Indian Startup Funding — Startups Raised $114 Mn This Week

From Haber To Urja Mobility – Indian Startups Raised $114 Mn This Week

SUMMARY

Indian startups cumulatively raised $114 Mn across 22 deals, a 32% increase from $86.4 Mn raised across 16 deals last week

Deeptech emerged as the investor favourite sector this week on the back of Haber’s $38 Mn fundraise

Seed funding picked up this week to $17.8 Mn from $1.9 Mn last week

After a significant drop in funding trends leading into the month of October, investor sentiment picked up slightly in the second week of the month. Indian startups raised $114 Mn via 22 deals during October 7-12, up 32% from $86.4 Mn raised last week across 16 deals.

This was the second week when no mega funding rounds materialised. This came after a quarter filled with heightened funding interest. In the third quarter of calendar year 2024, Indian startup funding doubled year-on-year to $3.4 Bn from $1.7 Bn in the same period last year. Late-stage investments surged 115% to surpass the $2.1 Bn mark in the September quarter this year from $984 Mn in Q3 2023.

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News

Funding Galore: Indian Startup Funding This Week [Oct 7-12]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
10 Oct 2024	Haber	Deeptech	Robotics Process Automation (RPA)	B2B	$38 Mn	–	Accel India, Beenext Capital, Creaegis	–
9 Oct 2024	Spry Therapeutics	Healthtech	Healthcare SaaS	B2B	$15 Mn	–	Flourish Ventures, Together Fund, Fidelity’s Eight Road Ventures, F Prime Capital	Flourish Ventures
10 Oct 2024	Millenium Babycares	Ecommerce	D2C	B2C	$14.5 Mn	–	Pantamoth Capital	Pantamoth Capital
9 Oct 2024	Urja Mobility	Cleantech	Electric Vehicle	B2B	$12 Mn	pre-Series A	Mufin Green Finance Limited, Hindon Mercantile Limited	Mufin Green Finance Limited, Hindon Mercantile Limited
7 Oct 2024	XDLINK	Deeptech	Spacetech	B2B	$7 Mn	Seed	Ashish Kacholia, E2MC, Mana Ventures	Ashish Kacholia
9 Oct 2024	BioPrime	Agritech	Farm Inputs	B2B	$6 Mn	Series A	Edaphon, Omnivore, Inflexor	Edaphon
8 Oct 2024	Dezy	Healthtech	Telemedicine	B2C	$6 Mn	–	Alpha Wave, Chiratae Ventures, Peak XV	–
9 Oct 2024	Swara Fincare	Fintech	Lendingtech	B2B	$2.3 Mn	Series A	Unitus Capital, Piper Serica, Dev Verma, Mukund Madhav, Sumit Ranjan	Unitus Capital
9 Oct 2024	Figr	Enterprisetech	Horizontal SaaS	B2B	$2.2 Mn	Seed	Kalaari Capital, Antler, Golden Sparrow	Kalaari Capital
9 Oct 2024	LearnTube	Edtech	Skill Development	B2C	$2 Mn	Seed	Blitzscaling Ventures, Goodwater Capital, Bisk Ventures, ACT	–
7 Oct 2024	Framer AI	Enterprisetech	Horizontal SaaS	B2B	$2 Mn	Seed	Lumikai	Lumikai
7 Oct 2024	Nayan Tech	Enterprisetech	Horizontal SaaS	B2B	$2 Mn	pre-Series A	BEENEXT, We Founder Circle, Venture Catalysts, LetsVenture, FAAD Capital	BEENEXT
9 Oct 2024	ZenStatement	Fintech	Fintech SaaS	B2B	$1.6 Mn	Seed	3One4 Capital, Boldcap VC, Dynamis Ventures, Atrium Angels	3One4 Capital, Boldcap VC
10 Oct 2024	Datazip	Enterprisetech	Horizontal SaaS	B2B	$1 Mn	Seed	Equirus InnovateX Fund	Equirus InnovateX Fund
4 Oct 2024	Holiday Tribe	Travel Tech	Travel Planning & Activities	B2C	$642K	Seed	Powerhouse Ventures, GSF, Dinesh Agarwal, Dinesh Gulati, Murugavel Janakiraman, Gaurav Kapur	Powerhouse Ventures, GSF
10 Oct 2024	Onlygood.ai	Cleantech	Climate Tech	B2B	$475K	Seed	IITMIC, Goel Group, DICV	–
9 Oct 2024	iRasus Technologies	Cleantech	Electric Vehicle	B2B	$475K	Seed	IAN Group, DFAN	IAN Group
10 Oct 2024	flutrr	Media & Entertainment	Social Media & Chat	B2C	$446K	–	Zee Media Corporation	Zee Media Corporation
10 Oct 2024	Social Hardware	Deeptech	Robotics Process Automation (RPA)	B2B	$381K	Seed	Inflection Point Ventures, Ivyleague Ventures, Soonicorn Ventures	Inflection Point Ventures
9 Oct 2024	Deftouch	Media & Entertainment	Gaming	B2C	–	–	KRAFTON, T-accelerate Capital, Lumikai, Visceral Capital, Play Venture	KRAFTON, T-accelerate Capital, Lumikai
8 Oct 2024	Jivi AI	Healthtech	Personal Health Management	B2C	–	–	Andrew Ng	Andrew Ng
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Artificial intelligence (AI)-based robotics startup Haber bagged the biggest cheque this week, securing $38 Mn (INR 317 Cr) by issuing Series C CCPS to venture capitalist (VC) firms Accel India, Beenext Capital, and Creaegis.
On the back of Haber’s funding round, deeptech toppled enterprise tech to emerge as the investor favourite sector this week. Deeptech startups raised $45.4 Mn across three deals this week.
However, enterprise tech saw the most number of deals materialise this week. Startups in the sector raised $7.2 Mn across four deals this week. Trailing it were deeptech and cleantech, with both the sectors seeing a similar number of three deals.
Beenext and Lumikai emerged as the most active investors this week, backing two startups apiece. While Beenext invested in Haber and Nayan Tech, Lumikai backed Framer AI and Deftouch.
Seed funding picked up this week to $17.8 Mn from $1.9 Mn last week.

