Indian Startup Funding — Startups Raised $317 Mn This Week

SUMMARY

Twenty three startups cumulatively raised $316.6 Mn during September 15-20, a near 7X jump from the $47.8 Mn raised across 18 funding deals in the previous week

Ecommerce topped the sectoral charts this week in terms of the number of deals. Six ecommerce startups raised $53.5 Mn this week

Accel, SIDBI, Blume Ventures and Kalaari Capital were the most active investors this week, backing two startups apiece

After an extended period of lull in investor interest, Indian startup funding zoomed past the $300 Mn mark this week. Twenty three startups cumulatively raised $316.6 Mn during September 15-20, a near 7X jump from the $47.8 Mn raised across 18 funding deals in the previous week.

Funding Galore: Indian Startup Funding Of The Week [ Sep 15 – 20 ]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
18 Sep 2025	Infra.Market	Real Estate Tech	Construction	B2B	$83 Mn	Series G	Silverline Homes Pvt Ltd, NK Squared, Tiger Global, Accel, Nexus	–
17 Sep 2025	EvoluteIQ	Enterprise Tech	Horizontal SaaS	B2B	$53 Mn	–	Baird Capital	Baird Capital
17 Sep 2025	FinBox	Fintech	Fintech SaaS	B2B	$40 Mn	Series B	WestBridge Capital, A91 Partners, Aditya Birla Ventures	WestBridge Capital
19 Sep 2025	Blue Energy Motors	Clean Tech	Electric Vehicles	B2B	$30 Mn	–	Nikhil Kamath (Cofounder, Zerodha), Omnitex Industries	Nikhil Kamath (Cofounder, Zerodha), Omnitex Industries
16 Sep 2025	InCred Money	Fintech	Investment Tech	B2C	$30 Mn	–	Ranjan Pai (Chairman, Manipal Group), Ram Nayak (Ex-Investment Bank Head, Deutsche Bank), Mankind Family Office	–
17 Sep 2025	EcoSoul	Ecommerce	D2C	B2C	$20 Mn*	Series B	Accel, Bajaj Financial Securities, StartupXseed Ventures, JSW Ventures, CK Birla Group, Singh Capital Partner, Alteria Capital, SIDBI	Accel, Bajaj Financial Securities
16 Sep 2025	Indkal	Ecommerce	D2C	B2C	$20 Mn	–	Aries Opportunities Fund	–
17 Sep 2025	Scalekit	AI	Application Layer	B2B	$5.5 Mn	Seed	Together Fund, Z47, Adam Frankl (US-based Angel Investor), Oliver Jay (MD, OpenAI), Jagadeesh Kunda (Cofounder, Oleria Security)	Together Fund, Z47
17 Sep 2025	Lucira	Ecommerce	D2C	B2C	$5.5 Mn	Seed	Blume Ventures, Spring Marketing Capital, SiriusOne Capital	Blume Ventures
18 Sep 2025	SpaceFields	Advanced Hardware & Technology	Space Tech	B2B	$5 Mn	Pre-Series A	Globaz Technologies, Rockstud Capital, Venture Catalysts, Rainmatter, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, MeitY Startup Hub	Globaz Technologies
17 Sep 2025	Pelocal	Fintech	Banking	B2B	$5 Mn	Series A	UNLEASH Capital Partners, Unicorn India Ventures	UNLEASH Capital Partners, Unicorn India Ventures
16 Sep 2025	iDO Devices	Ecommerce	D2C	B2C	$4 Mn	–	Blume Ventures, Merak Ventures	Blume Ventures, Merak Ventures
15 Sep 2025	Pascal AI Labs	AI	Application Layer	B2B	$3.1 Mn	Seed	Kalaari Capital, Norwest Venture Partners, Info Edge Ventures, Antler	Kalaari Capital
19 Sep 2025	Equilibrium	Clean Tech	Climate Tech	B2B	$3 Mn	Seed	Kalaari Capital, Peak XV Partners, Avaana Capital	–
19 Sep 2025	INCLUD	Ecommerce	D2C	B2C	$2.9 Mn	Pre-Series A	3one4 Capital, Incubate Fund Asia	3one4 Capital
19 Sep 2025	Blinkit-AI	AI	Application Layer	B2B	$1.2 Mn	Seed	Foliflex Cables	Foliflex Cables
17 Sep 2025	Supply6	Ecommerce	D2C	B2C	$1.1 Mn	Seed	Zeropearl VC, Kunal Shah (Founder, CRED), Ashutosh Valani (Cofounder, Beardo), Priyank Shah (Cofounder, Renee Cosmetics), Yogesh Kabra (Founder, XYXX)	Zeropearl VC
11 Sep 2025	UGX.ai**	AI	Application Layer	B2B	$1 Mn	Seed	Blue Ocean Venture Partners, DeVC, iSeed, Atrium Ventures, Point One Capital, Ramakant Sharma (Founder & CEO, Livspace), Prateek Maheshwari (Cofounder, PhysicsWallah), Lovleen Bhatia (Cofounder, Edureka), Meghna Agarwal (Cofounder, IndiQube), Varun Pahwa (Pahwa Group), Asad Khan (Cofounder & CEO, LambdaTest), Dinesh Prasad (ex-India & SA Head, Qualcomm), Sai Yagnyamurthy (ex-Head of Partnerships, Ford Motor Company), Gopi Prashant (ex-SVP – AI, Salesforce), Shekhar Vemuri (Founder, Emerge-In), Manish Agarwal (Co-Founder, KGeN)	Blue Ocean Venture Partners
16 Sep 2025	PlaySuper	Media & Entertainment	Gaming	B2B	$1 Mn	Seed	Chimera, Audacity VC, India Angel Network, Dhruv Vohra (Managing Director – APAC Emerging Markets, Meta)	Chimera
19 Sep 2025	Wankel Energy Systems	Clean Tech	Climate Tech	B2B	$1 Mn	Pre-Seed	Shastra VC	Shastra VC
15 Sep 2025	MyNaksh	Consumer Services	Astrology Services	B2C	$852K	Pre-Seed	Eximius Ventures, Gemba Capital	Eximius Ventures
16 Sep 2025	uKnowva	Enterprise Tech	Horizontal SaaS	B2B	$500K	Pre-Series A	Parv Network, Growth 91, Aapna Infotech	–
18 Sep 2025	Raptee.HV	Clean Tech	Electric Vehicles	B2C	–	–	Technology Development Board (Ministry of Science & Technology)	Technology Development Board (Ministry of Science & Technology)
	Source: Inc42 Combination of debt and equity infusion * Included this week as it was skipped last week. Note: Only disclosed funding rounds have been included

