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From Udaan To VeGrow — Indian Startups Raised $527 Mn This Week

From Udaan To VeGrow — Indian Startups Raised $527 Mn This Week
SUMMARY

Indian startups raised $527 Mn in funding across 21 deals, a 520% week-on-week markup

Fintech startup M2P acquired big data analytics and intelligence platform Goals101 for $30 Mn in a cash-and-equity deal

This week, the ecosystem witnessed a mega deal with Udaan raising $340 Mn in its Series E funding round

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Continuing with its upward momentum in the second week of December, the Indian startup ecosystem managed to secure $527 Mn across 21 deals, marking one of the highest funding weeks in the past two years, ever since the funding winter set in early 2022. This marks a 520% jump from $85 Mn raised across 18 deals in the preceding week.

Besides, the week also witnessed a mega deal in the ecosystem with Udaan raising $340 Mn in its Series E funding round. 

Funding Galore: Indian Startup Funding Of The Week [Dec 11 – Dec 16]

Date Name Sector Subsector Business Model Funding Round Size Funding Round Type Investors Lead Investor
14 Dec 2023 Udaan Ecommerce B2B Ecommerce B2B $340 Mn Series E M&G Prudential, Lightspeed Venture Partners, DSG Global M&G Prudential
13 Dec 2023 VeGrow Agritech Market Linkage B2B-B2C $46 Mn GIC, Prosus Ventures, Matrix Partners India, Elevation Capital, Lightspeed Venture Partners GIC
13 Dec 2023 Aye Finance Fintech Lendingtech B2B $37.3 Mn Series F British International Investment, The Waterfield Fund of Fund, A91 Partners
14 Dec 2023 Exponent Energy Cleantech Electric Vehicle B2B $26.4 Mn Series B Eight Road Venture Partners, TDK Ventures, Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, Pawan Munjal’s Family Office Eight Road Venture Partners
15 Dec 2023 Ather Energy Cleantech Electric Vehicle B2C $16.8 Mn Hero Motocorp
13 Dec 2023 Snitch Ecommerce D2C B2C $13.19 Mn Series A SWC Global, IvyCap Ventures SWC Global, IvyCap Ventures
13 Dec 2023 Agilitas Sports Ecommerce D2C B2C $11.9 Mn Nexus Venture Partners
12 Dec 2023 Nat Habit Ecommerce D2C B2C $10.2 Mn Series B Bertelsmann India Investments, Fireside Ventures, Amazon India Fund, Mirabilis Investment Trust and Sharrp Ventures Bertelsmann India Investments
14 Dec 2023 QNu Labs Enterprisetech Horizontal SaaS B2B $6.5 Mn Pre-Series A Ashish Kacholia, Speciale Invest
15 Dec 2023 GoApptiv Healthtech Healthcare SaaS B2B $5 Mn Cipla
14 Dec 2023 Pirimid Fintech Fintech Fintech SaaS B2B $3 Mn Infibeam Avenues
11 Dec 2023 HairOriginals Ecommerce D2C B2C $2.75 Mn Pre-Series A Anicut Capital, Kesh Kala Family Office, Lets Venture, Dexter Angels, JITO Angel Fund, Pankaj Chaddah, Ahana Gautam
13 Dec 2023 Absolute Brands Ecommerce D2C B2C $2.5 Mn Seed Capstone Vetntures Capstone Ventures
14 Dec 2023 SimYog Enterprisetech Horizontal SaaS B2B $2.4 Mn Pre-Series A Mela Ventures, 1Crowd, IdeaSpring Mela Ventures, 1Crowd
12 Dec 2023 Twyn Enterprisetech Horizontal SaaS B2B $1.25 Mn Pre-Series A ah! Ventures, JITO Incubation ah! Ventures
12 Dec 2023 Aliste Technologies Deeptech Hardware & IoT B2C $1 Mn YourNest Venture Capital, Artha Venture Fund, Dholakia Ventures, KRS Jamwal, Anikarth Ventures YourNest Venture Capital
13 Dec 2023 ofScale Ecommerce B2B Ecommerce B2B $375K Seed First Cheque, Matrix Partners India DeVC, Relentless VC, Abhishek Goyal, Mekin Maheshwari, Revant Bhate
12 Dec 2023 ChargeZone Cleantech Electric Vehicle B2B-B2C Macquarie Capital
14 Dec 2023 BurgerSingh Consumer Services Hyperlocal Delivery B2C Pre-Series B Turner Morrison Ltd, Homage Ventures LLP
15 Dec 2023 Delta X Automotive Cleantech Electric Vehicle B2C ah! Ventures
13 Dec 2023 GRM Foodkraft Ecommerce D2C B2C Sauce vc

Key Startup Funding Highlights Of The Week

  • Business-to-business (B2B) ecommerce giant Udaan raised $340 Mn in its Series E financing round led by UK-based M&G Prudential, with participation from existing investors Lightspeed Venture Partners and DST Global, making it the biggest funding deal of the week.
  • Fuelled by Udaan’s funding, the ecommerce sector not only emerged as the most funded sector this week with $380.9 Mn funding but also witnessed a maximum number of deals with eight deal counts.
  • Lightspeed Venture Partners emerged as the busiest investors as it participated in two deals each.
  • Seed funding took a backseat this week with a mere $2.8 Mn across two deals.

Startup Acquisitions This Week

  • US-and India-based CareStack, a cloud-based dental practice management platform acquired Kerala-based artificial intelligence (AI) startup Waybeo for an undisclosed amount.
  • Direct-to-consumer (D2C) superfood brand Nourish You acquired Bengaluru-based One Good (erstwhile Goodmylk) for an undisclosed sum.
  • Fintech startup M2P acquired big data analytics and intelligence platform Goals101 for $30 Mn in a cash-and-equity deal.
  • Kunal Shah-backed Anq Finance acquired healthcare-focussed lending startup Kiwimoney for an undisclosed amount.
  • Indian mobile gaming company Octro acquired Israel-based DGN Games for an undisclosed amount.

Other Major Developments From This Week

  • Aditya Birla Group’s Hindalco Industries will invest INR 800 Cr to set up a battery foil manufacturing facility in Odisha’s Sambalpur district.
  • Climate-focused Asha Ventures marked the first close of its debut fund at $50 Mn, which will have a total corpus of $100 Mn.

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