From Zepto to Bira 91 – Indian Startups Raised $800 Mn This Week

From Zepto to Bira 91 – Indian Startups Raised $800 Mn This Week


Indian startups raised $800.5 Mn in 29 deals this week, an increase of 296% from last week's $201.8 Mn raised across 21 deals

Buoyed by Zepto' mega $665 Mn funding round, consumer services dominated sectoral funding charts this week

Peak XV Partner, IndiaQuotient, Matrix Partners India, and Dr. Vaidya's Arjun Vaidya were the most active investors this week, backing two startups each

After months of speculations, quick commerce unicorn Zepto finally announced the close of its mega funding round this week. The startup raised $665 Mn at a $3.6 Bn valuation, making it one of the largest cheques bagged by a company in recent history. For context, Zepto’s funding alone exceeds the cumulative $512 Mn raised by Indian startups in January 2024.

Overall, Indian startups cumulatively raised $800.5 Mn across 29 deals this week. This was a 296% increase from the $201.8 Mn secured by the startups last week across 21 deals. 

Funding Galore: Indian Startup Funding Of The Week [ June 17 – June 22 ]

Date Name Sector Subsector Business Model Funding Round Size Funding Round Type Investors Lead Investor
21 Jun 2024 Zepto Consumer Services Hyperlocal Delivery B2C $665 Mn Series F Glade Brook, Nexus, StepStone, Goodwater, Lachy Groom, Avenir Growth, Lightspeed, Avra Glade Brook, Nexus, StepStone
18 Jun 2024 Aye Finance Fintech Lendingtech B2B $30 Mn Debt FMO FMO
18 Jun 2024 Bira 91 Alcoholic Beverages Alcoholic Beverages B2C $25 Mn Debt Kirin Holdings Kirin Holdings
21 Jun 2024 EKA Mobility Cleantech Electric Vehicles B2B $23.9 Mn Mitsui and Co. Ltd Mitsui and Co. Ltd
20 Jun 2024 OrbitShift Enterprisetech Horizontal SaaS B2B $7 Mn Seed Peak XV Partners, Stellaris Venture Partners Peak XV Partners
18 Jun 2024 Alyve Health Healthtech Fitness & Wellness B2B $5.5 Mn Series A Axilor Ventures, 1Crowd Fund, Inhealth Ventures, Trifecta Capital Axilor Ventures
19 Jun 2024 AVIOM Housing Finance Fintech Lendingtech B2C $5 Mn Debt InsuResilience Investment Fund InsuResilience Investment Fund
19 Jun 2024 Balwaan Krishi Agritech Farm Inputs B2C $4.8 Mn Series A JM Financial Private Equity JM Financial Private Equity
19 Jun 2024 The Pant Project Ecommerce D2C B2C $4.2 Mn Series A Sorin Investments, MGA Ventures, Huddle, Dexter Ventures, Indian Silicon Valley, Arjun Vaidya, Avni Biyani, Nikhil Bhandarkar, Vijay Taparia Sorin Investments
19 Jun 2024 Supermoney Fintech Lendingtech B2B $3.4 Mn Series A Capital 2B, Capria Ventures
20 Jun 2024 Distil Ecommerce B2B Ecommerce B2B $3.1 Mn Seed Jungle Ventures, IndiaQuotient Jungle Ventures, IndiaQuotient
18 Jun 2024 Maxim AI Enterprisetech Horizontal SaaS B2B $3 Mn Seed Elevation Capital, Postman, Chargebee, Groww, Razorpay, Elevation Capital
21 Jun 2024 MeetRecord Enterprisetech Horizontal SaaS B2B $2.7 Mn pre-Series A SWC Global, All In Capital SWC Global
21 Jun 2024 Jupiter Fintech Banking B2C $2.4 Mn Peak XV Partners, Matrix Partners India, BEE Accelerate Fund, QED Fund, Global Founders Capital, Tiger Global
19 Jun 2024 POP Fintech Payments B2C $2.4 Mn Seed IndiaQuotient IndiaQuotient
20 Jun 2024 Media & Entertainment Social Media & Chat B2C-B2B $2 Mn Seed Nikhil Kamath, Peyush Bansal, Vishesh Khurana, Dholakia Ventures, Nitin Jain, Vasant Sridhar, Gaurav Khatri, Tanmay Bhatt, Raj Shamani, Arjun Vaidya, Sharan Hegde, Ganeshprasad, Shlok Shrivastava, Rahul Malodia
21 Jun 2024 EUME Ecommerce D2C B2C $1.7 Mn pre-Series A Ashish Kacholia Ashish Kacholia
17 Jun 2024 Fintech Investment Tech B2C $1.5 Mn pre-Seed Pinterest, Gokul Rajaram, Vinodh Bhat, Ramakant Sharma, Kunal Shah Pinterest, Gokul Rajaram
18 Jun 2024 GreyLabs AI Enterprisetech Horizontal SaaS B2B $1.5 Mn Seed Matrix Partners India, Vasant Sridhar, Narasimha Reddy, Nitin Gupta, Anil Goteti Matrix Partners India
18 Jun 2024 Ayna Enterprisetech Horizontal SaaS B2B $1.5 Mn Seed Inflexor Ventures, Praveen Sinha, Mayank Khera. Inflexor Ventures
19 Jun 2024 Go Zero Ecommerce D2C B2C $1.5 Mn pre-Series A DSG Consumer Partners, Saama Capital, V3 Ventures, Arjun Purkayastha
20 Jun 2024 Asaya Ecommerce D2C B2C $1.5 Mn Seed OTP Ventures, Huddle Ventures, Eternal Capital OTP Ventures, Huddle Ventures
18 Jun 2024 HealthPresso Enterprisetech Horizontal SaaS B2B $1 Mn pre-Series A
18 Jun 2024 Rockit Logistics Ecommerce Logistics B2C $700K Seed, Rannvijay Singha
20 Jun 2024 Metis Fintech Fintech SaaS B2B $155K Inflection Point Ventures Inflection Point Ventures
18 Jun 2024 Landeed Real Estate Tech Real Estate SaaS B2C Seed Paradigm Shift VC Paradigm Shift VC
18 Jun 2024 LEO1 Fintech Lendingtech B2C Rohit Sharma Rohit Sharma
20 Jun 2024 Quidich Innovation Labs Deeptech Dronetech B2B Series A Centre Court Capital Centre Court Capital
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

