SUMMARY
Indian startups raised $90 Mn in funding across 10 deals during December 25-30, a 63% markdown week-on-week
Drone startup DroneAcharya Aerial Innovations acquiring 51% stakes in Pune-based PYI Technologies Pvt
SoftBank-backed FirstCry filed its DRHP to raise INR 1,816 Cr via a fresh issue of shares
With the year coming to an end, the deal momentum seems to have finally caught a break after recording three blockbuster funding weeks. Between December 25 and 30, 2023, Indian startups collectively raised $90 Mn across 10 deals, which is a 63% drop from $349 Mn funding raised across 25 deals in the previous week.
With no mega deal this week, the ecosystem embraced its second unicorn of the year with fintech startup InCred raising $60 Mn over a billion dollar valuation.
Funding Galore: Indian Startup Funding Of The Week [Dec 25 – Dec 30]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 25 Dec 2023 | InCred | Fintech | Lendingtech | B2B-B2C | $60 Mn | Series D | Ranjan Pai, Ravi Pillai, Ram Nayak, Varanium Capital Advisors, Sattva Group | Ranjan Pai |
| 26 Dec 2023 | Revfin | Fintech | Lendingtech | B2B-B2C | $14 Mn | Series B | Omidyar Network, Asian Development Bank, Companion Capital Limited, Green Frontiers Capital, LC Nueva | Omidyar Network |
| 28 Dec 2023 | Pushp | Ecommerce | D2C | B2C | $12 Mn | – | Sixth Sense Ventures | |
| 27 Dec 2023 | LivNSense | Cleantech | Climate Tech | B2B | $2.75 Mn | Pre-Series A | Pavestone Technology Fund | Pavestone Technology Fund |
| 26 Dec 2023 | Entitled Solutions | Enterprisetech | Horizontal SaaS | B2B | $1.3 Mn | – | – | |
| 29 Dec 2023 | ProjectX.Cloud | Enterprisetech | Horizontal SaaS | B2B | $204.3K | – | Google Cloud | |
| 29 Dec 2023 | Cashvisory | Fintech | Investment Tech | B2C | $144K | Seed | EvolveX, SucSEEDIndovation Fund, Upasana Koul | |
| 26 Dec 2023 | TestnTrack | Edtech | Enterprise Edtech | B2B | – | Seed | EvolveX | |
| 28 Dec 2023 | EcoRatings | Cleantech | Climate Tech | B2B | – | Seed | EvolveX | |
| 28 Dec 2023 | SkinQ Dermo | Ecommerce | D2C | B2C | – | Seed | IPV, Venture Catalysts, Super Angels | IPV |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
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Key Startup Funding Highlights Of The Week
- Fintech startup InCred, raised $60 Mn in Series D funding round led by Ranjan Pai, making it the biggest funding deal of the week.
- Fuelled by InCred’s funding, the fintech sector not only emerged as the most funded sector this week with a total funding of $74.4 Mn funding but also recorded the most number of deal counts – three deals.
- EvolveX by We Founder Circle emerged as the busiest investor as it participated in three deals each.
- This week, $144 K was raised in seed funding across five deals.
Other Major Developments From This Week
- Drone startup DroneAcharya Aerial Innovations acquiring 51% stakes in Pune-based PYI Technologies Pvt Ltd, a startup that offers camera drones, DIY kits and customised drones.
- DMI Finance and Aditya Birla Finance are in discussions to acquire Bengaluru-based fintech startup ZestMoney.
- Omnichannel marketplace FirstCry’s parent entity BrainBees Solutions Limited has filed a draft red herring prospectus (DRHP) and is looking to raise INR 1,816 Cr through fresh issues of shares.
- Cash-strapped edtech startup BYJU’S is looking to raise $300 Mn from investors.
