Indian Startup Funding — Startups Raised $432 Mn This Week

From Whatfix To HomeLane – Indian Startups Raised $432 Mn This Week

SUMMARY

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.

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News

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.