From Wow! Momo To International Battery Company — Indian Startups Raised $136 Mn This Week

Funding momentum across the Indian startup ecosystem saw a marginal dip in the third week of 2024’s first month. Between, January 15 and 20, the startups managed to raise $136 Mn across 21 deals, marking a 6% drop from $145 Mn bagged by 25 startups in the previous week.

Funding Galore: Indian Startup Funding Of The Week [Jan 15 – Jan 20]

Key Startup Funding Highlights Of The Week

• Popular QSR chain Wow! Momo raised $42 Mn from Malaysian sovereign fund Khazanah Nasional Berhad, making the biggest funding round of this week.
• Fuelled by Impact Battery Company’s (IBC) funding, cleantech emerged as one of the most funded sectors this week with a total funding of $45 Mn across three deals.
• The fintech sector reported a maximum of six deals and a total funding of $20.7 Mn.
• This week, seed funding dropped to $4.3 Mn across four deals.

Startup Acquisitions This Week

• Delhi NCR-based DMI Group acquired troubled BNPL startup ZestMoney in a pure distressed sale.
• Deeptech company Qlik bought pivotal intellectual property (patents and technology) from Kyndi, an innovator in natural language processing, search and generative AI.
• US-based Synup acquired Ahmedabad-based SaaS platform Clientjoy for an undisclosed amount. Clientjoy offers CRM software for businesses.

Other Major Developments From This Week

• Ronnie Screwvala-led edtech unicorn upGrad is reportedly in advanced discussion to acquire Udacity and is seeking a fundraise of up to $100 Mn to finance the deal.
• Online ticketing platform BookMyShow is in talks to raise around $250 Mn – $300 Mn from KKR at a valuation of INR 7,500 Cr.
• Venture debt fund Alteria Capital is mulling to raise around $80 Mn – $100 Mn in the early quarter of FY25.
• General Catalyst is in initial discussions to acquire India’s seed-focused venture capital firm Venture Highway.
• Nazara Technologies’ board has approved preferential allotment of equity shares to Kamath Brothers to raise up to INR 250 Cr, as a part of the previously announced INR 750 Cr fund raise.