From Northern Arc To Dhruva Aerospace — Indian Startups Raised $172 Mn This Week

From Northern Arc To Dhruva Aerospace — Indian Startups Raised $172 Mn This Week


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

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. 

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

Updates On Indian Startup IPOs

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.
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