During the week, 22 Indian startups collectively secured approximately $184.4 million in funding, comprising 10 growth-stage deals and 12 early-stage deals. Additionally, 1 startup chose not to disclose their transaction details.
In contrast, the previous week saw 32 early and growth-stage startups raising a total of around $375.52.
Growth-stage deals
In the growth-stage funding landscape this week, B2B e-commerce platform Udaan secured $75 million in a Series G round, Wealth advisory firm Waterfield Advisory secured $18 million in a new round led by Jungle Ventures, SaaS company Spyne raised $16 million. Other growth-stage startups that also secured funding this week include clean-label health food brand The Whole Truth, pet care brand Dogsee Chew, new-age fashion brand Rare Rabbit, NBFC Credit Fair, foodtech company curefoods and jewellery company Solitario Diamonds.
Early-stage deals
Further, 12 early-stage startups secured funding worth $33.4 million during the week. Enterprise AI startup Singulr AI led the early stage funding by securing $10 million in Seed round followed by AI firm Ikonz Studios, IoT Communications and data analytics startup Probus, Devices-as-a-Service (DaaS) platform Swish Club, Workplace SaaS startup OneTab AI, among others.
Content creation and sharing platform Lurny also raised a sum but did not disclose the amount raised. For more information, visit TheKredible for more.
City and segment-wise deals
In terms of the city-wise number of funding deals, Bengaluru-based startups led with 12 deals followed by Mumbai, Pune & other cities.
Segment-wise, AI startups are at the top spot with 5 deals. Foodtech followed with 3 deals. Fintech, E-commerce, SaaS & others also bagged the deals.
Series-wise deals
During the week, Seed funding deals led with 6 deals followed by Series A, pre-Series A, Series G and others.
Week-on-week funding trend
On a weekly basis, startup funding dropped by nearly 51% to $184.4 million as compared to around $375.52 million raised during the previous week.
The average funding in the last eight weeks stands at around $308.3 million with 26 deals per week.
Key hirings and departures
This week saw several key leadership changes. Health services platform Practo has announced the appointment of Jagnoor Singh as its Chief Operating Officer (COO), digital payments platform PayU India has appointed Pramod Rao as its chief risk officer, former Flipkart VP Chanakya Gupta joins Tuco Kids as co-founder and Trifecta Capital onboarded its investor Saurabh Singh as partner.
Some notable departures occurred this week, with ShareChat’s senior executives, Anurag Verma and Shashank Shekhar, stepping down from their respective roles.
Visit TheKredible for more details
Mergers and Acquisitions
This week saw several notable acquisitions across industries. Visa processing platform Atlys acquired the UK subsidiary of visa services company Artionis in an all-cash deal to accelerate its overseas expansion. Fintech startup PayRange took over Turns, a vertical SaaS startup in the laundry space, for an undisclosed amount. Yuma Energy acquired Chennai-based Grinntech to strengthen its battery technology and manufacturing capabilities, while InCred Group expanded into the Middle East and Africa by acquiring Dubai-based financial and investment advisory firm Arrow Capital (DIFC) Limited.
Fund Launches
The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has launched a $57.58 million fund to support early-stage space technology companies. Steptrade Share Services launched a Rs 1,000 crore SME and microcap fund that includes a Rs 500 crore green shoe fund.
Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights.
New launches and partnerships
▪️ Zypp Electric to expand EV fleet with 100,000 new vehicles in partnership with Indofast Energy
▪️ Skylark Drones launches DMO-AG, a new software platform tailored for the agriculture sector
▪️ StockGro partners with Zomato to promote financial literacy among delivery partners
▪️ PURE EV collaborates with JioThings to integrate smart digital clusters and telematics into its electric vehicle
▪️ Garuda Aerospace signs a MoU with HFCL to collaborate on advanced UAV solutions.
▪️ Paytm launches solar-powered Soundbox for merchants.
▪️ CARS24 launches new platform to expand its loan offerings
▪️ Labour Ministry collaborates with Apna to enhance job listings on NCS
▪️ Zaggle partners with Google to enhance business operations
▪️ KiranaPro joins ONDC to expand its quick commerce business
Financial results this week
▪️ SolarSquare bleeds in FY24 as losses surge 2.3X
▪️ Saveo’s revenue nears Rs 200 Cr in FY24 with improved economics
▪️ Elevation-backed The Souled Store turns profitable in FY24
▪️ Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
▪️ The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X
Potential deals
▪️ WLDD in talks to acquire ScoopWhoop from The Good Glamm Group
▪️ POP in discussions with Razorpay to raise up to $15 million
▪️ Swiggy to invest Rs 1,000 Cr in subsidiary Scootsy for biz expansion
News flash this week
▪️ Zomato joins Nifty 50 in index reshuffle
▪️ From IPO to now: Tracking startup returns in public market
▪️ Elon Musk’s Tesla begins hiring in India
▪️ Sirona buys back brand from The Good Glamm Group
▪️ PhonePe starts preparations for a public listing in India
▪️ Navi resumes IPO preparations, targeting launch in the second half of FY26
▪️ Zomato launches in-house AI platform ‘Nugget’ for enterprises
Summary
On a weekly basis, startup funding dropped by nearly 51% to $184.4 million as compared to around $375.52 million raised during the previous week.
In a significant reshuffle of the Nifty 50 index, Zomato and Jio Financial Services are set to replace Britannia Industries and Bharat Petroleum Corporation Limited (BPCL). This change will take effect on March 31, 2025.
Food delivery and quick-commerce platform Swiggy Limited has announced an investment of up to Rs 1,000 crore in its wholly owned subsidiary, Scootsy Logistics, to support business expansion and operational growth.
Elon Musk’s automotive and clean energy company, Tesla Inc., has officially launched its recruitment drive in India, marking its much-anticipated entry into the domestic electric vehicle market. The company has announced 13 job openings on its official website, offering roles in-vehicle services, sales, operations, and business support specifically in the Mumbai region.
Sirona, formerly acquired by the Good Glamm Group, has repurchased the brand to operate independently, making it a rare instance of a startup reclaiming ownership after an acquisition.
Digital payments company PhonePe has begun preparations for its IPO, while fintech unicorn Navi has also resumed its IPO plans, initiating discussions with bankers.
Foodtech major Zomato has launched its AI-native, no-code customer support platform, ‘Nugget,’ making it available to enterprises worldwide.