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News

Key Startup Funding Highlights Of The Week

Ecommerce topped the sectoral charts this week in terms of the number of deals. Six ecommerce startups raised $53.5 Mn this week. The entirety of these funds were netted by D2C brands.
The week’s biggest deal, Infra.Market’s $83 Mn Series G funding round, made real estate tech the most funded startup sector.
Accel, SIDBI, Blume Ventures and Kalaari Capital were the most active investors this week, backing two startups apiece.
Ten startups at the seed stage raised $23.3 Mn this week.

Startup IPO Updates This Week

Weeks after getting SEBI’s nod for its confidential filing, Groww filed its updated DRHP this week. The fintech major’s proposed public offering would comprise a fresh issue of shares worth up to INR 1,060 Cr and an offer-for-sale (OFS) component of up to 57.4 Cr shares.
Zappfresh filed the red herring prospectus for its BSE SME IPO, which will solely consist of a fresh issue of up to 59.06 Lakh shares. The company has set a price band of INR 96 to INR 101, implying that it will raise up to INR 59.65 Cr from the IPO and will be valued at around INR 225 Cr at the upper end of the price band.
Pine Labs got SEBI’s nod for its draft IPO papers this week. The company is expected to file its RHP next month and trim its issue size to $700 Mn from $1 Bn earlier.
InCred Holdings sought the approval of its shareholders to raise up to INR 1,500 Cr via a fresh issue of shares in its proposed IPO.
Urban Company and DevX made their public market debut this week. While Urban Company listed at a premium of 56% and ended the week up 16%, DevX had a flat listing and its share prices ended the week down 6%.

Other Developments Of The Week

D2C furniture soonicorn Pepperfry has signed a term sheet for a 100% acquisition by TCC Concept.
Ex-100Unicorns’ partners Rajesh Mane and Ankit Jain have launched a VC firm Spotlight Strategic Partners with INR 200 Cr maiden fund to back early-stage Indian startups across various sectors.
Medicine delivery startup PharmEasy is now planning to raise INR 1,700 Cr by pledging the shares of its listed diagnostic company Thyrocare.
Fintech SaaS company Veefin has received its board’s approval to raise INR 94.1 Cr by issuing fresh equity shares and convertible warrants. This would be its second fundraise since listing.
The International Finance Corporation (IFC) will be investing $25 Mn in venture debt firm Trifecta Capital’s INR 2,000 Cr fund IV.
IPO-bound fintech PayU has bought an additional 27% stake in Mindgate Solutions to become a majority shareholder in the company.
Fintech BharatPe saw its first secondary share sale in four years, with Gujarat-based family offices acquiring a 2.6% stake through wealthtech platform Wylth.