Indian Startup Funding — Indian Startups Raised $122 Mn This Week

From Propelld To RED.Health — Indian Startups Raised $122 Mn This Week

SUMMARY

Indian startups cumulatively raised $121.8 Mn across 21 deals between May 13 and 18, down 45% from last week

Fintech regained its dominance in weekly funding trends, with startups in the sector raising $33.1 Mn across three deals

Seed funding continued to tumble down this week as well, with startups at this stage securing $3.5 Mn this week

Funding activity in the world’s third largest startup ecosystem saw a decline for the second consecutive week in May. Indian startups raised $121.8 Mn across 21 deals between May 13 and 18, a 45% decline from last week’s $220.2 Mn raised across the same number of deals.

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News

Funding Galore: Indian Startup Funding Of The Week [May 13 – May 18]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
17 May 2024	Propelld	Fintech	Lendingtech	B2C	$25 Mn	Debt	Credit Saison India, AU Small Finance Bank, InCred Financial Services, Northern Arc Capital	–
15 May 2024	RED.Health	Healthtech	Healthcare Services	B2C-B2B	$20 Mn	Series B	Jungle Ventures,HealthQuad, HealthX, Alteria Capital	Jungle Ventures
13 May 2024	Dhaksha Unmanned Systems	Deeptech	Dronetech	B2B-B2C	$18 Mn	–	Coromandel International Limited	Coromandel International Limited
14 May 2024	Niqo Robotics	Deeptech	IoT & Hardware	B2B	$13 Mn	Series B	Bidra Innovation Ventures, Fulcrum Global Capital, Omnivore	Bidra Innovation Ventures
14 May 2024	Rupeek	Fintech	Lendingtech	B2C	$6.1 Mn	–	One Large Value Fund, BlackSoil	–
14 May 2024	Celcius	Logistics	Supply Chain	B2B	$4.7 Mn	pre-Series B	IvyCap Ventures, Mumbai Angels, Caret Capital	IvyCap Ventures
16 May 2024	SolarSquare	Cleantech	SolarTech	B2B-B2C	$4.2 Mn	–	Zerodha Technology, Abhijeet Pai, Gruhas Proptech, Lowercarbon Capital, Good Capital	–
16 May 2024	Matel	Cleantech	Electric Vehical	B2B	$4 Mn	Series A	Transition VC, Gruhas, Haresh Abichandani	Transition VC
17 May 2024	3SC	Logistics	Supply Chain	B2B	$4 Mn	–	GEF Capital	GEF Capital
14 May 2024	Highperforrmr.AI	Enterprisetech	Horizontal SaaS	B2B	$3.5 Mn	Seed	Venture Highway, The Neon Fund, DeVC	Venture Highway
17 May 2024	OTPless	Enterprisetech	Horizontal SaaS	B2B-B2C	$3.5 Mn	Pre-Series A	SIDBI, Venture Highway, FJ Labs, Piper Serica	SIDBI
15 May 2024	Stupa Sports Analytics	Enterprisetech	Horizontal SaaS	B2B	$3.3 Mn	pre-Series A	Centre Court Capital, PeerCapital	Centre Court Capital, PeerCapital
15 May 2024	DrinkPrime	Ecommerce	D2C	B2C	$3 Mn	–	SIDBI Venture Capital	SIDBI Venture Capital
16 May 2024	InstaAstro	Consumer Services	Hyperlocal Serives	B2C	$2.3 Mn	Pre-Series A	Artha Venture Fund, LogX Ventures, Singularity Ventures, InfraRed Capital Partners, Blume Founders Fund, Aloke Bajpai	Artha Venture Fund
14 May 2024	BimaPay	Fintech	Lendingtech	B2C	$2 Mn	–	LC Nueva Investment Partners	LC Nueva Investment Partners
16 May 2024	Gramophone	Agritech	Farm Advisory	B2C	$1.8 Mn	–	Info Edge	Info Edge
16 May 2024	The Betal Leaf	Ecommerce	D2C	B2C	$1.2 Mn	–	Inflection Point Ventures and Venture Catalysts	Inflection Point Ventures and Venture Catalysts
15 May 2024	Infurnia	Real Estate Tech	Real Estate Services	B2B-B2C	$1.2 Mn	–	Yogesh Chaudhary, Coast to Coast, Greenply, Ozone	Yogesh Chaudhary
13 May 2024	BEYOBO	Ecommerce	B2B Ecommerce	B2B	$802K	pre-Series A	Indian Angel Network, International Startup Foundation, SAN Angels	Indian Angel Network
16 May 2024	Stylework	Real Estate Tech	Shared Spaces	B2C	$120K	Series A2	BizDateUp Technologies	BizDateUp Technologies
15 May 2024	Sprect	Consumer Services	Hyperlocal Serives	B2C	$60K		Siddarth Shetty	Siddarth Shetty
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