  • Zepto’s funding round took the consumer services to the top of the sectoral funding charts.
  •  Trailing consumer services was the fintech sector, which saw startups raise $50.3 Mn across nine deals.
  • Peak XV Partner, IndiaQuotient, Matrix Partners India, and Dr. Vaidya’s Arjun Vaidya were the most active investors this week, backing two startups apiece.
  • Seed funding shot up again this week, zooming 141% to $22.7 Mn from last week’s $9.4 Mn .

From Zepto to Bira 91 – Indian Startups Raised $800 Mn This Week

Updates On Indian Startup IPOs

  • Education-focussed non-banking financial company (NBFC) Avanse Financial Services has filed its DRHP with the SEBI for an INR 3,500 Cr public issue. The IPO will comprise a fresh issuance of shares worth INR 1,000 Cr and an OFS component of INR 2,500 Cr.
  • Fintech unicorn Pine Labs is deliberating a public offer of $1 Bn at a valuation of over $6 Bn, a couple of years after shelving its $500 Mn IPO plan.
  • The Securities and Exchange Board of India (SEBI) has cleared the IPO of Ola Electric Mobility. The markets regulator issued its observation letter to the company on June 10.
  • With plans to go public this fiscal, logistics unicorn BlackBuck converted into a public company. The company’s name has been changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited. It is now seeking to raise $300 Mn.
  • Online travel aggregator (OTA) ixigo made a stellar debut on the bourses. The stock listed at INR 135 apiece on the BSE, a 45.16% premium from its issue price of INR 93. Similarly, the shares opened at INR 138.10 per share on the NSE, a premium of 48.5%.

Startup Acquisitions This Week

  • Picking up an additional 49% stake for INR 98 Lakh, NSE listed OTA Yatra Online agreed to acquire Adventure and Nature Network Private Limited (ANN). The transaction raised its shareholding from 50% to 99%.
  • Zomato is looking to acquire Paytm’s movie ticketing and events business, Paytm Insider. While the talks are in preliminary stages and no binding agreement is signed as of now, reports speculate the deal size to be about INR 1,500 Cr.
  • Venture capital (VC) firm Ananta Capital’s beauty and wellness arm Guardian acquired a 55% stake in D2C personal care startup Anveya Living in an undisclosed deal. Guardian plans to increase its stake in the startup in the near future.
  • Supply chain financing startup Veefin Solutions picked up a 26% stake in GST compliance startup Regime Tax Solutions. The stake acquisition integrates Regime’s GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin’s platform.
  • Aditya Birla Group’s fashion arm TMRW acquired a 16% stake in the Virat Kohli-backed WROGN for INR 125 Cr in an all-cash deal. The fresh funds will be used to expand WROGN’s offline footprint.

Other Major Developments Of The Week

  • NBFC UGRO Capital raised INR 1,265 Cr ($151.6 Mn) by allotting compulsory convertible debentures (CCDs) worth INR 258 Cr and warrants worth INR 1,007 Cr to investors.
  • Omnichannel jewellery brand Bluestone is looking to raise $100 Mn from Peak XV Partners, Steadview Capital and Think Investments in its pre-IPO round. The deal will value the startup at $900 Mn.
  • US-based venture capital firm General Catalyst will soon be merging with Delhi NCR-based early stage investment firm Venture Highway to expand its presence in India. Post the merger, the Venture Highway brand will cease to exist, creating a combined entity named General Catalyst India
  • Logistics startup Ecom Express is in talks with existing investors Warburg Pincus, CDC Group, and Partners Group to raise INR 350 Cr -INR 400 Cr ($41 Mn-$47 Mn) at a unicorn valuation.
  • Shortly after withdrawing its IPO papers, hospitality major OYO is about to raise around INR 1,000 Cr from family offices of Mankind Pharma’s promoters Ramesh Juneja and Rajeev Juneja and stock market expert Anand Jain.
  • SoftBank-backed B2B SaaS startup Whatfix is looking to raise $100-150 Mn in a mix of primary and secondary transactions. The round is expected to be led by private equity firm Warburg Pincus.
  • VC firm GVFL has marked the first close of its seed stage fund, Prarambh Fund, at INR 100 Cr. It will be backing 25-30 seed startups across B2B SaaS, healthtech, agritech, climate tech and deeptech sectors with an average ticket size of INR 1-3 Cr.
  • 8X Ventures announced the first close of its INR 200 Cr DeepTech Fund with commitments for INR 60 Cr. It aims to back 18-20 early stage deeptech startups with an initial ticket size of INR 2-5 Cr each and total investments of up to INR 20 Cr each in 8-10 startups.
  • VC firm VentureSoul Partners launched its maiden debt fund, VentureSoul Capital Fund I, with a target corpus of INR 600 Cr. It will primarily focus on investments in tech startups in diversified sectors, including fintech, B2C, B2B and SaaS.
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