Indian Startup Funding — Indian Startups Raised $172 Mn This Week

From Northern Arc To Dhruva Aerospace — Indian Startups Raised $172.6 Mn This Week

SUMMARY

Indian startups cumulatively raised $172.6 Mn across 21 deals between April 22-27

Fintech took the leader spot this week with startups in the sector cumulatively raising $88.5 Mn via 3 deals

Seed funding picked up this week to $33.9 Mn, a 29% increase from last week's $26.2 Mn

After two weeks of decent investment activity across the Indian startup ecosystem, funding remained muted between April 22 and 27. During the week, startups cumulatively raised $172.6 Mn across 21 deals, down 33% from last week’s $260.1 Mn secured across 31 deals.

Funding Galore: Indian Startup Funding Of The Week [April 22 – April 27]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
25 Apr 2024	Northern Arc	Fintech	Lendingtech	B2B	$80 Mn	Equity and Debt	International Finance Corporatio	International Finance Corporatio
26 Apr 2024	Lyskraft	Ecommerce	B2C Ecommerce	B2C	$26 Mn	Seed	Peak XV Partners	Peak XV Partners
24 Apr 2024	LetsTransport	Logistics	Ecommerce Logistics	B2B	$22 Mn	Series E	Bertelsmann India Investments, Rebright Partners, NB Ventures, ALES Global, Stride Ventures and CAC Capital	Bertelsmann India Investments
22 Apr 2024	Dhruva Space	Deeptech	Spacetech	B2B	$15 Mn	Series A	Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC, IvyCap Ventures, Mumbai Angels, Blume Founders Fund, Small Industries Development Bank of India, Technology Development Board	–
22 Apr 2024	Accacia	Cleantech	Climate Tech	B2B	$6.5 Mn	Series A	Illuminate Financial, Accel, B Capital	Illuminate Financial
25 Apr 2024	Clix Capital	Fintech	Lendingtech	B2B	$6 Mn	Debt	DCB Bank	DCB Bank
22 Apr 2024	Smartworks	Real Estate Tech	Shared Spaces	B2B	$4 Mn	–	Keppel Land	Keppel Land
24 Apr 2024	Plane	Enterprisetech	Horizontal SaaS	B2B	$4 Mn	Seed	OSS Capital	OSS Capital
25 Apr 2024	Flashaid	Fintech	Insurtech	B2C	$2.5 Mn	pre-Series A	Piper Serica Angel Fund, SOSV, Z21 Ventures Fund, ZNLGrowth Fund	Piper Serica Angel Fund, SOSV
22 Apr 2024	Runo	Enterprisetech	Horizontal SaaS	B2B	$1.5 Mn	Pre-Series A	Unicorn India Ventures, Callapina Capital	–
26 Apr 2024	Matchlog	logistics	Logistics SaaS	B2B	$1.5 Mn	pre-Series A	Motion Ventures, July Ventures, Venture Catalysts, Blue Ashva Capital, Capital	Motion Ventures, July Ventures
24 Apr 2024	Boba Bhai	Ecommerce	D2C	B2C	$1.5 Mn	Seed	Titan Capital, Global Growth Capital UK, Arjun Vaidya, Marsshot VC, DeVC, Warm Up Ventures, Varun Alagh, Peercheque	Titan Capital, Global Growth Capital UK
24 Apr 2024	Clueso	Enterprisetech	Horizontal SaaS	B2B	$1.4 Mn	Seed	f7 Ventures, Y Combinator	f7 Ventures
24 Apr 2024	Adukale	Ecommerce	D2C	B2C	$1.3 Mn	pre-Series A	Force Ventures, Aanya Ventures, Subrata Mitra, Radhika Pandit	Force Ventures
24 Apr 2024	KARBAN Envirotech	Ecommerce	D2C	B2B-B2C	$1.07 Mn	Seed	All in Capitals, Titan Capital, Rainmatter, Urban Company, JK family office, Anupam Mittal, Kunal Shah, Natasha Malpani Oswa	All in Capitals, Titan Capital, Rainmatter
22 Apr 2024	BluWheelz	Logistics	Last Mile Delivery	B2C	$1 Mn	–	Venture Catalysts, FAAD, LetsVenture, Chakra Growth Fund	–
25 Apr 2024	Endimension Technology	Healthtech	Healthcare SaaS	B2B	$720K	pre-Series A	Inflection Point Ventures, Sucseed Indovation, SINE IIT Bombay	–
23 Apr 2024	Nabhdrishti Aerospace	Deeptech	Spacetech	B2C	$360K	pre-Seed	IIMA Ventures	IIMA Ventures
25 Apr 2024	Control One AI	Deeptech	Robotics Process Automation (RPA)	B2B	$350K	pre-Seed	Kunal Shah, Chaitanya Ramalingegowda, Amit Singh	–
25 Apr 2024	FlexiCloud Internet	Enterprisetech	Horizontal SaaS	B2B	–	–	Raoji Group	Raoji Group
23 Apr 2024	Rentomojo	Ecommerce	B2C Ecommerce	B2C	–	Series D	ValueQuest	ValueQuest
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

