Indian startups cumulatively raised $432.2 Mn across 24 deals, a 3% decline from the $447.5 Mn raised last week via 22 deals
The week saw two mega funding round materialise with Whatfix’s $125 Mn fundraise and M2P Fintech’s $101 Mn raise
Peak XV emerged as the most active investor this week, backing Atlys and The Health Factory
Funding momentum across the Indian startup ecosystem continued to remain strong throughout the ongoing month. Between September 23 and 28, startups cumulatively raised $432.2 Mn across 24 deals, marking a 3% drop from the $447.5 Mn raised via 22 deals in the preceding week.
This week, the uptick in investment activity was largely driven by two large-sized deals, which include enterprisetech startup Whatfix bagging $125 Mn and M2P Fintech securing $101 Mn, with both nearing the unicorn status.
Funding Galore: Indian Startup Funding Of The Week [ Sep 23 – Sep 28 ]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
25 Sep 2024
Whatfix
Enterprisetch
Horizontal SaaS
B2B
$125 Mn
Series E
Warburg Pincus, SoftBank
Warburg Pincus
24 Sep 2024
M2P Fintech
Fintech
Fintech SaaS
B2B
$101 Mn
Series D
Helios Investment Partners, Flourish Venture
Helios Investment Partners
24 Sep 2024
Qure.ai
Healthtech
Healthtech SaaS
B2B
$65 Mn
Series D
Lightspeed Venture Partners, 360 ONE Asset Management, Merck Global Health Innovation Fund, Kae Capital, Novo Holdings, Health Quad, TeamFund
Lightspeed Venture Partners, 360 ONE Asset Management
24 Sep 2024
Nurix AI
Enterprisetch
Horizontal SaaS
B2B
$27.5 Mn
Seed
Accel, General Catalyst, Meraki Labs
Accel, General Catalyst
25 Sep 2024
HomeLane
Real Estate Tech
Real Estate Services
B2C
$27 Mn
–
Hero Enterprise
–
25 Sep 2024
AdOnMo
Enterprisetch
Horizontal SaaS
B2B
$25 Mn
–
Rigel Capital, Sinar Mas
Rigel Capital, Sinar Mas
24 Sep 2024
Atlys
Travel Tech
Travel Planning & Activities
B2C
$20 Mn
Series B
Peak XV Partners, Elevation Capital
Peak XV Partners
23 Sep 2024
The Wellness Co
Consumer Services
Hyperlocal Services
B2C
$7.1 Mn
–
EaseMyTrip
EaseMyTrip
26 Sep 2024
Two Point O
Cleantech
Climate Tech
B2B
$6.3 Mn
Seed
Omnivore, Multiply Ventures, RTP Global, GrowX, Spectrum Impact
Omnivore
25 Sep 2024
Ahammune Biosciences
Healthtech
Healthcare Services
B2B
$5 Mn
Series A
pi Ventures, Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus, Ideaspring Capital, Kotak Alternate Assets, Legacy Assets LLP, IAN
pi Ventures
24 Sep 2024
CoRover
Enterprisetch
Horizontal SaaS
B2B
$4 Mn
Series A
Venture Catalysts, CanBank Venture Capital Fund, IIM Calcutta, IIIT Delhi, Cogniphy LLC, Karekeba Ventures, Lead Angels
Venture Catalysts
25 Sep 2024
The Health Factory
Ecommerce
D2C
B2C
$3.5 Mn
Seed
Peak XV, Kartik Mehta, Aliasgar Tambawala, Sunil Tulsiani
Peak XV
25 Sep 2024
Atomicwork
Enterprisetch
Horizontal SaaS
B2B
$3 Mn
Seed
Rich Waldron, Avanish Sahai, Arun Penmetsa
–
27 Sep 2024
Vedantu
Edtech
K-12
B2C
$2.4 Mn
Debt
Stride Ventures
Stride Ventures
24 Sep 2024
Tuco Intelligence
Ecommerce
D2C
B2C
$2 Mn
Seed
Fireside Ventures, Whiteboard Capital, Suashish Group, Vijay Nehra, Arjun Purkayastha
Fireside Ventures, Whiteboard Capital
25 Sep 2024
jhana.ai
Enterprisetch
Vertical SaaS
B2B
$1.6 Mn
–
Together Fund, Shyamal Anadkat, Scott Davis, Harshil Mathur, Shashank Kumar, CKunal Shah, Cory Levy, Ojas Shukla
Together Fund
26 Sep 2024
First Coffee
Consumer Services
–
B2C
$1.2 Mn
Seed
BEENEXT, Ashish Gupta, AngelList India, Ritesh Malik, Sahil Malik
BEENEXT
25 Sep 2024
aarna.ml
Enterprisetch
Horizontal SaaS
B2B
$1.2 Mn
Series A
Exfinity Venture Partners
