Indian startups cumulatively raised $395.63 Mn via 20 deals, up 250% from the $112.9 Mn raised last week via 22 deals
The week saw a mega deal materialise with OYO raising $175 Mn in a down round
While Unicommerce and FirstCry got publicly listed in the week, three more startups filed their IPO papers in the week
In the week when startups were seen making a beeline for the bourses, investment activity across the ecosystem also managed to pick up the momentum. Between August 12 and 17, Indian startups cumulatively raised $395.63 Mn via 20 deals, a 250% increase from the $112.9 Mn raised across 22 deals in the preceding week.
Amid a notable uptick in the startup funding this week, SaaS startup Unicommerce and omnichannel retail startup FirstCry made their debuts on the stock exchanges on August 13. Further, logistics major Ecom Express, coworking startup Smartwork and construction marketplace ArisInfra filed their draft red herring prospectus (DRHP) in the week.
Funding Galore: Indian Startup Funding Of The Week [ Aug 12 – 17 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
12 Aug 2024
OYO
Travel Tech
Accommodation
B2C
$175 Mn
–
Patient Capital, J&A Partners, ASK Financial Holdings, Ashish Kacholia
Patient Capital, J&A Partners, ASK Financial Holdings
13 Aug 2024
Ather Energy
Cleantech
Electric Vehicle
B2C
$71 Mn
–
National Investment and Infrastructure Fund
National Investment and Infrastructure Fund
12 Aug 2024
Neo Group
Enterprise Tech
Enterprise Services
B2B
$46.7 Mn
–
MUFG Bank, Euclidean Capital LLC, Peak XV Partners
MUFG Bank, Euclidean Capital LLC
12 Aug 2024
Kinetic Green
Cleantech
Electric Vehicle
B2B-B2C
$25 Mn
Series A
Greater Pacific Capital
Greater Pacific Capital
13 Aug 2024
Vayana Network
Fintech
Lending Tech
B2B
$20.5 Mn
Series D
SMBC Asia Rising Fund, Jungle Ventures, Chiratae Ventures, International Finance Corporation, Deep Financial
SMBC Asia Rising Fund
13 Aug 2024
Beco
Ecommerce
D2C
B2C
$10 Mn
Series B
Tanglin Venture Partners, Titan Capital Winners Fund, Rukam Capital, Synergy Capital, Manish Choksi
Tanglin Venture Partners
12 Aug 2024
Innoviti
Fintech
Payments
B2B
$8.3 Mn
Series E
Random Walk Solutions, Bessemer Venture Partners, Patni Family Office India, Alumni Ventures
Random Walk Solutions
12 Aug 2024
Kazam
Cleantech
Electric Vehicle
B2B-B2C
$8 Mn
Series A
Vertex Ventures Southeast Asia and India, Avaana Capital, Alteria Capital
Vertex Ventures Southeast Asia and India
12 Aug 2024
4BaseCare
Healthtech
Healthcare Services
B2C
$6 Mn
Series A
Yali Capital
Yali Capital
13 Aug 2024
Fresh Bus
Travel Tech
Transport Tech
B2C
$5.2 Mn
Series A
Maniv Mobility, Shell Ventures, Alteria Capital, Riverwalk Holdings
Maniv Mobility
13 Aug 2024
Skydo
Fintech
Payments
B2B
$5 Mn
pre-Series A
Elevation Capital
Elevation Capital
13 Aug 2024
FASHOR
Ecommerce
D2C
B2C
$5 Mn
–
Blume Ventures
Blume Ventures
12 Aug 2024
Infinyte.Club
Fintech
Investment Tech
B2C
$3.6 Mn
Seed
Elevation Capital, Kunal Shah, Vidit Aatrey, Gaurav Munjal, Sanket Shah, Varun Dua, Harshil Mathur
Elevation Capital
12 Aug 2024
Truva
Real Estate Tech
Listing & Discovery Services
B2B-B2C
$3 Mn
Seed
Stellaris Venture Capital, Peercheque
Stellaris Venture Capital
13 Aug 2024
EyeROV
Deeptech
IoT & Hardware
B2B
$1.2 Mn
pre-Series A
Unicorn India Ventures
Unicorn India Ventures
12 Aug 2024
HealthCRED
Fintech
Lending Tech
B2B
$1.2 Mn
Seed
Antler India, TRTL VC, iSeedVC, DeVC, Angel List India, Subho Ray, Nitin Gupta, Amit Lakhotia
Antler India, TRTL VC, iSeedVC
12 Aug 2024
Haldèn
Ecommerce
D2C
B2C
$595K
Seed
Prajay Advisors
