Indian Startup Funding — Startups Raised $447 Mn This Week

From Physics Wallah To iBUS – Indian Startups Raised $447 Mn This Week

SUMMARY

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 Mn 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 Mn 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.

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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.