From Ola Electric To PMI Electro Mobility — Indian Startups Raised $466 Mn This Week

SUMMARY

Indian startups raised $466 Mn across 13 funding deals, a mark up of 96% week-on-week

Video editing platform provider VideoVerse acquired AI-powered design system Optikka for an undisclosed amount

SaaS logistics platform Shipsy acquired inventory management platform Stockone for an undisclosed amount

Following a decrease in funding last week, Indian startups have regained the funding momentum. Between October 23 and October 28, Indian startups collectively raised $466 Mn in funding across 13 deals, a 96% upswing from $237 Mn raised by startups across 20 deals last week.

Funding Galore: Indian Startup Funding Of The Week [Oct 23 – Oct 28]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
26 Oct 2023	Ola Electric	Cleantech	Electric Vehicle	B2C	$384 Mn	–	Temasek, SBI
25 Oct 2023	PMI Electro Mobility Solutions	Cleantech	Electric Vehicle	B2B	$29 Mn	–	Piramal Alternatives
25 Oct 2023	The Indian Garage Co	Ecommerce	D2C	B2C	$18.6 Mn	–	TMRW
25 Oct 2023	Inc.5 Shoes	Ecommerce	D2C	B2C	$10 Mn	Series A	Carpediem Capital, Param Capital, P3 Venture Fund	Carpediem Capital
25 Oct 2023	Blubirch	Enterprisetech	Horizontal SaaS	B2B	$6.4 Mn	Series A	Cornerstone Ventures, Capital2B	Cornerstone Ventures, Capital2B
26 Oct 2023	Escrowpay	Fintech	Payments	B2B	$4 Mn	Series A	–	–
23 Oct 2023	Giga ML	Enterprisetech	Horizontal SaaS	B2B	$3.6 Mn	Seed	Nexus Venture Partners, Y Combinator, Liquid 2 Venture, 8vdx, Garry Tan	Nexus Venture Partners
25 Oct 2023	Garuda Aerospace	Deeptech	Dronetech	B2B	$3 Mn	Bridge	Venture Catalysts, WeFounderCircle, Hems Angels, San Angels, Peaceful Progress Funds	Venture Catalysts
26 Oct 2023	Manastu	Deeptech	Spacetech	B2B	$3 Mn	Pre-Series A	IAN, KRS Jamwal, Jaideep Mehta, Sanjiv Bajaj, Nitin Zamre	IAN
25 Oct 2023	Proost Beer	Alcohol Beverage	–	B2C	$3 Mn	Pre-Series A	Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, AngelList India, Agiliti Venture
26 Oct 2023	Urban Matrix	Deeptech	Dronetech	B2B	$721K	Pre-Series A	IPV
25 Oct 2023	Rapid	Enterprisetech	Horizontal SaaS	B2B	$265K	Seed	Aswin Choudhury, Deepak Panda, Ashok Padhy, Hemanth Kavuluru
26 Oct 2023	Qdesq	Real Estate Tech	Shared Spaces	B2B	–	–	Gruhas

Key Startup Funding Highlights Of The Week

EV unicorn Ola Electric raised $384 Mn Mn in a funding round from Temasek and SBI, making it the biggest funding deal of the week.
Fuelled by Ola Electric’s funding, the cleantech sector emerged as the most funded sector this week, raising $413 Mn across two deals.
The enterprisetech and deeptech sector witnessed the most deal counts with three deals each. While enterprisetech baggage $10.2 Mn, deeptech sector raised $6.7 Mn.
Seed funding activity saw a significant decline this week, falling to $3.8 Mn across two deals from $5.2 Mn raised last week.

Other Major Developments From This Week

SaaS logistics platform Shipsy acquired inventory management platform Stockone for an undisclosed amount.
EV battery startup Log9 Materials announced an ESOP buyback plan worth INR 1.5 Cr for its employees.
Rahul Gupta, and Siba Panda jointly launched their sector agnostic venture debt fund – ValuAble, with a corpus of INR 850 Cr or $100 Mn
InCred Asset Management, the asset management arm of InCred, closed its maiden credit fund, InCred Credit Opportunities Fund-I, at INR 660 Cr.
Peak XV Partners have launched the ninth cohort of its startup accelerator programme – Surge, featuring 7 Indian startups. Click here to know more