From Shadowfax To Capillary Technologies — Indian Startups Raised $381 Mn This Week

From Shadowfax To Capillary Technologies — Indian Startups Raised $381 Mn This Week


Indian startups raised $381.4 Mn in funding across 27 deals this week, a 345% surge from the previous week

Logistics services startup Shadowfax raised $100 Mn from TPG NewQuest, making the biggest funding round of this week.

Reliance Industries and Disney made their joint venture official on February 28

After a slight dip, funding momentum across the Indian startup ecosystem shot back in the last week of February. Between February 26 and March 2, startups collectively raised $381.4 Mn across 27 deals, a 345% rise from $110.4 Mn secured across 15 deals in the previous week.

The week also saw a mega deal as logistics startup Shadowfax bagged $100 Mn in Series E funding round led by TPG NewQuest. 

Funding Galore: Indian Startup Funding Of The Week [Feb 26 – Mar 2]

Date Name Sector Subsector Business Model Funding Round Size Funding Round Type Investors Lead Investor
27 Feb 2024 Shadowfax Logistics Ecommerce Logistics B2B $100 Mn Series E TPG NewQuest, Mirae Asset Venture Investments, Flipkart, IFC, Nokia Growth Partners, Qualcomm, Trifecta Capital TPG NewQuest
27 Feb 2024 Capillary Technologies Enterprisetech Horizontal SaaS B2B $95 Mn Secondary
1 Mar 2024 NewSpace Research & Technologies Deeptech Spacetech B2B $52 Mn Bridge SIDBI, Cornerstone Venture Partners, 360 ONE Asset, Volrado Venture Partners
28 Feb 2024 Kushal Ecommerce D2C B2C $34 Mn Series B Lighthouse
27 Feb 2024 Zeno Health Healthtech Online Pharmacy B2B-B2C $25 Mn Series C STIC Investments, Lightbox STIC Investments
27 Feb 2024 MSwipe Fintech Payments B2B $20 Mn Alpha Wave Global
26 Feb 2024 Mokobara Ecommerce D2C B2C $12 Mn Peak XV Partners
26 Feb 2024 Healthtech Fitness & Wellness B2C $10.2 Mn Series F Valecha Investments, L&K Wellness Services Private Limited, Extreme Brands
29 Feb 2024 Smart Joules Deeptech Hardware & IoT B2B-B2C $8 Mn Investment Fund for Developing Countries
27 Feb 2024 CaratLane Ecommerce D2C B2C $7.2 Mn Titan
29 Feb 2024 IntrCity Travel Tech Transport Tech B2C $4.4 Mn Series C Mirabilis Investment Trust, Nandan Nilekani’s family trust, Omidyar Network India, Ujmaa Ventures Mirabilis Investment Trust
29 Feb 2024 Silence Laboratories Enterprisetech Horizontal SaaS B2B $4 Mn Pre-Series A Pi Ventures, Kira Studio Pi Ventures, Kira Studio
29 Feb 2024 Zvolv Enterprisetech Horizontal SaaS B2B $2 Mn Silverneedle Ventures, JSW Ventures
28 Feb 2024 Digantara Deeptech Spacetech B2B $2 Mn Series A1 Aditya Birla Ventures, SIDBI
28 Feb 2024 TWF Flours Ecommerce D2C B2C $1.4 Mn Pre-Series A Rainmatter Capital
27 Feb 2024 FarmTheory Agritech Market Linkage B2B-B2C $1.45 Mn Seed Merak Ventures
27 Feb 2024 Reo. Dev Enterprisetech Horizontal SaaS B2B $1.2 Mn Seed India Quotient, Adam Frankl, Savin Goyal, Shraddha Gupta India Quotient
27 Feb 2024 Kocksense Media & Entertainment Digital Media B2C $1 Mn Pre-Series A Mohit Satyanand, Nitish Mittersain, Venus Dhuria
1 Mar 2024 Nuturev Enterprisetech Horizontal SaaS B2B $1 Mn Seed Antler India, Sparrow Capital, ISV Capital, Blume Founders Fund, Kunal Shah, Deepak Diwakar
1 Mar 2024 CredShields Enterprisetech Horizontal SaaS B2B $1 Mn Draper Associates
29 Feb 2024 Bandhoo Real Estate Tech B2B $887K Pre-Series A Venture Catalysts Venture Catalysts
28 Feb 2024 Spacefields Deeptech Spacetech B2B $800K Seed HVB 88 Angels, O2 Angels Network
27 Feb 2024 Beautywise Ecommerce D2C B2C $784K AC Ventures, Fluid Ventures, Real Time Angel Fund, GSF, LetsVenture Angel Fund, Dinesh Agarwal, Murugavel Janakiraman, Akshay Gulati, Chakradhar Gade, Agam Khare, Arjun Vaidya, Sandeep Kohli, Bharat Kalia, Nitin Gupta, Siddhartha Pawa, Agastya Dalmia, Aman Arora AC Ventures, Fluid Ventures
29 Feb 2024 DIAL4242 Healthtech Healthcare Services B2C $120K Raj Neravati
27 Feb 2024 Marrfa Fintech Investment Tech B2C Seed Foundamental, Prashant Malik
27 Feb 2024 Biggies Burger Ecommerce D2C B2C Pre-Series A
29 Feb 2024 Tui Bon Natural Ecommerce D2C B2C
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

