From Kuku FM To Eloelo — Indian Startups Raised $91 Mn This Week

From Kuku FM To Eloelo — Indian Startups Raised $91 Mn This Week

SUMMARY

The Indian startup ecosystem secured $91 Mn across 15 funding deals in the third week of September

Mumbai-based vernacular audio platform Kuku FM raised $25 Mn in its Series C round, making it the biggest funding deal of the week

Bhavish Aggarwal-led Ola Electric has reportedly expedited its public listing plans and is likely to file the DRHP with SEBI for its $700 Mn IPO before the end of October

Following two weeks of consistent funding inflow, the Indian startup ecosystem witnessed a significant drop in funding during the third week of September. Indian startups raised $91 Mn across 15 deals during September 18 to 23, a substantial 78% decrease compared to the previous week’s $413 Mn across 21 deals.

Funding Galore: Indian Startup Funding Of The Week [Sept 18 – Sept 23]

Date Name Sector Subsector Business Model Funding Round Size Funding Round Type Investors Lead Investor
20 Sept 2023 Kuku FM Media & Entertainment OTT B2C $25 Mn Series C The Fundamentum Partnership, International Finance Corporation (IFC) The Fundamentum Partnership, International Finance Corporation (IFC)
20 Sept 2023 Eloelo Media & Entertainment Social Media & Chat B2C $22 Mn Pre-Series B Courtside Ventures, Griffin Gaming Partners, Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, Rocket Capital Courtside Ventures, Griffin Gaming Partners
21 Sept 2023 Atlys Travel Tech Travel Planning & Activities B2C $12 Mn Series A Elevation Capital, Peak XV Partners, Chainsmokers, South Park Commons Elevation Capital, Peak XV Partners
22 Sept 2023 Ergos Agritech Market Linkage B2B-B2C $10 Mn Series B Abler Nordic, Aavishkaar Capital, Chiratae Ventures, Trifecta Venture Deb Abler Nordic
19 Sept 2023 Flash Ecommerce Affiliates B2C $6.7 Mn Pre-Series A Blume Ventures, PeerCapital, White Venture Capital, Emphasis Ventures Blume Ventures, PeerCapital
21 Sept 2023 Everest Fleet Travel Tech Transport Tech B2B-B2C $6 Mn Paragon Partners
18 Sept 2023 The Good Bug Ecommerce D2C B2C $3.5 Mn Series A Fireside Ventures
18 Sept 2023 EquityList Fintech Fintech SaaS B2B $2.2 Mn Seed AngelList India, Hustle Fund, Republic, Unpopular Ventures, Mana Ventures, Riverwalk Holdings, Super Capital, Tanmay Bhatt, Ramakant Sharma, Gajendra Jangid, Sairee Chahal, Rangarjan Krishnan, Sajid Rehman, Faiz Mayalkarra
20 Sept 2023 Offline Media & Entertainment Social Media & Chat B2C $2 Mn Seed
22 Sept 2023 Aurassure Cleantech Climate Tech B2B $482K Seed Unicorn India Ventures Unicorn India Ventures
22 Sept 2023 insideFPV Deeptech Drones B2B-B2C $422K Seed Mumbai Angels, IPV, Soonicorn, Kumar Sahu
20 Sept 2023 Peping Healthtech Telemedicine B2C $400K Seed Better Capital, Kunal Shah, Sandeep Kumar Dinodiya, Ganesh Balakrishnan, hubham Mishra Better Capital
22 Sept 2023 EaseMyAi Enterprisetech Horizontal SaaS B2B $361K Seed IPV IPV
18 Sept 2023 QubeHealth FIntech Lendingtech B2B Pre-Series A IPV, Green Ivy Ventures, Keiretsu Forum
22 Sept 2023 Leverage Edu Edtech Online Discovery B2C Lohia Family
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

  • Mumbai-based vernacular audio platform Kuku FM raised $25 Mn in its Series C round from The Fundamentum Partnership and IFC, making it the biggest funding deal of the week.
  • Fuelled by Kuku FM and Eloelo’s fundraise, the media and entertainment sector emerged as the most funded sector this week, securing $47 Mn across two deals.
  • There were a total of five seed funding deals amounting to a combined investment of $5.4 Mn during the week.
  • Inflection Point Ventures (IPV) was the busiest investor this week as it participated in three deals.

From Kuku FM To Eloelo — Indian Startups Raised $91 Mn This Week

Startup Fund Launches This Week

  • Indian private equity (PE) firm Creaegis announced the final close of its maiden $425 Mn (INR 3,529 Cr) fund to invest in homegrown startups. 
  • Japanese VC firm Incubate Fund Asia concluded the first close of its third fund with a target corpus of $50 Mn (around INR 416 Cr). It will deploy the funds in 20 pre-seed and seed stage startups.
  • Antler India announced the first close of its maiden fund at INR 500 Cr and intends to complete the final close at INR 600 Cr. The fund will solely focus on funding early stage Indian startups.

Other Major Developments From This Week

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From Kuku FM To Eloelo — Indian Startups Raised $91 Mn This Week-Inc42 Media
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