Exfinity Venture Partners
24 Sep 2024
Pepsales
Enterprisetch
Horizontal SaaS
B2B
$1.1 Mn
pre-Seed
Chiratae Ventures
Chiratae Ventures
24 Sep 2024
ORIGHT
Agritech
Market Linkage
B2B
$1 Mn
Seed
Aeravti Ventures
Aeravti Ventures
26 Sep 2024
Care.fi
Healthtech
Healthtech SaaS
B2B
$956K
Debt
Wint Wealth, Caspian Debt
–
25 Sep 2024
Flent
Real Estate Tech
Shared Spaces
B2C
$776K
pre-Seed
WEH Ventures, AM Ventures, Pareto Holdings, Sanchan S Saxena, Aneesh Reddy, Arjun Vaidya, Shradha Sharma, Abhilash N
WEH Ventures
23 Sep 2024
Sharang Shakti
Deeptech
Defencetech
B2B
$598K
pre-Seed
AUM Ventures, Venture Highway, JK Group Family office, Appreciate Capital
AUM Ventures, Venture Highway
23 Sep 2024
TraqCheck
Enterprisetch
Horizontal SaaS
B2B
–
Seed
Caret Capital, Alok Oberoi, Aakash Anand
Caret Capital, Alok Oberoi
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
- Buoyed by Whatfix’s mega funding round, enterprisetech emerged as the investor favourite sector of the week. Besides, the sector witnessed the highest nine deals materialise via which startups raised $188.4 Mn.
- Fintech was a distant second, seeing M2P Fintech raising $101 Mn only.
- Venture Capital firm Peak XV was the most active investor this week, backing two startups.
- Seed funding picked up dramatically this week. Startups at this stage raised $44.5 Mn as against the $2.3 Mn raised during the past week.
Startup Fund Launches Of This Week
- SaaS startup Kissflow’s founder and CEO Suresh Sambandam launched a new VC firm MudhalVC, which aims to invest around INR 125 Cr in 25 to 50 early stage startups, with average ticket size ranging between INR 25 Lakh and INR 1 Cr.
- VC firm Tribe Capital has partnered with investment firm Oister Global to launch ‘Oister Tribe Ace Fund 1’. With a target corpus of $500 Mn, the fund will serve as the first alternative investment fund dedicated to secondary transactions.
- Bengaluru-based AIF Optimistic Capital rolled out a maiden fund INR 200 Cr (around $23.9 Mn) to invest in India’s microbrewery space.
Updates On Indian Startup IPOs
- Fintech unicorn MobiKwik secured approval from the Securities and Exchange Board of India (SEBI) for its INR 700 Cr initial public offering (IPO). The offer will entirely comprise a fresh issue of equity shares, with no offer for sale component.
- Foodtech major Swiggy filed updated IPO papers with the SEBI for an INR 3,750 Cr ($450 Mn) IPO. Swiggy’s public issue will comprise a fresh issuance of shares worth INR 3,750 Cr and an offer for sale (OFS) component of 18.53 Cr equity shares.
- Online furniture rental startup RentoMojo’s founder and CEO Geetansh Bamania will be looking to file its IPO within the next 18 months.
- SaaS unicorn Fractal is considering filing papers for a $500 Mn IPO with SEBI in November. The IPO will value the startup at $3.5 Bn.
Other Developments Of The Week
- Seekho is eyeing to raise $8-10 Mn in its Series A round to be co-led by Lightspeed and Elevation Capital.
- Fintech SaaS startup Zaggle announced the acquisitions of two companies this week— Span Across IT Solutions and Mobileware Technologies. It bought 98.32% stake in Span Across IT Solutions and 26% in Mobileware.
- CCI approved Singapore-based TIGA Investments’ proposal to acquire a stake in real money gaming major Dream11’s parent Dream Sports Inc. The transaction is likely to see Tencent Holdings divest its entire stake in Dream Sports.
- Home interior solutions startup HomeLane acquired its smaller rival DesignCafe in a share-swap transaction this week.