  • Logistics services startup Shadowfax secured $100 Mn as part of its Series E round led by TPG NewQuest.
  • Fuelled by Capillary Technologies’ secondary funding round, enterprisetech emerged as the most funded sector, bagging $104 Mn across six deals. 
  • The ecommerce sector reported a maximum of seven deals this week, bagging $55.4 Mn in funding.
  • This week, seed funding jumped to $4.45 Mn across five deals, up from $4.1 Mn from last week.
  • SIDBI emerged as the most active investor this week, investing in NewSpace Research & Technologies and Digantara.

From Shadowfax To Capillary Technologies — Indian Startups Raised $381 Mn This Week

Other Major Developments From This Week

  • Market regulator SEBI has given a go ahead to Digital Insurance for its much-awaited IPO  plans on March 1. The IPO would comprise a fresh issue worth INR 1,250 Cr and an OFS component of 10.94 Cr equity shares.
  • After an intense faceoff with its investors last week, BYJU’S finally breathed a sigh of relief as the National Company Law Tribunal (NCLT) bench reserved its judgement on a petition filed by a group of its investors to put a stay on edtech major’s ongoing $200 Mn rights issue. The bench asked the startup to keep the proceeds from its rights issue in a separate escrow account and consider extension of the closure of the rights issue. The company was expected to close its rights issue on February 28. 
  • At a valuation of $8.5 Bn, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company have signed binding agreements to set up a joint venture (JV) on February 28. The resultant entity will be controlled by RIL.
  • In a bid to raise the biggest private equity fund in India, Kedaara Capital will be raising $1.7 Bn. Of this, 80% will be raised from existing investors while the remaining will come from new backers.
  • Asset management firm Rockstud Capital has marked the first close of its second alternative investment fund (AIF) at $8.2 Mn. The target corpus of Rockstud Capital Investment Fund II is $36 Mn. 
  • Venture capital firm Peak XV announced the third cohort of its women entrepreneurs-focussed Spark programme on February 26. 14 startups and 16 female founders have been selected under the initiative.
  • Social media platform Koo is likely to get taken over by Dailyhunt as talks of the acquisition are reportedly in advanced stage. The deal includes a share-swap agreement and might be concluded within the upcoming weeks.
  • Healthcare-focused fintech startup QubeHealth’s founder Chris George told Inc42 that the startup is looking to raise between $6-$9 Mn as a part of its Series A funding round. 
  • Fintech company Infibeam Avenues acquired a 20% stake in US-based enterprise app and AI development company XDuce for $10 Mn on February 25. The fintech company will leverage XDuce’s tech stack to bolster the growth of Infibeam’s payment gateway brand, CCAvenue, in the US.
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