Indian startups raised $196.47 Mn via 17 deals, a 75% decline from last week's $800.5 Mn raised across 21 deals
The week's largest funding round saw NBFC Northern Arc bag a debt of $75 Mn from FMO
Seed funding dipped this week by 69% to $6.9 from last week's $22.7 Mn
After a big funding week, investment activity across the Indian startup ecosystem has entered into the slow lane again. Between June 24 and 29, startups cumulatively bagged $196.47 Mn across 17 deals, a 75% decline from $800.5 Mn raised across 21 deals in the preceding week.
However, it would be unfair to say that funding trends plunged drastically this week. Of the $800.5 Mn secured last week, around $665 Mn was raised by quick commerce unicorn Zepto alone. Hence, the rest of the startup ecosystem only saw $135.5 Mn capital infusion in the week.
Funding Galore: Indian Startup Funding Of The Week [ June 24 – June 29 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
25 Jun 2024
Northern Arc
Fintech
Lendingtech
B2B
$75 Mn
Debt
FMO
FMO
25 Jun 2024
Rocketlane
Enterprisetech
Horizontal SaaS
B2B
$24 Mn
Series B
8VC, Matrix Partners India, Nexus Venture Partners
8VC, Matrix Partners India, Nexus Venture Partners
27 Jun 2024
Smartworks
Real Estate Tech
Shared Spaces
B2B
$20.2 Mn
–
Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital LLC
–
25 Jun 2024
Zyod
Ecommerce
B2B Ecommerce
B2B
$18 Mn
Series A
RTP Global, Stride Ventures, Stride One, Trifecta Capital, Lightspeed, Alteria Capital
RTP Global
24 Jun 2024
Bluestone
Ecommerce
D2C
B2C
$12 Mn
Debt
Neo Markets
Neo Markets
25 Jun 2024
Cloudphysician
Healthtech
Healthcare SaaS
B2B
$10.5 Mn
Series A
Peak XV Partners, Elevar Equity, Panthera Peak
Peak XV Partners
28 Jun 2024
Matter
Clean Tech
Electric Vehicles
B2C
$10 Mn
–
Japan Airlines & Translink Fund, Capital 2B Fund, Helena Special Investments Fund, Abhay Shah
–
25 Jun 2024
Sid’s Farm
Ecommerce
D2C
B2C
$10 Mn
Series A
Omnivore, Narotam Sekhsaria’s family office
Omnivore, Narotam Sekhsaria’s family office
26 Jun 2024
Two Brothers
Ecommerce
D2C
B2C
$7 Mn
Series A
Rainmatter Capital, Raju Chekuri
Rainmatter Capital
27 Jun 2024
Morphing Machines
Deeptech
IoT & Hardware
B2B
$2.7 Mn
Seed
Speciale Invest, IvyCap Ventures, Golden Sparrow, Navam Capital, CIIE Initiatives, DeVC
Speciale Invest
25 Jun 2024
Nitro Commerce
Enterprisetech
Vertical SaaS
B2B
$1.8 Mn
Seed
Cornerstone Venture Partners, Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator, Arjun Vaidya, Kunal Khattar
Cornerstone Venture Partners
25 Jun 2024
LetsDressUp
Ecommerce
D2C
B2C
$1.3 Mn
pre-Series A
GVFL Limited, Indian Angel Network, The Chennai Angels, Titan Capital
–
25 Jun 2024
LXME
Fintech
Investment Tech
B2C
$1.2 Mn
Seed
Kalaari Capital, Yash Kela, Amaya Ventures, Capri Holdings, Aditi Kothari, Vivek Vig, Sumit Jalan, Avinash Pahuja
Kalaari Capital
25 Jun 2024
Plus Gold
Fintech
Investment Tech
B2C
$1.2 Mn
Seed
JITO Incubation, Innovation Foundation, Venture Catalysts, Signal Ventures, Sonakshi Sinha, Sachin Shetty, Varun Dua
JITO Incubation, Innovation Foundation
26 Jun 2024
O Hi
Media & Entertainment
Social Media & Chat
B2C
$1 Mn
pre-Series A
JIIF
JIIF
27 Jun 2024
Machaxi
Consumer Services
Hyperlocal Services
B2C
$575K
pre-Series A
Inflection Point Ventures, Ankit Nagori
Inflection Point Ventures
27 Jun 2024
Celebal Technologies
Enterprisetech
Horizontal SaaS
B2B
–
–
BlackSoil
BlackSoil
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- The week’s largest funding round saw NBFC Northern Arc bagging a debt funding of $75 Mn from FMO. On the back of this, fintech emerged as the investors’ favourite this week. Startup’s in the space cumulatively raised $77.4 Mn across three deals.
- The highest number of deals materialised for ecommerce startups this week as players in the space raised $48.3 Mn via five deals.
- However, seed funding dipped this week by 69% to $6.9 from last week’s $22.7 Mn.
Other Major Developments Of The Week
- Moving towards a public market debut, electric two-wheeler manufacturer Ather Energy’s board passed a resolution to convert the startup into a public company from private. The startup’s name has changed to Ather EnergyAther Energy from Ather Energy Pvt Ltd earlier, its regulatory filings revealed.
- Within a week of raising big bucks, quick commerce major Zepto has initiated conversations with multiple investors to raise $400 Mn at a likely valuation of $4.6 Bn. This will be 25% higher than the $3.6 Bn at which it raised $665 Mn last week.
- UK-based private equity (PE) firm Finnest has invested $160 Mn to acquire a majority stake in cloud kitchen startup Kitchens@. The fresh capital will be utilised to fuel the startup’s business operations and expand its footprint.
- Gold loan provider Rupeek is close to bagging $24 Mn in another down round. The funding is expected to be a mix of primary and secondary transactions and will be raised at a valuation of $250 Mn, a 60% cut.
- US-based ecommerce giant Amazon has infused $72 Mn in its Indian fintech arm Amazon Pay India. Amazon Pay allotted 59.99 Cr shares to Amazon Corporate Holdings and 59,952 Cr shares to Amazon.com for INR 10 apiece.
- Nazara-owned gaming company NODWIN has completed the acquisition of marketing services company Freaks 4U Gaming GmbH through a share swap valued at up to INR 271 Cr.
- Edtech unicorn upGrad is planning to allot 25 Lakh NCDs and 3.75 Lakh OCDs to EvolutionX Debt Capital to raise a debt of $34.4 Mn. The capital will be used to fuel growth and fund operating expenses.
