Indian startups cumulatively raised $447.5 Mn across 22 deals, a 97% increase from the $227.1 across a same number of deals last week
The week saw one mega funding round materialise with edtech unicorn Physics Wallah raising $210 Bn in its Series B funding round
Seed funding plummeted this week to $2.3 Mn from the $24.9 Mn raised by startups at this stage last week
Continuing the momentum on a recently gained volatility, funding trends picked up this week after a slight dip. Between September 16 and 21, Indian startups cumulatively raised $447.5 Mn across 22 deals, up 97% from the $227.1 with the similar number of deals in the preceding week.
It is pertinent to note that the week also saw one mega deal materialise in the form of the $210 Mn raised by edtech unicorn Physics Wallah in its Series B funding round led by Hornbill Capital at a valuation of $2.8 Bn. This marked only the second fund raise for the edtech startup, after it raised $100 Mn in its maiden funding round at a valuation of $1.1 Bn back in 2022.
Funding Galore: Indian Startup Funding Of The Week [ Sep 16 – Sep 21 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
20 Sep 2024
Physics Wallah
Edtech
Test Preperation
B2C
$210 Mn
Series B
Hornbill Capital, Lightspeed Venture Partners, GSV, WestBridge
Hornbill Capital
18 Sep 2024
Redcliffe Labs
Healthtech
Healthcare Services
B2C
$42 Mn
Series C
IFU, LeapFrog Investments, HealthQuad, Spark Growth Ventures
IFU
17 Sep 2024
iBUS
Enterprisetech
Horizontal SaaS
B2B
$34 Mn
–
IFC
IFC
19 Sep 2024
Everest Fleet
Travel Tech
Transpor Tech
B2B-B2C
$30 Mn
Series C
Uber
Uber
20 Sep 2024
Aye Finance
Fintech
Lending Tech
B2B
$30 Mn
Series G
ABC Impact, British International Investment
ABC Impact
20 Sep 2024
Big Bang Boom
Deeptech
Defensetech
B2B
$30 Mn
–
Mumbai Angels Network, Vyom Family Office, SBI Startup Branch Chennai, Asquare Investing
–
17 Sep 2024
Way2News
Media & Entertainment
Digital Media
B2C
$14 Mn
Series B
WestBridge Capital, Sashi Reddi
WestBridge Capital
20 Sep 2024
Kaleidofin
Fintech
Fintech SaaS
B2B
$13.8 Mn
–
Rabo Partnerships, Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, Flourish Ventures.
Rabo Partnerships
19 Sep 2024
Vahan.ai
Enterprisetech
Horizontal SaaS
B2B-B2C
$10 Mn
Series B
Khosla Ventures, Y Combinator, Gaingels, Vijay Shekhar Sharma
Khosla Ventures
18 Sep 2024
DailyObjects
Ecommerce
D2C
B2C
$10 Mn
Series B
360 ONE Asset, Roots Ventures
360 ONE Asset
19 Sep 2024
NowPurchase
Ecommerce
B2B Ecommerce
B2B
$6 Mn
–
Info Edge Ventures, Orios Ventures Partners, 100 Unicorns, Venture Catalysts, Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo
Info Edge Ventures
20 Sep 2024
Elivaas
Travel Tech
Accomodation
B2C
$5 Mn
Series A
3one4 Capital, Peak XV Partners
3one4 Capital
18 Sep 2024
Schmooze
Media & Entertainment
Social Media & Chat
B2C
$4 Mn
Series A
Elevation Capital
Elevation Capital
18 Sep 2024
AltiusHub
Enterprisetech
Vertical SaaS
B2B
$2.3 Mn
Seed
Endiya Partners
Endiya Partners
19 Sep 2024
GalaxEye
Deeptech
Spacetech
B2B
$2 Mn
Series A
Infosys
Infosys
18 Sep 2024
Bluecopa
Fintech
Fintech SaaS
B2B
$1.8 Mn
pre-Series A
Blume Ventures, Dallas Venture Capital, Venture Catalysts
–
17 Sep 2024
Alpino
Ecommerce
D2C
B2C
$1.2 Mn
–
Shilpa Shetty, Paresh Ghelani
–
18 Sep 2024
Techjockey
Ecommerce
B2B Ecommerce
B2B
$885K
–
Rishabh Pant
Rishabh Pant
18 Sep 2024
Billion Hearts Software Technologies
Consumer Internet
–
B2C
$250K
–
–
–
19 Sep 2024
Bookmybai
Consumer Services
Hypelocal Services
B2C
$240K
pre-Series A
Inflection Point Ventures
Inflection Point Ventures
18 Sep 2024
Ticket9
Consumer Services
Hyperlocal Services
B2C
–
–
Nayanthara, Vignesh Shivan
–
16 Sep 2024
Salt Oral Care
Ecommerce
D2C
B2C
–
Seed
Kunal Chedda, Viraj Doshi, Nisha Sancheti
–
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- Solely at the behest of the mega funding round raised by Physics Wallah, edtech emerged as the sector which saw the most funds pouring in.
- Trailing edtech in terms of funding at a sectoral level was enterprisetech. Startups in the space raised $46.3 Mn via three deals.
- Fintech also saw a similar number of deals materialise, with startups raising $45.6 Mn via three deals.
- However, ecommerce saw the highest number of deals materialise this week with startups raising $18.1 Mn via five deals.
- WestBridge Capital and Venture Catalysts emerged as the most active investors this week, backing two startups apiece.
- Despite the increase in overall funding, seed funding plunged during the week. Startups at this stage raised $2.3 Mn, a fraction of the $24.9 Mn raised during the past week.
Startup Fund Launches Of This Week
- Early-stage venture capital (VC) firm Capital A launched its Fund II with a target corpus of $48 Mn (INR 400 Cr) to back 17 to 20 startups.
- Early stage VC firm z21 Ventures launched its second fund with a target corpus of $40 Mn. It announced the first close of the fund at $20 Mn (INR 167 Cr).
Mergers and Acquisitions This Week
- Listed travel tech startup EaseMyTrip will be acquiring 30% stake in healthcare services provider Rollins International Private Limited for INR 60 Cr ($7.15 Mn) and 49% stake in Pflege Home Healthcare Center LLC for INR 30 Cr ($ 3.5 Mn).
- Fintech startup Stockal has bought fintech company Acru in a stock deal to offer a complete solution for cross-border investments.
- BSE SME-listed fintech startup Veefin Solutions acquired a 26% stake in EpikInDiFi in a share swap deal which valued the latter at INR 125 Cr.
Other Developments Of The Week
- Ahead of its IPO, Madhuri Dixit and Innov8’s founder Ritesh Malik have picked up stakes worth INR 1.5 Cr apiece. Besides, insulators manufacturer Modern Insulators also purchased stakes by investing INR 5 Cr in Swiggy. The startup is likely to reveal its IPO papers to the public this weekend.
- B2B ecommerce platform Infra.Market is eyeing a fresh fundraise of $150-200 Mn from existing investors, including Tiger Global, Foundamental and Evolvence.
- B2B fintech startup M2P Fintech is in talks with Helios Investment Partners to pick $80 Mn in new funding round at a valuation of $800 Mn.
- Healthtech startup Qure.ai is looking to raise around $50-60 Mn in a funding round expected to be led by Lightspeed.
- Ayurvedic nutrition brand Kapiva is eyeing the raise of $40 Mn from existing investor OrbiMed to expand its operations and enhance market presence.
- Deeptech startup Proxgy is in advanced stages of discussion to raise around $5 Mn in its Series A funding round from Gruhas Capital, actor Suniel Shetty and Manish Patel.