The week’s biggest cheque was secured by fintech startup Propelld. Buoyed by its $25 Mn fundraise, fintech dominated the funding trend at a sectoral level. Startups in the space raised $33.1 Mn across three deals, the highest number of deals secured at a sectoral level.
Gruhas Proptech and Venture Highway were the most active investors this week, backing two startups each.
Seed funding continued to tumble down this week as well, with startups at this stage securing $3.5 Mn. This was a 58% decline from last week’s $8.4 Mn.

Updates On Indian Startup IPOs

Making a bumper debut on the bourses, shares of B2B travel portal TBO Tek listed at INR 1,426 on the NSE on Wednesday, a 55% premium over its issue price of INR 920. Similarly, the company listed at INR 1,380 on the BSE at a premium of 50%.
D2C meat delivery startup Zappfresh has set the ball rolling for its initial public offering (IPO). The Delhi NCR-based company transformed itself into a public company this week, marking its first major milestone in preparation for its public offering.
Insurtech unicorn Digit’s public issue received 50.76 Cr bids against 5.28 Cr shares on offer, resulting in a 9.6X subscription. Its IPO comprises a fresh issue of shares worth INR 1,125 Cr and an offer for sale (OFS) element of 5.47 Cr shares.
Global retail giant Walmart is currently exploring the “right time” for the ecommerce giant Flipkart’s IPO. Walmart International president and CEO Kath McLay said that the IPO plans stem from Flipkart’s growth trajectory as the company has been EBITDA positive for the last two quarters.

Other Major Developments Of The Week

US-based ecommerce giant Amazon has invested $199 Mn in its Indian Arm. Its local subsidiary, Amazon Seller Services Pvt Ltd, has allotted 160 Cr equity shares to at least two overseas entities.
Early stage venture capitalist fund 9Unicorns has rebranded itself to 100Unicorns and launched its second fund that will have a corpus of $200 Mn and a green shoe option of $100 Mn. The fund will invest in 200 early stage startups.
Battery-swapping startup Battery Smart is raising $45 Mn as part of a Series B round, which will see participation from Acacia Inclusion, Japan’s MUFG Bank, Blume Ventures, among others.
Global investment firm KKR is looking to divest a 10% stake in NBFC startup InCred to Japan’s Mizuho Financial Group. The deal is expected to peg the fintech startup’s valuation 30-40% higher than its last valuation of $1.2 Bn.
Enterprise tech startup Orbod is selling its AI platform focussed on the banking, financial services and insurance (BFSI) sector, SuperScan, to listed fintech company Niyogin Fintech Ltd. Niyogin’s board has approved signing definitive agreements to acquire SuperScan.
London-based private equity firm Apax Partners is mulling investments in Indian pharmaceuticals, consumer, and consumer derivative markets. The firm has deployed a India-focused team to scout buyout opportunities and is also working on multiple deals at different stages across sectors.
After launching an INR 200 Cr Category I Alternative Investment Fund, angel investing platform BizDateUp Technologies bought a 20% stake in waste management startup Duro Green for an undisclosed amount.
With an eye on beefing up its AI investments in India, Japanese conglomerate SoftBank is now mulling investing in Indian data centre and industrial robotics companies.