Prajay Advisors
12 Aug 2024
MiClient
Enterprise Tech
Horizontal SaaS
B2B
$464K
Seed
Vikas Kuthiala, Pratik Mathurkar, Anicut, GSF, RTAF, Keiretsu
Vikas Kuthiala, Pratik Mathurkar
12 Aug 2024
Ziptrrip
Travel Tech
Transport Tech
B2B
$238K
pre-Seed
Anil K Jha, Prantik Dasgupta
–
12 Aug 2024
Flam
Deeptech
AR/VR
B2B
–
–
KL Rahul
KL Rahul
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- After weeks of anticipation, travel tech major OYO finally closed its funding round at $175 Mn. The round was led by OYO founder’s Ritesh Agarwal floated Singapore-based entity Patient Capital, along with J&A Partners and ASK Financial Holdings. It also saw OYO go through a massive valuation cut. The down round saw OYO’s valuation cut to $2.37 Bn, down 76% from its peak valuation of $10 Bn.
- Bolstered by OYO’s mega funding round, travel tech emerged as the investor favourite this week. The sector saw three deals materialise via which startups raised $180.43 Mn.
- Venture capital firms Alteria Capital and Elevation Capital emerged as the most active investors this week, backing two startups each.
- Seed funding declined in the week. Startups managed to raise only $8.85 Mn, close to 32% cut from last week’s $13 Mn.
Updates On Indian Startup IPOs
- FirstCry’s parent Brainbees Solutions opened at INR 651 on the NSE, a premium of 40% over its issue price of INR 549. Similarly, on the BSE, it listed at INR 625, reflecting a 34.4% premium.
- Shares of Unicommerce listed at INR 235 per share on the NSE, a premium of 117.59% over its issue price of INR 108. Similarly, on the BSE, it listed at INR 230, reflecting a 112.96% premium.
- Logistics startup Ecom Express filed its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) for an IPO worth INR 2,600 Cr. The startup’s intended IPO comprises a fresh issue of INR 1,284.5 Cr and an offer for sale component of INR 1,315.5 Cr.
- Coworking startup Smartworks filed a DRHP for an IPO that comprises a fresh issue of equity shares worth INR 550 Cr and an offer for sale (OFS) of 67.49 Lakh equity shares by promoters.
- B2B ecommerce platform ArisInfra Solutions filed its DRHP with the SEBI to raise INR 600 Cr via an IPO. The startup’s public offer will comprise only a fresh issue.
- Logistics services startup ShadowFax has initiated discussions with merchant bankers for an IPO worth INR 2,500 – 3,000 Cr at a valuation of INR 5,000 – 8,000 Cr.
- B2B marketplace unicorn OfBusiness has reportedly roped in five investment banks, including Kotak Investment Banking, for an IPO in August 2025.
Other Developments Of The Week
- OYO acquired Paris-based premium rental homes company Checkmyguest for INR 230 Cr in a cash and stock deal. The startup issued 7.92 Cr Series G CCPS for the acquisition.
- Veefin Group bought Nityo Tech to expand its digital services in banking, financial services and insurance (BFSI) sector. With the acquisition, Veefin will leverage Nityo Tech’s AI and machine learning solutions across 15 verticals.
- Fashion Entrepreneur Fund has roped in Karan Johar as an investor and promoter to help provide focused mentorship and financial resources.
- Early stage investor 35 North Ventures marked the first close of its CAT-1 AIF India Discovery Fund II at INR 100 Cr. The fund has total corpus of INR 500 Cr, with an additional greenshoe option of INR 100 Cr.
- Weeks after closing a mega $665 Mn funding rounding, quick commerce major Zepto’s has finalised a deal to raise a funding of $340 Mn. The deal will reportedly see the startup’s valuation jump up to $5 Bn.
