SUMMARY
Indian startups raised $145 Mn in funding across 25 deals in the second week of 2024, a 150% increase from the previous week
Veranda Learning Solutions is acquiring educational services provider Tapasya Educational Institutions Private Limited for at least INR 362 Cr
Fireside Ventures and Anicut Capital emerged as the busiest investors as they participated in two deals each
After a gloomy start to the year, Indian startups have managed to gather steam in the funding momentum, both in terms of value and volume. In the second week of 2024, the startups collectively bagged $145 Mn across 25 deals, which is a 150% rise from $58 Mn raised by nine startups between January 1-6.
Funding Galore: Indian Startup Funding Of The Week [Jan 8 – Jan 13]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 9 Jan 2024 | Impact Analytics | Enterprisetech | Horizontal SaaS | B2B | $40 Mn | – | Sageview Capital, Vistara Growth | Sageview Capital |
| 9 Jan 2024 | makeO | Healthtech | Medtech | B2C | $16 Mn | – | 360 ONE Asset, Ashish Kacholia, Eight Roads Ventures, Paramark Ventures, Prashant Singh, Tushar Kumar | 360 ONE Asset |
| 12 Jan 2024 | Varthana | Fintech | Lendintech | B2C | $14 Mn | Blue Capital Earth | ||
| 12 Jan 2024 | Grip Invest | Fintech | Investment Tech | B2C | $10 Mn | Series B | Stride Ventures, LC Nueva, Multiply Ventures, Venture Highway, Anicut Capital, AdvantEdge | Stride Ventures |
| 6 Jan 2024 | CureBay | Healthtech | Telemedicine | B2C | $7.4 Mn | Series A | Elevar Equity | Elevar Equity |
| 11 Jan 2024 | ConveGenius | Edtech | Enterprise Edtech | B2B | $7 Mn | – | UBS Optimus Foundation, Mount Judi Ventures, Michael & Susan Dell Foundation, Bace Capital, Heritas Capital, Gray Matters Capital | UBS Optimus Foundation, Mount Judi Ventures |
| 9 Jan 2024 | Karkhana. io | Enterprisetech | Enterprise Services | B2B | $6.3 Mn | Series A | Arkam Ventures, Susquehanna Asia Venture Capital, Vertex Ventures Southeast Asia | Arkam Ventures, Susquehanna Asia Venture Capital |
| 9 Jan 2024 | PierSight | Deeptech | Spacetech | B2B | $6 Mn | Seed | Alpha Wave Ventures, Elevation Capital | Alpha Wave Ventures, Elevation Capital |
| 11 Jan 2024 | Amaha Health | Healthtech | Fitness & Wellness | B2C | $6 Mn | – | Fireside Ventures | Fireside Ventures |
| 9 Jan 2024 | SalarySe | Fintech | Lendingtech | B2C | $5.25 Mn | Seed | Peak XV Partners, Pravega Ventures | Peak XV Partners |
| 9 Jan 2024 | Fisdom | Fintech | Investment Tech | B2C | $5 Mn | – | PayU | |
| 8 Jan 2024 | Riskcovry | Fintech | Fintech SaaS | B2B | $4.5 Mn | Bridge | Morphosis Venture Capital, IIFL | Morphosis Venture Capital |
| 11 Jan 2024 | The Baker’s Dozen | Ecommerce | D2C | B2C | $4 Mn | Pre-Series A | Wipro Consumer Care, Mirabilis Investment Trust, She Capital, Fireside Ventures | Wipro Consumer Care Ventures |
| 9 Jan 2024 | Fittr | Healthtech | Fitness & Wellness | B2C | $3.5 Mn | Rainmatter | ||
| 9 Jan 2024 | MyMuse | Ecommerce | D2C | B2C | $2.7 Mn | Pre-Series A | Trifecta Capital, Kunal Shah, Saama Capital, Sauce VC, Whiteboard Capital | |
| 9 Jan 2024 | Accio Robotics | Deeptech | Robotics Process Automation | B2B | $1.8 Mn | Pre-Series A | BIG Capital, Unisync Angels, Daniel Fitzgerald, Roots’ Ventures, Anuj Bihani | BIG Capital, Unisync Angels, Daniel Fitzgerald |
| 10 Jan 2024 | Glamplus | Enterprisetech | Vertical SaaS | B2B | $2 Mn | Pre-Series A | Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund, IPV | |
| 9 Jan 2024 | Evify | Logistics | Last mile delivery | B2B | $1.3 Mn | Pre-Series A | GVFL, Piper Serica | |
| 8 Jan 2024 | Kidebea | Ecommerce | D2C | B2C | $1 Mn | Pre-Series A | Venture Catalysts, Agility Ventures, BestVantage Investments, Sandeep Agarwal, Upasana Agarwal, Ashok Bahadur, Hiro Mizushima | Venture Catalysts |
| 11 Jan 2024 | Salty | Ecommerce | D2C | B2C | $651K | – | Anicut Capital, All In Capital, Suashish Diamonds, JK Group | |
| 8 Jan 2024 | Navork Innovations | Agritech | Farm Management | B2B-B2C | $200K | Seed | Spring Star Capital Group, Nikken Group | |
| 12 Jan 2024 | Ambitio | Edtech | Online Discovery | B2C | $181K | Seed | First Cheque | |
| 9 Jan 2024 | InCruiter | Enterprisetech | Horizontal SaaS | B2B | $132.7K | – | GetVantage | |
| 9 Jan 2024 | PrabhuBhakti | Ecommerce | D2C | B2C | – | Seed | Prajay Advisory | |
| 10 Jan 2024 | Lemme Be | Ecommerce | D2C | B2C | – | – | Team Pumpkin | |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
||||||||
Key Startup Funding Highlights Of The Week
- SaaS startup Impact Analytics has raised $40 Mn led by Sageview Capital, making the biggest funding round of this week.
- Fuelled by Impact Analytics’ funding, the enterprisetech sector emerged as one of the most funded sectors this week with a total funding of $48.4 Mn funding across 4 deals.
- The ecommerce sector reported the maximum of six deals and a total funding of $8.3 Mn.
- Fireside Ventures and Anicut Capital emerged as the busiest investors as they participated in two deals each.
- This week, seed funding rose to $11.2 Mn across five deals.
Other Major Developments From This Week
- One97 Communications Limited, the parent company of Paytm, will invest INR 100 Crore in Gujarat International Finance Tec (GIFT) City to build a global financial ecosystem.
- Gruhas Collective Consumer Fund (GCCF), a fund floated by Nikhil Kamath and Gruhas in partnership with Collective Artists Network, has invested in five businesses so far.
- Revenue-based financing platform Velocity has earmarked INR 300 Cr ($36.1 Mn) to offer financing to B2B SaaS startups.
- Upekkha, a SaaS fund and accelerator announced the first close at $15 Mn of the larger $40 Mn Upekkha fund.
- GetVantage launched its SaaS Accelerator Fund II for B2B SaaS businesses with a total corpus of INR 250 Cr.
- Parag Agarwal, the former CEO of X (erstwhile Twitter), who was fired soon after Elon Musk took over the social media platform, has now raised $30 Mn for his new AI venture.
- Inflection Point Ventures launched a sector-agnostic accelerator to support entrepreneurs who are seeking to build startups that are at the idea stage.
- Kalpathi Group’s edtech venture Veranda Learning Solutions has agreed to acquire educational services provider Tapasya Educational Institutions Private Limited for at least INR 362 Cr (around $44 Mn).
