SUMMARY
Indian startups raised $159 Mn across 18 funding deals, a mark up of 19% week-on-week
Rainmatter-backed Game Theory acquired sports analytics startup Matchday.ai for an undisclosed amount
India might get its second unicorn of 2023, as fintech startup Incred announced receiving commitments of $60 Mn, which will allow it to join the unicorn club
Inc42 Daily Brief
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The second week of November saw a revival in startup funding, aligning with the festive spirit.
Between November 6 and November 10, Indian startups garnered a collective $159 Mn across 18 deals, marking a 19.5% uptick from the previous week’s $133 Mn total funding.
Funding Galore: Indian Startup Funding Of The Week [Nov 6 – Nov 10]
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 7 Nov 2023 | Xpressbees | Logistics | Ecommerce Logistics | B2B | $80 Mn | – | Ontario Teachers’ Pension Plan | |
| 8 Nov 2023 | Zepto | Consumer Services | Hyperlocal Delivery | B2C | $31 Mn | Series E | Goodwater Capital, Nexus Venture Partners, Oliver and Lish Jiung, Mangum II LLC | Goodwater Capital, Nexus Venture Partners |
| 6 Nov 2023 | Euler Motors | Cleantech | Electric Vehicle | B2B | $14.4 Mn | Series C | British Internation Invetment (BII), Green Frontier Capital, Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, QRG Holdings | British Internation Invetment (BII), Green Frontier Capital |
| 7 Nov 2023 | Sequretek | Enterprisetech | Horizontal SaaS | B2B | $8 Mn | Series A | Omidyar Network India, Narottam Sekhsaria Family Office, Alteria Capital | Omidyar Network India |
| 9 Nov 2023 | GoMechanic | Consumer Services | Hyperlocal Services | B2B-B2C | $6 Mn | Stride Ventures | ||
| 7 Nov 2023 | Vaaree | Ecommerce | D2C | B2C | $4 Mn | – | Peak XV’s Surge, PeerCapital, All In Capital, Better Capital | Peak XV’s Surge |
| 7 Nov 2023 | Bimaplan | Fintech | Fintech SaaS | B2B | $3.5 Mn | Pre-Series A | Orios Venture Partners, Finsight Ventures, 2am VC | Orios Venture Partners |
| 8 Nov 2023 | LivSYT | Real Estate Tech | Real Estate SaaS | B2B | $2.5 Mn | Seed Round | Valley Quad, Inventus Capital | Valley Quad, Inventus Capital |
| 8 Nov 2023 | Quickwork | Enterprisetech | Horizontal SaaS | B2B | $2.5 Mn | Pre-Series A2 | DMI Alternative Investment Fund, NIS Venture Group | DMI Alternative Investment Fund, NIS Venture Group |
| 8 Nov 2023 | WishCare | Ecommerce | D2C | B2C | $2.4 Mn | – | Unilever Ventures | |
| 6 Nov 2023 | mirAR | Deeptech | AR/VR | B2B | $1.75 Mn | – | Diaspark Inc | |
| 7 Nov 2023 | OnFinance Ai | Fintech | Fintech SaaS | B2B | $1.05 Mn | Seed | Silverneedle Ventures, IAN, LetsVenture Fund, SSV Fund, Kunal Shah | Silverneedle Ventures, IAN |
| 8 Nov 2023 | BranchX | Fintech | Banking | B2C | $900K | Bridge | Abdul Khaliq, Rais Motlekar, Afzal Modak | |
| 8 Nov 2023 | Offee | Edtech | Edtech SaaS | B2B | $630K | – | JITO Incubation and Innovation Fund, Bombay Industry Association | |
| 9 Nov 2023 | Natch | Ecommerce | D2C | B2C | $360K | Seed | Artha Venture Fund, DSP Family Office | Artha Venture Fund |
| 6 Nov 2023 | Varco Leg Care | Healthtech | Fitness & Wellness | B2C | $240K | Neeraj Garg | Neeraj Garg | |
| 6 Nov 2023 | Himshakti | Ecommerce | D2C | B2C | $99.8K | – | We Founder Circle | |
| 9 Nov 2023 | O’ Be Cocktails | Alcohol Beverage | Alcohol Beverage | B2C | – | Pre-Series A | IPV | IPV |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included |
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Key Startup Funding Highlights Of The Week
- Bengaluru-based B2B logistics startup Xpressbees bagged $80 Mn from the Ontario Teachers’ Pension Plan, making it the biggest funding deal of the week.
- Fuelled by Xpressbees funding, the enterprisetech sector emerged as the most funded sector, raising $80 Mn.
- The ecommerce sector witnessed the most number of deals this week. The sector bagged $6.8 Mn across four deals.
- This week, the seed funding saw a marginal improvement with $3.9 Mn being raised across three deals.
- Alteria Capital was the busiest investor of this week as it participated in two deals.
Other Major Developments From This Week
- Rainmatter-backed Game Theory acquired sports analytics startup Matchday.ai for an undisclosed amount.
- India might get its second unicorn of 2023, as fintech startup Incred announced receiving commitments of $60 Mn, which will allow it to join the unicorn club.
- Travel Boutique Online, or TBO Tek Ltd, has filed its draft red herring prospectus (DRHP) to raise upto INR 400 Cr through a fresh issue of shares. The IPO offer also includes an offer-for-sale (OFS) component of 1.56 Cr equity shares.
- In a big relief to BYJU’S, the family office of Manipal Group chairman Ranjan Pai has acquired the $250 Mn debt availed by Aakash Educational Services Limited (AESL) from Davidson Kempner.
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