Indian startups cumulatively raised $227.1 Mn across 22 deals, a 34% decline from the $348 Mn raised last week via 19 deals
The week saw one mega funding round materialise when IPO-bound startup InMobi bagged a debt of $100 Mn from Mars Growth Capital
Moneyview vaulted into the coveted unicorn club this week after raising $4.6 Mn from Accel and Nexus Ventures at a valuation of $1.2 B
Funding across the Indian startup ecosystem entered slow lane in the mid week of September after a brief uptick in momentum. Between September 9 and 14, startups cumulatively raised $227.1 Mn across 22 deals, marking a 34% decline from the $348 Mn raised via 19 deals in the preceding week.
Despite the marginal decline, the week saw one mega funding round materialise when IPO-bound startup InMobi bagged a debt of $100 Mn from Mars Growth Capital.
Besides, the week also saw fintech startup Moneyview becoming the sixth Indian startup this year to vault into the coveted unicorn club after scooping up $4.6 Mn from Accel and Nexus Ventures at a valuation of $1.2 Bn.
Funding Galore: Indian Startup Funding Of The Week [Sept 9– Sept 14]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
11 Sep 2024
InMobi
Enterprisetech
Horizontal SaaS
B2B
$100 Mn
Debt
Mars Growth Capital
Mars Growth Capital
11 Sep 2024
FlexiLoans
Fintech
Lending Tech
B2B
$34.5 Mn
Series C
Accion, Maj Invest, Nuveen, Fundamentum
–
13 Sep 2024
Onsurity
Fintech
Insurtech
B2B
$21 Mn
Series B
Creaegis, IFC, Quona Capital, Nexus Venture Partners
Creaegis
12 Sep 2024
Centricity
Fintech
Investment Tech
B2B
$20 Mn
Seed
Lightspeed, Paramark Ventures, Burman family office, NB Ventures family office, MS Dhoni family office, MMG group family office, Action Tesa family office, Aakash Chaudhry, Ritesh Agarwal
Lightspeed
10 Sep 2024
AppsForBharat
Consumer Internet
–
B2B
$18 Mn
Series B
Fundamentum, Elevation Capital, Peak XV, Mirae Asset VC
Fundamentum, Elevation Capital, Peak XV, Mirae Asset VC
10 Sep 2024
Nestasia
Ecommerce
D2C
B2C
$8.5 Mn
–
Susquehanna Asia VC, Stellaris Venture Partners
Susquehanna Asia VC, Stellaris Venture Partners
10 Sep 2024
Clean Electric
Cleantech
Electric Vehicle
B2B
$6 Mn
Series A
Info Edge Ventures, pi Ventures, Kalaari Capital, Lok Capital
Info Edge Ventures, pi Ventures, Kalaari Capital
12 Sep 2024
Moneyview
Fintech
Lending Tech
B2C
$4.6 Mn
–
Accel India, Nexus Ventures
–
12 Sep 2024
Dharaksha Ecosolutions
Agritech
Biotech
B2B
$3 Mn
Seed
Avaana Capital
Avaana Capital
13 Sep 2024
Futwork
Enterprisetech
Horizontal SaaS
B2B
$2.5 Mn
Series A
Michael & Susan Dell Foundation, Artha Ventures, Simile Capital
Michael & Susan Dell Foundation
10 Sep 2024
Crackle Technologies
Enterprisetech
Horizontal SaaS
B2B
$1.7 Mn
pre-Seed
We Founder Circle, AC Ventures, Impetus Technologies, Sunicon Ventures, Global DeVC, Misfits Capital, Ludo King
We Founder Circle, AC Ventures
10 Sep 2024
Exposome
Cleantech
–
B2B
$1.7 Mn
pre-Series A
Colossa Ventures, 3i Partners, Rahul Rathi, Bhukhanvala Holdings Private Limited, Excel Industries Limited, Spectrum Impact
Colossa Ventures
13 Sep 2024
Newmi Care
Healthtech
Fitness & Wellness
B2C
$1.5 Mn
Seed
Sprout Venture Partners, LetsVenture, Sarcha Advisors, Key Ventures Forum
Sprout Venture Partners
11 Sep 2024
Mitra
Ecommerce
D2C
B2C
$1.3 Mn
pre-Series A
Bestvantage Investments
Bestvantage Investments
11 Sep 2024
Zivy
Enterprisetech
Horizontal SaaS
B2B
$1.2 Mn
pre-Seed
Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, Marsshot Ventures
Blume Ventures
12 Sep 2024
Apptile
Enterprisetech
Horizontal SaaS
B2B
$1.2 Mn
–
Singularity Early Opportunities Fund, Crown Trust, DeVC
Singularity Early Opportunities Fund
12 Sep 2024
GameEon Studios
Media & Entertainment
Gaming
B2B
$1 Mn
–
SucSEED Indovation Fund, ICE.VC, IAN, CD Equifinance, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64
–
12 Sep 2024
Wundrsight
Healthtech
IoT & Hardware
B2B-B2C
$400K
Seed
Inflection Point Ventures, Social Alpha
Inflection Point Ventures
9 Sep 2024
Transcell Biologics
Healthtech
Healthcare Services
B2B
–
–
Quantiphi, IAN Group
–
12 Sep 2024
Leezu’s
Ecommerce
D2C
B2C
–
–
–
–
12 Sep 2024
Trisu
Ecommerce
D2C
B2C
–
–
All In Capital, JK Tyres, Amaanta Group
All In Capital
13 Sep 2024
Agilitas Sports
Ecommerce
D2C
B2C
–
–
Spring Marketing Capital
Spring Marketing Capital
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- Buoyed by InMobi’s mega funding round, enterprisetech emerged as the leader in terms of funding at a sectoral level.
- Fintech trailed enterprisetech at a sectoral funding level with startups in this space securing $80.1 Mn via four deals.
- Seed funding went up tremendously this week to $24.9 Mn, zooming over 2X from last week’s $10.7Mn secured by startups at this level. The bump in the seed funding numbers came primarily due to the $20 Mn bagged wealthtech startup Centricity.
- Nandan Nilekani’s Fundamentum, Nexus Venture Partners, and IAN group emerged as the lead investors this week, backing two startups apiece.
Updates On Indian Startup IPOs
- Electric two wheeler major Ather Energy filed its DRHP with market regulator SEBI to raise more than INR 3,100 Cr via an IPO. The proposed public offer comprises a fresh issue of equity shares worth INR 3,100 Cr and an offer-for-sale (OFS) of up to 2.2 Cr equity shares.
- IPO bound foodtech major Swiggy is reportedly mulling to increase the fresh issue size of its public offer to cumulatively raise INR 5,000 Cr.
Mergers and Acquisitions This Week
- Ecommerce enabler GoKwik acquired global returns management app Return Prime to foray into overseas markets, including US, UK and Europe among others.
- Continuing its acquisition spree, gaming major Nazara announced this week that it will be acquiring 15.86% stake of STAN for $2.2 Mn and 47.7% Pokerbaazi parent Moonshine Technology for $99.1 Mn.
Other Developments Of The Week
- Ex- Jio President Vikas Choudhary announced the launch of his new fund Playbook Partners, a SEBI-approved Category II alternative investment fund. Announcing the first close of the fund at $130 Mn, the firm looks to close the fund at $250 Mn in the near future.
- Listed lending tech startup Moneyboxx announced that it is looking to raise $20.9 Mn via issuance of equity shares on a preferential basis and warrants.
- Fintech startup Finova Capital is reported to be on the verge of raising $95.3 Mn from new and existing investors in a mix of primary capital infusion and secondary share sale.