Fund Launches This Week

Lighthouse Canton and Nueva Capital’s joint venture LC Nueva Investment Partners announced the launch of a new fund with a target corpus of INR 150 Cr (nearly $18 Mn), with an additional greenshoe option of INR 100 Cr ($12 Mn).
Recently listed non-banking financial company (NBFC) Northern Arc announced the launch of its category-II alternative investment fund (AIF) Finserv Fund, with a target corpus of INR 1,500 Cr (around $178.5 Mn).

Updates On Indian Startup IPOs

Over three months after filing its draft red herring prospectus (DRHP), logistics startup BlackBuck received market regulator SEBI’s go ahead for its INR 550 Cr IPO.
B2B marketplace unicorn Zetwerk has initiated initial discussions with investment banker JP Morgan for its IPO, sources told Inc42 this week. The startup is eyeing a public listing in the next two years.
Shortly after raising $210 Mn, edtech startup PhysicsWallah has roped in Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its IPO.

Other Developments Of The Week

Fresh to the unicorn club, ride hailing major Rapido is eyeing raising $60 Mn from Prosus in a mix of primary and secondary share sales.
In a bid to capitalise on the fintech investment boom, offline mobile payments startup ToneTag is looking to bag $50 Mn from investor Iron Pillar and others in a mix of primary and secondary share sale.
VC firm Z47 (erstwhile known as Matrix Partners) is looking to sell shares of unicorns Ola, OfBusiness, Razorpay, and DailyHunt, cumulatively worth between $150 Mn and $180 Mn.
Hyperlocal services startup Urban Company is likely to see a $30 Mn secondary transaction with its investor Prosus buying shares from Bessemer Venture Partners.
The Good Glamm Group announced the complete acquisition of D2C feminine hygiene startup Sirona for INR 450 Cr this week.
Bhavish Aggarwal-led Ola Consumer has sought approval from investors to turn into a public entity.

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