From Scapia To Kiwi — Indian Startups Raised $61 Mn This Week

SUMMARY

Indian startups raised $61 Mn across 10 funding deals, a 38% week-on-week markup

US-based giant Adobe acquired Bengaluru-based AI-powered video creation platform Rephrase.ai.

SaaS startup Unicommerce which is owned by AceVector Limited – the parent company of Snapdeal – is emerging as the latest Indian startup to head for a public listing next year

A week after funding activity took a dive, both in terms of value and volume, Indian startup ecosystem managed to rebound this week with a $61 Mn fundraise across ten deals. This week’s funding is 38% mark up from the previous week, where startups collectively raised $44 Mn across 10 deals.

Funding Galore: Indian Startup Funding Of The Week [Nov 20 – Nov 25]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
21 Nov 2023	Scapia	Fintech	Lendingtech	B2C	$23 Mn	Series A	Elevation Capital, 3STATE Ventures, Matrix Partners India, Tanglin Venture Partners	Elevation Capital, 3STATE Ventures
21 Nov 2023	Kiwi	Fintech	Lendingtech	B2C	$13 Mn	Series A	Omidyar Network India, Nexus Venture Partners, Stellaris Venture Partners	Omidyar Network India
21 Nov 2023	Baaz Bikes	Cleantech	Electric Vehicle	B2B	$8 Mn	Series A	BIG Capital, Rakuten Capital, Kalaari Capital, 9Unicorns, Sumant Sinha	BIG Capital
20 Nov 2023	Purple Style Labs	Ecommerce	D2C	B2C	$8 Mn	Series D	Sanket Parekh’s Family Office, Signet (Harish Shah Family Office), Hira Group Family Office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures), Masaba Gupta, Rahul Garg (former Partner at Premji Invest), Atul Gupta (former Partner at Premji Invest)	Sanket Parekh’s Family Office
23 Nov 2023	Zappfresh	Ecommerce	D2C	B2C	$4.3 Mn	–	Ah!Ventures, HT Media, Unity SFB, Unity SFB, Heifer Impact
23 Nov 2023	Herby Angel	Ecommerce	D2C	B2C	$2.5 Mn	–	JCBL Group	JCBL Group
21 Nov 2023	VAMA	Consumer Services	Hyperlocal Services	B2C	$1.5 Mn	Seed	Wavemaker Patrtners, Summit Media’s Lisa Gokongwei-Cheng, Tata Play’s Harit Nagpal, Blume Founders Fund, Alluvium and Untitled VC, Burak Buyukdemir, Dhruv Bahl	Wavemaker Partners
22 Nov 2023	Jodaro	Ecommerce	B2B Ecommerce	B2B	$750K	Seed	Fundamental VC, Maninder Gulati	Fundamental VC
24 Nov 2023	Tagda Raho	Healthtech	Fitness & Wellness	B2C	–	–	MS Dhoni
23 Nov 2023	Conscious Chemist	Ecommerce	D2C	B2C	–	–	IPV	IPV
	Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

Fintech startup Scapia raised $23 Mn funding from Elevation Capital and Binny Bansal’s 3STATE Ventures, making it the biggest funding deal of the week.
Fuelled by Scapia’s and Kiwi’s funding, the fintech sector emerged as the most funded sector this week, raising $36 Mn across two deals.
The ecommerce sector saw the highest deal count with five deals sealing $15.5 Mn.
Seed funding nosedived with a mere $2.2 Mn across two deals.

Startup Acquisitions This Week

B2B vendor management startup Bizongo acquired Noida-based FactoryPlus, a factory digitisation application for micro, small and medium enterprises (MSMEs), to offer digitisation solutions to MSMEs.
Fintech startup Wint Wealth Group acquired a majority stake in an NBFC – Ambium Finserve for an undisclosed amount.
US-based giant Adobe acquired Bengaluru’s AI-powered video creation platform Rephrase.ai.

Other Major Developments From This Week

SaaS startup Unicommerce, which is owned by AceVector Limited, the parent company of Snapdeal, has joined the list of Indian startups heading for a public listing next year.
Sorin Investments, a startup fund led by Sanjay Nayar, will receive investment worth INR 300 Cr from the Small Industries Development Bank of India (SIDBI) and the National Small Industries Corporation Limited (NSIC).
Insurance aggregator Policybazaar is raising INR 350 Cr from its parent company PB Fintech Ltd.