Indian Startup Funding — Indian Startups Raised $381 Mn This Week

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

SUMMARY

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.

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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	Cult.fit	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.

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.