From SarvaGram To Equal- Indian Startups raised $186 Mn This Week

SUMMARY

Indian startups cumulatively raised $185.8 Mn across 21 deals, a 49% increase from $125 Mn secured via 18 deals in the preceding week

Lightspeed, Peak XV and Elevation Capital backed multiple startups this week

Enterprise tech sector saw the highest number of seven deals materialise this week via which startups raised $46.7 Mn in the week

Amid rumblings in the broader public markets in India, the startup ecosystem saw an increased investor interest. Between November 11 and 16, startups raised $185.8 Mn across 21 deals. This marks a 49% increase from the $125 Mn raised by startups across 18 deals in the preceding week.

Despite a bearish sentiment in the broader market, foodtech major Swiggy transitioned to become a publicly listed company this week. Besides, the coming week will also see logistics unicorn BlackBuck making its public market debut.

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News

Funding Galore: Indian Startup Funding Of The Past Two Weeks [ Nov 11 – Nov 16 ]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
14 Nov 2024	SarvaGram	Fintech	Lending Tech	B2B-B2C	$67 Mn	Series D	Peak XV Partners, Temasek, Elevar Equity, TVS Capital, Elevation Capital	Peak XV Partners
9 Nov 2024	UnifyApps*	Enterprisetech	Horizontal SaaS	B2B	$20 Mn	Series A	ICONIQ Growth, Elevation Capital	ICONIQ Growth
11 Nov 2024	Bhanzu	Edtech	K-12	B2C	$16.5 Mn	Series B	Epiq Capital, Z3Partners, Lightspeed Ventures, Eight Roads	Epiq Capital
12 Nov 2024	Wheelocity	Agritech	Market Linkage	B2B-B2C	$15 Mn	Series A	Lightspeed, Alteria Capital, Anicut Capital, Selvam VMS	Lightspeed
14 Nov 2024	The ePlane Company	Cleantech	Electric Vehicles	B2B	$14 Mn	Series B	Speciale Invest, Antares Ventures, Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisor, Redstart, Anicut	Speciale Invest, Antares Ventures
11 Nov 2024	Equal	Enterprisetech	Horizontal SaaS	B2B	$10 Mn	Series A	Prosus Ventures, Tomales Bay Capital, Keshav Reddy, Blume Ventures, DST Global, Gruhas, Quona VC, Binny Bansal, Harsh Jain, Kunal Shah, Karan Adani	Prosus Ventures, Tomales Bay Capital, Keshav Reddy
15 Nov 2024	Vecmocon	Cleantech	Electric Vehicles	B2B	$10 Mn	Series A	Ecosystem Integrity Fund, British International Investment, Blume Ventures	Ecosystem Integrity Fund
13 Nov 2024	Ennoventure	Enterprisetech	Horizontal SaaS	B2B	$8.9 Mn	Series A	Tanglin Venture Partners, Fenice Investment Group	Tanglin Venture Partners
12 Nov 2024	Ugaoo	Ecommerce	D2C	B2C	$5.6 Mn	Series A	V3 Ventures, DSG Consumer Partners, RPG Ventures	V3 Ventures
12 Nov 2024	Funstop Games	Media & Entertainment	Gaming	B2C	$5 Mn	Series A	360 ONE Asset, InfoEdge Ventures	360 ONE Asset
13 Nov 2024	Bitespeed	Enterprisetech	Vertical SaaS	B2B	$3.5 Mn	pre-Series A	Peak XV Partner, Whiteboard Capital, Gaurav Munjal, Aakash Anand, Dhruv Vohra	Peak XV Partner
14 Nov 2024	Athina AI	Enterprisetech	Horizontal SaaS	B2B	$3 Mn	Seed	Denis Yarats, Alex Ratner, Kleiner Perkins Scout Fund, Y Combinator	–
14 Nov 2024	Airbound	Deeptech	Dronetech	B2B	$1.7 Mn	Seed	Lightspeed, gradCapital	Lightspeed
12 Nov 2024	India IVF	Healthtech	Healthcare Services	B2C	$1.3 Mn	pre-Series A	Tomorrow Capital	Tomorrow Capital
13 Nov 2024	Pikndel	Logistics	Ecommerce Logistics	B2B	$1 Mn	Seed	VC Grid, D2C Insider Angels, Breathe Capital, Venture Catalysts, Akash Gupta, Keshav Bhajanka, Sanjay Agarwal, Kanishka Sethia	VC Grid
12 Nov 2024	DesignX	Enterprisetech	Enterprise Services	B2B	$1 Mn	pre-Series A	Piper Serica	Piper Serica
12 Nov 2024	StampMyVisa	Travel Tech	OTA	B2B	$782K	pre-Series A	Unicorn India Ventures	Unicorn India Ventures
14 Nov 2024	LegalKart	Consumer Services	Hyperlocal Services	B2C	$770K	–	IIM Udaipur Incubation Centre, Aevitas Capital, Shift Alt Cap	IIM Udaipur Incubation Centre
12 Nov 2024	Creanovation Technologies Private Limited	Edtech	Edtech SaaS	B2B	$592K	–	Physis Capital	Physis Capital
14 Nov 2024	Mushin Innovative Labs	Enterprisetech	Enterprise Services	B2B	$250K	Seed	Inflection Point Ventures	Inflection Point Ventures
14 Nov 2024	Oneplay	Media & Entertainment	Gaming	B2C	–	–	Akshat Rathee	Akshat Rathee
	Source: Inc42 *Included this week as it was skipped last week Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Despite a windfall of funding at early stages, the Indian startup ecosystem saw one deal materialise at the late stage level. Fintech startup SarvaGram raised the biggest cheque this week, bagging $67 Mn in its Series D round.
While SarvaGram’s fundraise solely took fintech to the top of funding trends at a sectoral level, enterprisetech saw the most number of deals materialise this week. Startups in the sector raised $46.7 Mn across seven deals in the week.
The most active investor this week was Lightspeed, backing edtech Bhanzu, agritech Wheelocity and deeptech Airbound this week. Peak XV and Elevation Capital also backed two startups apiece.
Seed funding remained flat in the week, rising 10% to $5.9 Mn from last week’s $5.4 Mn.

