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