SUMMARY
The Indian startup ecosystem secured $413 Mn across 21 funding deals in the second week of September
Bengaluru-based fintech SaaS startup Perfios raised $229 Mn from Kedaara Capital, making it the biggest fundraise of the week
Fintech unicorn Razorpay has acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.
Maintaining a strong funding pace in the second week of September, Indian startups successfully garnered $413 Mn through 21 deals from September 11 to September 15. This represents a significant 61% increase over the $257 Mn secured in 18 deals during the prior week.
The week witnessed one mega deal, with fintech SaaS-based startup Perfios bagging $229 Mn in its Series D round from Kedaara Capital.
Funding Galore: Indian Startup Funding Of The Week [Sept 11 – Sept 16]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 11 Sept 2023 | Perfios | Fintech | Fintech SaaS | B2B | $229 Mn | Series D | Kedaara Capital | |
| 14 Sept 2023 | Pixis | Enterprisetech | Horizontal SaaS | B2B | $85 Mn | Series C1 | Touring Capital, Grupo Carso, General Atlantic, Celesta Capital, Chiratae Ventures | Touring Capital |
| 14 Sept 2023 | Leads Connect | Agritech | Precision Agriculture | B2B | $60.2 Mn | – | BL Agro | |
| 12 Sept 2023 | Kale Logistics | Logistics | Logistic SaaS | B2B | $30 Mn | Series B | Creaegis Advisors LLP | |
| 12 Sept 2023 | PeeSafe | Ecommerce | D2C | B2C | $3 Mn | Series B | Natco Pharma, Rainmatter Health, Alkemi Growth Capital | Natco Pharma, Rainmatter Health |
| 14 Sept 2023 | HotelYaari | Fintech | Investment Tech | B2C | $2.18 Mn | Seed | Alios Ventures | |
| 12 Sept 2023 | WOGOM | Ecommerce | B2B Ecommerce | B2B | $1.9 Mn | – | – | |
| 14 Sept 2023 | Melooha | Consumer Services | Hyperlocal Services | B2C | $635K | – | Streak Ventures LLC | Streak Ventures LLC |
| 11 Sept 2023 | DevDynamics.ai | Enterprisetech | Horizontal SaaS | B2B | $600K | – | Powerhouse Ventures, Sunn91 Ventures, PointOne Capital | Powerhouse Ventures |
| 12 Sept 2023 | 1Bridge | Ecommerce | B2B Ecommerce | B2B | $481K | – | C4D Partners | |
| 13 Sept 2023 | ThinkMetal | Deeptech | IoT & Hardware | B2B | $300K | Seed | 100X.VC | 100X.VC |
| 14 Sept 2023 | K12 Techno Services | Edtech | K12 | B2C | – | – | Kedaara Capital | |
| 11 Sept 2023 | Smartstaff | Enterprisetech | Horizontal SaaS | B2B | – | – | Persol | |
| 11 Sept 2023 | TrackWizz | Fintech | Fintech SaaS | B2B | – | WestBridge Capital | ||
| 13 Sept 2023 | Mitsu | Healthtech | Fitness & Wellness | B2C | – | – | Gaurav Barman | |
| 14 Sept 2023 | Port | Media & Entertainment | Social Media & Chat | B2C | – | Seed | Catamaran | |
| 15 Sept 2023 | Blue Tokai Coffee | Ecommerce | D2C | B2C | – | Series B | Deepika Padukone | |
| 11 Sept 2023 | Navars Edutech | Edtech | K12 | B2C | – | – | JITO Incubation and Innovation Foundation | |
| 14 Sept 2023 | Cultos Global | Enterprisetech | Horizontal SaaS | B2B | – | – | Sameer Mehta, Tarun Katial, Ashwath Bhat | |
| 13 Sept 2023 | Xtracap Fintech | Fintech | Lendingtech | B2B | – | – | IIFL Fintech Fund | |
| 15 Sept 2023 | Videonetics | Enterpristech | Horizontal SaaS | B2B | – | – | Florintree | |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
||||||||
Key Startup Funding Highlights Of The Week
- Bengaluru-based fintech SaaS startup Perfios raised $229 Mn from Kedaara Capital, making it the biggest fundraise of the week.
- Fueled by Perfios fundraise, the fintech emerged as the most funded sector this week, securing $231 Mn across four deals.
- Enterpristech reported the highest deal count, securing $85.6 Mn across five startup funding deals.
- Following an impressive number of seed funding deals last week, the Indian startup ecosystem witnessed meagre three deals.
- Kedaara Capital was the busiest investor this week as it participated in two deals each.
Startup Fund Launches This Week
- Early stage VC firm Vertex Ventures Southeast Asia and India has raised $541 Mn for its fifth fund – the VVSEAI Fund V.
- Xponentia Capital announced the first closure of Xponentia Opportunities Fund II after raising INR 1,000 Cr from investors, exceeding the initial target of INR 750 Cr.
- Early stage VC Kae Capital closed its Winners Fund II (KWF II) worth $50 Mn (INR 410 Cr) to co-invest in its portfolio startups.
- Artha Group has launched Artha Continuum Fund (ACF), a syndicate fund tailor-made for family offices and Ultra High Net Worth Individuals (UHNIs).
Startup Acquisitions Of This Week
- Intercity food delivery startup JustMyRoots acquired regional packaged food delivery startup The State Plate (TSP) for an undisclosed amount.
- Fintech unicorn Razorpay marked its eighth acquisition. The fintech unicorn acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup.
- 1 Bridge acquired the technology assets of eSamudaay to build district commerce stack on Open Network for Digital Commerce (ONDC).
- Sportswear brand Agilitias Sports, which raised $52 Mn in its maiden funding round, has acquired Mochiko Shoes, a domestic footwear brand.
Other Major Developments From This Week
- AI-enabled matrimony startup Betterhalf announced its second ESOP buyback programme which will benefit 29 current and former employees.
- Troubled BYJU’S has put two of its acquired companies – Epic and Great Learning, on sale and is looking to cash out $800 Mn – $1 Bn from it.
- Global investment major KKR is likely to invest INR 2,069.5 Cr in Reliance’s retail arm – Reliance Retail Ventures Ltd (RRVL) for INR 2,069.5 Cr.
- Lenskart-backed Neso Brands invested $4 Mn in Paris-based omnichannel eyewear brand Le Petit Lunetier for a significant stake.