RECOMMENDED FOR yOU

News

Startups Create Over 16 Lakh Jobs: Commerce Ministry

News

MobiKwik Shares Rally 15% After INR 118 Cr Block Deal

News

CarTrade Shares Rally 6.31% To Touch Fresh 52-Week High At I...

Key Startup Funding Highlights Of The Week

IPO-bound non-banking lender Northern Arc secured $80 Mn from International Finance Corporation (IFC) in equal halves of equity and debt components on April 25, marking the largest fundraise of the week.
Buoyed by Northern Arc’s funding, the fintech sector maintained its dominance over funding trends at a sectoral level. Startups in the space snagged $88.5 Mn via 3 deals, up 18% from last week’s $74.8 Mn secured across 5 deals.
Ecommerce topped the highest deal chart this week, with startups in the sector raising $29.8 Mn across 5 deals.
The week also saw Blue Ashva Capital, Titan Capital, Venture Catalysts, and Cred’s Kunal Shah clinching the active investors tag with each backing two startups.
Seed funding continued its ascent with early stage startups securing $33.9 Mn this week. This is a 29% surge from last week’s $26.2 Mn.

Updates On Indian Startup IPOs

After receiving a go-ahead from its shareholders for a mega $1.2 Bn initial public offering (IPO) earlier this week, the foodtech major took the confidential route to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Thursday (April 26).
Albeit receiving a go-ahead from the SEBI for a $500 Mn IPO last month, kids-focussed omnichannel retailer Firstcry is now planning to pause its public market plans. The startup will now refile the DRHP with updated financial numbers and key performance indicators from the quarter ended December 2023.
Peak XV-backed coworking space provider Awfis and B2B travel portal Travel Boutique Online or TBO Tek – have received a go-ahead for their respective IPOs from the exchanges regulator.

Other Major Developments Of The Week

Capria Ventures announced the final close of its India Opportunity Fund at INR 153 Cr. This follows Capria’s full-cash exit from HR tech platform Awign, with a return of more than 50%. With this, Japanese Mynavi Corporation has picked up a majority stake in Awign.
Global investment firm Lighthouse Canton launched a new fund, LC GenInnov Global Innovation Fund, to focus on investments in global GenAI companies.
After a six-year-long stint, Peak XV Partner’s managing director Piyush Gupta is set to part ways with the VC by the end of April. Moving further, he is in the process of setting up a secondary-focused fund.
Australia’s Macquarie Group’s investment arm, Macquarie Asset Management, is looking to invest $1.5 Bn into India’s EV space via its recently unveiled platform Vertelo.
EV maker Ather Energy is eyeing a $90 Mn funding round via a combination of primary and secondary share sales at a unicorn valuation. Meanwhile, existing investor Flipkart’s Sachin Bansal has divested some of his stake to Zerodha’s Nikhil Kamath.
Saudi Aramco’s venture capital arm is building a team in India to back early-stage startups in the country. Further, Aramco’s subsidiary Prosperity7 Ventures is in discussions to rope in a leader for its India operations.
Investment firm Kedaara Capital has marked the final close of its fourth fund, Kedaara IV, at $1.7 Bn. With this, it has raised the country’s largest PE Fund, surpassing Chrys Cap’s $1.3 Bn Fund IX raised in 2023.
Singapore-based investment firm Temasek and US-based Fidelity are in final discussions to invest around $200 Mn in Lenskart through a secondary share sale at a valuation of $5 Bn.
Former BharatPe CEO Suhail Sameer-backed OTP Ventures is planning to mark the first close of its debut fund at INR 400 Cr by June. The fund will be investing in consumer, consumer tech and fintech startups.
VC fund Norwest Venture Partners announced the close of its 17th fund, NVP 17, at $3 Bn. With the fund, it will invest in enterprise tech, consumer and healthcare startups in three focus markets – India, Israel, and the US.
Coworking space provider WeWork Inc is in talks to sell its remaining 27% stake in its Indian unit, WeWork India, via an INR 1,200 Cr secondary transaction to Enam group’s family office, investment fund A91 Partners, and CaratLane founder Mithun Sacheti.