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
