SUMMARY
Indian startups cumulatively raised $151.6 Mn from 22 deals between April 1-6
Ola Electric bagged $50 Mn in debt funding, the biggest fundraise this week
Enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals
Funding momentum across the Indian startup ecosystem dropped in the first week of April after a brief uptick. Between April 1 and 6, startups cumulatively raised $151.6 Mn, a 38% decline from last week’s $243 Mn.
However, there was a rise in the number of deals with 22 startups raising funding compared to 17 in the preceding week.
Funding Galore Indian Startup Funding Of The Week [Apr 1 – Apr 6]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
1 Apr 2024
Ola Electric
Cleantech
Electric Vehicle
B2C
Debt
$50 Mn
EvolutionX Debt Capital
EvolutionX Debt Capital
4 Apr 2024
SingleInterface
Enterpristech
Horizontal SaaS
B2B
–
$30 Mn
Asia Partners, PayPal Ventures
Asia Partners
2 Apr 2024
Namdev Finvest
Fintech
Lendingtech
B2C-B2B
Pre-Series C
$19 Mn
Maj Invest, others
Maj Invest
2 Apr 2024
Scrut Automation
Enterpristech
Horizontal SaaS
B2B
–
$10 Mn
Lightspeed, MassMutual Ventures and Endiya Partners
–
4 Apr 2024
Nivara Home Finance
Fintech
Lendingtech
B2C
–
$10 Mn
Baring Private Equity India
Baring Private Equity India
2 Apr 2024
Traya
Healthtech
Fitness & Wellness
B2C
–
$9 Mn
Xponentia Capital
Xponentia Capital
3 Apr 2024
SiftHub
Enterpristech
Horizontal SaaS
B2B
Seed
$5.5 Mn
Matrix Partners India, Blume Ventures, Neon Fund, Harshil Mathur and Shashank Kumar, Arvind Parthiban, Manish Jindal, Andrew Johnston
Matrix Partners India, Blume Ventures
1 Apr 2024
Innoviti
Fintech
Payments
B2B-B2C
–
$4.8 Mn
Bessemer Venture Partners, Patni Family Office
Bessemer Venture Partners, Patni Family Office
1 Apr 2024
Bombay Shaving Company
Ecommerce
D2C
B2C
Debt
$3 Mn
Alteria Capital
Alteria Capital.
2 Apr 2024
Assembly
Enterpristech
Horizontal SaaS
B2B
–
$2.1 Mn
Prath Ventures, Anicut Capital, Blume Founders Fund, others
Prath Ventures
3 Apr 2024
Vodex
Enterpristech
Horizontal SaaS
B2B
Seed
$2 Mn
Unicorn India Ventures, Pentathlon Ventures
3 Apr 2024
Arch0
Enterpristech
Horizontal SaaS
B2B
Pre-Seed
$1.25 Mn
Leo Capital, Village Global, Indian Silicon Valley Capital, Appreciate Capital, SuperMorpheus
Leo Capital
4 Apr 2024
Curelo
Healthtech
Healthcare Services
B2C
–
$1.2 Mn
IIMA Ventures, Tarun Katial, Shreyas Iyer
–
4 Apr 2024
Limelight Lab Grown Diamonds
Ecommerce
D2C
B2C
–
$1 Mn
–
–
4 Apr 2024
Hudle
Enterpristech
Vertical SaaS
B2B
Pre-Series A
$838K
Inflection Point Ventures, Sky Impact Capital, Survam Partners, Anay Ventures
Inflection Point Ventures, Sky Impact Capital
3 Apr 2024
Mave Health
Healthtech
Telemedicine
B2C
Pre-Seed
$718K
All-In Capital, iSeed Fund, Bharat Founders Fund, Deepinder Goyal, Kunal Shah, Mohit Kumar, Vatsal Singhal, Gaurav Agarwal, Nandan Reddy, Rohan Verma, Nikhil Kant, Harsh Shah, Neel Mehta, Nitin Mehrotra, Himanshu Aggarwal, Vikrampati Singhania, Gaurang Patel, Pradeep Patel, Rajan Dube, Ganesh Prasad, Parsh Kothari, Shlok Srivastava, Neel Gogia, Naim Siddiqu
All-In Capital, iSeed Fund
4 Apr 2024
Cloudworx Technologies
Enterpristech
Horizontal SaaS
B2B
Seed
$600K
Venture Catalysts
Venture Catalysts
4 Apr 2024
Troovy
Ecommerce
D2C
B2C
Pre-Seed
$599K
Veltis Capital, SSV, Rebalance, others
–
2 Apr 2024
The Fresh Press
Ecommerce
D2C
B2C
Pre-Series A
–
Gruhas Collective Consumer Fund
Gruhas Collective Consumer Fund
2 Apr 2024
SatSure
Deeptech
Spacetech
B2B
Series A
–
Baring Private Equity Partners (BPEP), India Promus Ventures, TransUnion
Baring Private Equity Partners (BPEP), India Promus Ventures
2 Apr 2024
Hitwicket
Media & Entertainment
Gaming
B2C
–
–
Harsha Bhogle
Harsha Bhogle
2 Apr 2024
A47.in
Ecommerce
D2C
B2C
–
–
Aditya Pittie
Aditya Pittie
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- IPO-bound Ola Electric bagged the biggest cheque this week, securing $50 Mn in debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).
- Maintaining its lead from last week, enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals.
- Seed-stage startup funding picked up steam this week with startups netting $8.1 Mn, up 270% from last week’s $3 Mn.
Updates On Indian Startup IPOs
- SaaS cybersecurity startup TAC Infosec shares opened at INR 290 on the NSE’s small and medium enterprises platform (NSE SME), a 173.6% premium on the issue price of INR 106.
- Fintech SaaS company Trust Fintech shares opened at INR 143.25 on NSE SME, a 42% premium on its issue price of INR 101 per share.
Startup Acquisitions This Week
- In an acquisition within Amazon India’s sellers space, Clicktech acquired Appario, one of the largest seller entities on the e-commerce marketplace.
- Business services provider Quess Corp Limited has fully acquired gig economy platform Taskmo for an undisclosed amount. Both Taskmo founders – Prashant Janadri and Naveen Ram – will exit once the acquisition by Quess is completed.
Startup Fund Launches Of This Week
- VC firm Centre Court Capital announced its maiden INR 350 Cr fund ($42 Mn) focussed on early stage startups in the sports and gaming space. It has already received commitments to the tune of INR 200 Cr from investors and top athletes.
- Indian Navy Veteran Navneet Kaushik has rolled out Jamwant Venture Fund, an angel fund backed by SKI Capital, a SEBI-registered AIF, RTA & Category1 Merchant Bank. It will primarily look into investing in early-stage tech startups in the defence space
Other Major Developments From This Week
- Quick commerce unicorn Zepto has initiated discussions with a clutch of global investors to raise $300 Mn at a valuation range of $2.5-$3 Bn. It was last valued at $1.4 Bn in 2023.
- Fintech unicorn Navi is in talks with investors to raise $200-$400 Mn in funding at a valuation of $2 Bn. This will be the Flipkart cofounder Sachin Bansal-led startup’s maiden external fundraise.
- Ride-hailing startup Rapido is eyeing a mega $100 Mn fundraise from existing investor WestBridge Capital and others at a valuation to $900 Mn. It has reportedly received commitments of around $70 Mn and is currently approaching Indian family offices for the rest.
- Beauty ecommerce marketplace Purplle is currently in initial discussions with Abu Dhabi Investment Authority (ADIA) for a $100 Mn investment. The investment is expected to come through secondary transactions, allowing some early investors to exit.