Funds Launches Of The Week

Venture capital (VC) firm Pavestone VC marked the final close of its Pavestone Technology Fund at $97 Mn. It is looking to back 8-10 growth stage startups with an average ticket size of $5-10 Mn.
Sandiip Bhammer-led VC firm Green Frontier Capital launched its Green Frontier Capital India Climate Opportunities Fund with a target corpus of INR 1,500 Cr.
Orios Venture Partners’ managing partners Anup Jain and Rajeev Suri launched VC firm BlueGreen Ventures with a $75 Mn fund. The firm will back early-stage and IPO bound startups.

Updates On Indian Startup IPOs

Swiggy made its public market debut on Tuesday ((November 13), with its shares listing at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share.
Shortly after its portfolio company Swiggy made a positive market debut, its largest stakeholder Prosus said that it is exploring an IPO for PayU in India in 2025.
Amid the ongoing IPO boom, B2B marketplace Zetworks is looking to get listed by 2025 in an IPO that will see it raise over $1 Bn.
D2C electronics major bOAt has reportedly finalised ICICI Securities, Goldman Sachs and Nomura as bankers for its $300-$500 Mn IPO slated for next year.
Ahead of market close on Friday, BlackBuck’s IPO saw a muted subscription of 32% for its IPO. The issue will close on November 18.

Other Developments Of The Weeks

Reliance Consumer Product is acquiring D2C snacking startup TagZ Foods for INR 28 Cr ($3.5 Mn).
Fintech unicorn Razorpay joined forces with Peak XV Partners and Lightspeed to launch a venture investment programme. With this, the trio will be looking to back early stage B2B startups across sectors.
Sanjeev Bhikchandani-led Info Edge will be investing INR 4 Cr in its portfolio company LegitQuest via its wholly owned subsidiary Startup Investments (Holdings) Ltd.
Nazara Technologies and Nikhil Kamath’s WTFund will jointly invest INR 2 Cr in two gaming startups, Norian Games and Xigma Games.
Zomato plans to launch its INR 8,500 Cr qualified institutional placement (QIP) in December, depending on market conditions.
Proptech startup bought 11% stake of Mumbai-based real estate advisory Guardians for $12 Mn. It intends to increase its stakeholding to 50% in the coming three years.
Unicommerce acquired 42.7% stake in Shipway for INR 68.4 Cr and plans on acquiring the remaining stake in Shipway within a year via a merger or stock swap.
Coimbatore based SaaS startup Kovai.co announced the acquisition of US based Floik to enhance its Document360 knowledge management platform.
Online travel aggregator EaseMyTrip’s board approved the acquisition of 49% stake in Planet Education Australia for INR 39.20 Cr and a 50% stake in Jeewani Hospitality Private Limited for INR 100 Cr.