Ventures, Speciale Invest, iDeaForge, Smarthya Investment Advisors, Infosys
–
5 Nov 2024
CynLr
Deeptech
Robotics
B2B
$10 Mn
Series A
Pavestone, Athera Venture Partners, Speciale Invest, RedStart Labs
Pavestone, Athera Venture Partners
7 Nov 2024
Zoomcar
Travel Tech
–
B2C
$9.1 Mn
Debt
–
–
5 Nov 2024
Marut Drones
Deeptech
Dronetech
B2B-B2C
$6.2 Mn
Series A
Lok Capital
Lok Capital
4 Nov 2024
Hala Mobility
Travel Tech
Transport Tech
B2C
$6 Mn
pre-Series A
Srikanth Reddy, Snehith Reddy, Phani Ramineni, Sarthy Angels, Bestvantage
–
7 Nov 2024
The Hosteller
Travel Tech
Accommodation
B2C
$5.7 Mn
–
V3 Ventures, Blacksoil, Real Time Angel Fund, Ice Venture Capital, Synergy Capital Partners, Unit-e Consulting, Harsh Shah, Vedang Patel
–
8 Nov 2024
C2i Semiconductors
Deeptech
IoT & Hardware
B2B
$4 Mn
–
Yali Capital
Yali Capital
7 Nov 2024
Thesys
Enterprisetech
Horizontal SaaS
B2B
$4 Mn
Seed
Together Fund, 8VC
Together Fund
7 Nov 2024
Nexstem
Deeptech
IoT & Hardware
B2B-B2C
$3.5 Mn
–
InfoEdge, Gruhas, Zupee, Smile Group
InfoEdge, Gruhas, Zupee, Smile Group
7 Nov 2024
Pulse
Enterprisetech
Vertical SaaS
B2B
$1.4 Mn
Seed
Endiya Partners, Zluri, Yellow.ai
Endiya Partners
5 Nov 2024
Induz
Enterprisetech
Horizontal SaaS
B2B
$780K
–
YourNest Venture Capital, SanchiConnect
YourNest Venture Capital
7 Nov 2024
30 Sundays
Travel Tech
Travel Planning & Activities
B2C
$770K
pre-Seed
Infoedge Ventures, First Cheque, Eximius, Misfits
Infoedge Ventures
6 Nov 2024
Wholeleaf
Ecommerce
D2C
B2C
$356K
–
ah! Ventures
ah! Ventures
7 Nov 2024
Enlog
Deeptech
IoT & Hardware
B2C
$207K
–
Vinners
Vinners
29 Oct 2024
Coox
Consumer Services
Hyperlocal Services
B2C
$125K
Seed
Inflection Point Ventures
Inflection Point Ventures
4 Nov 2024
Viraa Care
Healthtech
Fitness & Wellness
B2C
$108K
pre-Seed
–
–
29 Oct 2024
Mithron
Deeptech
Dronetech
B2B-B2C
–
–
–
–
30 Oct 2024
FlavingredProducts
Ecommerce
D2C
B2C
–
–
ah! Ventures
ah! Ventures
5 Nov 2024
Anubal Fusion
Cleantech
–
B2B
–
pre-Seed
Speciale Invest
Speciale Invest
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- While a mega deal materialised in the form of NBFC Finova Capital’s Series E funding round in the final week of October, no deals worth over $100 Mn took place in the first week of November.
- Fintech startup Easy Home Finance secured $35 Mn in its Series B funding round on November 6, making it the biggest cheque secured by a startup in the past week.
- On the back of Easy Home Finance and MODIFI’s funding rounds of $15 Mn, fintech topped the sectorial list with heaviest capital influx of the week.
- At a sectoral level, deeptech was close on the heels of fintech in the past week. Startups in the space cumulatively raised $33.9 Mn via the highest six deals in the week.
- Seed funding in the week stood at $5.4 Mn.
Mergers & Acquisitions From The Past Two Weeks
- Gladiators Esports bough gaming company Gods Reign for what the startup claims to be the biggest acquisitions in the Indian esports space. However, no details of the financial details of the transaction were disclosed.
- Marking its fourth acquisition in the fiscal year 2024-25, listed fintech company Veefin Solutions picked up a 50% stake in Singapore-based GenAI startup Walnut in an all-cash deal.
- Continuing its purchase streak, gaming major Nazara bought UK-based growth marketing agency Space & Time for around INR 52.3 Cr in a cash and stock deal via its subsidiary Datawrkz.
- Wealth management startup Wealthzi was acquired by Nivesh for INR 9 Cr.
- In what could be one of the biggest startup mergers in the insurance space, Inc42 learnt that InsuranceDekho and RenewBuy are looking at finalising a merger that would value the combined entity at $1 Bn.
Funds Launched In The Last Two Weeks
- Bipin Shah, who previously served as a managing partner for VC firm Titan Capital, floated his micro VC firm Zeropearl. The firm will look to back 12-15 high-stakes investments in a year.
- VC firm Inflexor Ventures announced the first close of its Opportunities Fund at $33.7 Mn on November 6.
- Listed NBFC Northern Arc disclosed that it has secured debt commitments of $65 Mn for its maiden climate focused fund.
Updates On Indian Startup IPOs
- Foodtech major Swiggy’s IPO closed with an oversubscription of 3.59X on November 8. The startup is scheduled to get listed on November 13.
- Logistics unicorn BlackBuck filed its RHP for an IPO consisting of fresh issuance of equity shares worth INR 550 Cr and an offer for sale of 2.06 Cr shares by several existing shareholders. The startup’s IPO will open on November 13 and close on November 18.
- NBFC Avanse Financial Services received approval from the SEBI for its INR 3,500 Cr public issue on October 23.
Other Developments Of The Weeks
- VC firm First Cheque will likely back 15-20 startups with investments of up to $500Kapiece from its third cohort over the next 18 months.
- Agritech startup Arya.ag secured a debt commitment of $19.8 Mn from US International Development Finance Corporation (DFC) to extend a debt facility for its agri commerce subsidiary Aryatech. The funding commitment is for .a period of seven year.