Indian startups raised $288 Mn across 24 funding deals, marking a142% week-on-week rise
Zerodha’s Nikhil Kamath launched WTF Fund, a funding and mentorship programme for entrepreneurs under the age of 22
Fuelled by Zolve’s funding, the fintech sector emerged as the most funded sector this week, raising $206.7 Mn across six deals
Continuing the funding momentum from the previous week, the second week of October witnessed Indian startups bagging $288 Mn across 24 deals. This week’s funding marks a 142% increase from the $119 Mn secured by Indian startups in the previous week across 11 deals. Additionally, this week also saw a mega deal, as fintech startup Zolve bagged $100 Mn in a debt funding round.
Funding Galore: Indian Startup Funding Of The Week [Oct 9 – Oct 14]
|Date||Name||Sector||Subsector||Business Model||Funding Round Size||Funding Round Type||Investors||Lead Investor|
|11 Oct 2023||Zolve||Fintech||Banking||B2C||$100 Mn||Debt||Community Investment Management (CIM)|
|11 Oct 2023||InsuranceDekho||Fintech||Insurtech||B2C||$60 Mn||Series B||MUFG, BNP Paribas Cardif, TVS Capital, Goldman Sachs Asset Management, Avataar Ventures|
|10 Oct 2023||Krutrim SI Designs||Deeptech||IoT & Hardware||B2B||$24 Mn||Debt||Matrix Partners India|
|9 Oct 2023||Onsurity||Fintech||Insurtech||B2B||$24 Mn||Series B||IFC||IFC|
|12 Oct 2023||Oro Money||Fintech||Lendingtech||B2C||$12.5 Mn||–||Singularity Ventures, Three State Capital, 021 Capital, PI Opportunities Fund|
|10 Oct 2023||SuperOps. ai||Enterprisetech||Horizontal SaaS||B2B||$12.4 Mn||Series B||Addition, March Capital, Matrix Partners India||Addition|
|13 Oct 2023||Age Care Labs||Healthtech||Fitness & Wellness||B2C||$11 Mn||Pre-Series B||Rainmatter Capital, Gruhas|
|9 Oct 2023||Shiprocket||Logistics||Ecommerce Logistics||B2B||$11 Mn||Bridge Round||McKinsey & Company|
|11 Oct 2023||Lavie||Ecommerce||D2C||B2C||$9 Mn||–||First Bridge India Growth Fund|
|12 Oct 2023||Jiraaf||Fintech||Investment Tech||B2C||$8.7 Mn||Series B||Accel Partners, Harmony Partners||Accel Partners, Harmony Partners|
|9 Oct 2023||Pep||Media & Entertainment||Social Media & Chat||B2C||$2.5 Mn||Seed||India Quotient, Vidit Aatrey, Sanjeev Barnwal, Kunal Shah, Farooq Adam, Parag Bhide, Sambhav Mehrotra, Sridhar Subhramanian, Ravindra Yadav, Sargun Gulati|
|14 Oct 2023||Imagimake||Ecommerce||D2C||B2C||$2.3 Mn||–||Pidilite Ventures|
|10 Oct 2023||Meolaa||Ecommerce||B2C Ecommerce||B2C||$2 Mn||Seed||Turbostart|
|12 Oct 2023||Proxgy||Deeptech||IoT & Hardware||B2B||$2 Mn||Pre-Series A||LetsVenture, Planify Angel Fund, March Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, AKGVG & Associates|
|12 Oct 2023||KiVi||Agritech||Financial Services||B2B-B2C||$1.7 Mn||Seed||Caspian Leap, Piper Serica Angel Fund, YAN Angel Fund, Impact Innovators and Entrepreneurs Foundation|
|9 Oct 2023||Oyela||Ecommerce||Social Commerce||B2B-B2C||$1.6 Mn||Seed||Prime Venture Partners||Prime Venture Partners|
|10 Oct 2023||AuditCue||Fintech||Fintech SaaS||B2B||$1.5 Mn||Seed||Kalaari Capital, Java Capital||Kalaari Capital|
|10 Oct 2023||Eske Bags||Ecommerce||D2C||B2C||$1.5 Mn||Pre-Series A||Mistry Ventures, Fluid Ventures||Mistry Ventures|
|12 Oct 2023||OORJA||Cleantech||Electric Vehicle||B2B||$635K||Pre-Series A||IPV, Vinners Platform, Soonicorn Ventures|
|11 Oct 2023||Curelo||Healthtech||Healthcare Services||B2C||$100K||CIIE. CO|
|10 Oct 2023||Greto||Ecommerce||D2C||B2C||–||–||Yuvraj Singh|
|13 Oct 2023||Divine Foods||Ecommerce||D2C||B2C||–||–||Nayanthara, Vignesh Shivan|
|10 Oct 2023||Nawgati||Enterprisetech||Vertical SaaS||B2B||–||Seed||All in Capital|
Key Startup Funding Highlights Of The Week
- Fintech neobank startup Zolve raised $100 Mn in a debt funding round from the US-based impact investor Community Investment Management (CIM), making it the biggest funding deal of the week.
- Fuelled by Zolve’s funding, the fintech sector emerged as the most funded sector this week, raising $206.7 Mn across six deals
- Ecommerce sector witnessed the most deals this week. The sector saw seven deals with $16.4 Mn of funding.
- Seed funding activity saw a marginal upswing this week, rising to $9.3 Mn across six deals.
- Matrix Partners India was the busiest investor as it participated in two deals this week.
Other Major Developments From This Week
- Warner Music India acquired E-Positive, an artist management company, to strengthen its presence in the country’s independent music space.
- Singapore-based Jungle Ventures launched First Cheque@Jungle programme to back early stage startups in idea to seed stage.
- Delhi NCR-based healthtech startup Zivov is in advanced talks to raise around $5 Mn in its pre-Series A funding round, sources told Inc42.
- Nikhil Kamath, the cofounder of bootstrapped unicorn Zerodha, launched WTF Fund, a funding and mentorship programme for entrepreneurs under the age of 22.
- Kunal Shah’s CRED is in talks to acquire investech platform Kuvera to enter the fast-growing stock and mutual fund broking market.
- WestBridge Capital has acquired a stake in Meesho in a secondary transaction from its early and long-term backer, Venture Highway.