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.
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.
Fund 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.
Mergers & Acquisitions Of The Week
- 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.
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.
