During the week, 30 Indian startups raised a total of approximately $355.02 million, including 3 growth-stage and 20 early-stage deals, while 2 startups kept their funding details undisclosed.
In comparison, the previous week saw 21 startups across early and growth stages secure around $105.87 million.
Growth-stage deals
In the growth-stage funding landscape this week, HR tech platform DarwinBox raised $140 million in Series D round led by Partners Group, KKR, Fintech platform Leap Finance secured $100 million debt from ASEAN Growth Fund and Insurtech firm InsuranceDekho raised $70 million in Series C roundled by Beams Fintech Fund.
Early-stage deals
Further, 20 early-stage startups secured funding worth $45.02 million during the week. Revenue AI platform MaxIQ led the early stage funding with a $7.8 million round followed by Enterprise tech startup Beacon.li, D2C home appliance brand Nuuk, Beauty brand indē wild, Debt resolution platform Rezolv, Climate tech startup FluxGen and among others.
Real estate platform SILA, Deeptech firm Zuppa, Quick commerce platform KiranaPro and others 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 Delhi-NCR, Mumbai & other cities.
Segment-wise, Fintech startups are at the top spot with 5 deals. AI startups followed with 4 deals, E-commerce, Healthtech, SaaS startups also bagged 3 deals each. Agritech, HR Tech, Enterprise Tech & others also bagged the deals.
Series-wise deals
During the week, Seed funding deals led with 15 deals followed by Series A, pre-seed, pre-Series A and others.
Week-on-week funding trend
On a weekly basis, startup funding jumped over 3.3X to $355.02 million as compared to around $105.87 million raised during the previous week.
The average funding in the last eight weeks stands at around $303.42 million with 28 deals per week.
Key hirings and departures
This week saw some notable key leadership changes as Global travel-tech company OYO has elevated Sonal Sinha to Chief Executive Officer of its recently acquired G6 Hospitality, Lightrock, a global investment platform has appointed Samir Abhyankar as a Partner and India Head, Phone to rope in Amit Doshi as group CMO and ParkMate, a parking solutions provider, has named Ziaul Hoda as the Vice President of Operations for its B2C vertical. T-Hub, a startup incubator, has appointed ex-OYO executive Kavikrut as its CEO.
This week saw a notable departure as Shraeyansh Thakur, an investor at Peak XV Partners, resigned after nearly a decade with the venture capital firm.
Visit TheKredible for more details
Mergers and Acquisitions
There some key mergers and acquisitions as well with Digital banking infrastructure company M2P Fintech is set to acquire Chennai-based AI startup Mad Street Den. Merchant SaaS platform Mintoak has acquired fintech startup Digiledge, specializing in bill payments and CBDC solutions. Automotive service platform GaragePlug has acquired review management platform Freshreview.
Fund Launches/Expansion
Venture capital fund Prime Venture Partners has closed its fifth fund at $100 million to back early-stage startups across fintech, and artificial intelligence, among others. Aviral Bhatnagar’s A Junior VC (AJVC) has closed its first Rs 100 crore fund, aimed at supporting startups in the pre-seed stage in India. Rohan Misra, son of former SoftBank Vision Fund CEO Rajeev Misra, has launched Gravity Holdings, a London-based fund that raised $150 million to back Indian tech startups. Lighthouse Canton has secured a strategic investment from Kotak Mahindra Asset Management in its LC GenInnov Global Innovation Fund, which aims to back 30-35 high-potential companies across robotics, technology, biotech, healthcare, mobility, and more.
Layoff
Publicly listed electric scooter manufacturer Ola Electric is reportedly laying off over a thousand employees and contract workers to reduce mounting losses.
Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights.
New launches and partnerships
▪️ETAC collaborates with The ePlane Company to drive the advancement of Urban Air Mobility in India
▪️ Garuda Aerospace teams up with Bank of India to provide agri drone loans
▪️STAN collaborates with FanCraze to enhance fan engagement with a new game
▪️ Krutrim collaborates with Lenovo to build India’s largest supercomputer
▪️ Ultraviolette enters the electric scooter market with ‘Tesseract
▪️ Veranda Learning collaborates with IIT Madras to enhance skill development
▪️AbhiBus partners with YoloBus to introduce India’s first women-only intercity bus service
Financial results this week
▪️ Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X
▪️ Indifi scale goes past Rs 300 Cr in FY24; stays profitable
▪️ Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double
▪️ M2P Fintech revenue slips over 13% in FY24, losses remain unchanged
▪️ Falca crosses Rs 350 Cr revenue in FY24, losses soar 3X
▪️ KKR-owned Leap India profit surges 4X in FY24
Potential deals
▪️ 10 min food delivery startup Swish raising $14 Mn
▪️ Kunal Shah-backed Punch to raise fresh funds
▪️ Truemeds to raise $44 Mn led by Accel India
▪️ Former KKR India CEO’s VC firm leads Windo’s Series A
▪️ BetterPlace kicks off new round, to raise $3.8 million
▪️ XYXX raising fresh funds led by Niveshaay Sambhav Fund
▪️ 91Trucks set to raise new round led by Arkam Ventures
News flash this week
▪️ Ola Electric to lay off 1,000 employees
Summary
On a weekly basis, startup funding jumped over 3.3X to $353.97 million as compared to around $105.87 million raised during the previous week.
AI unicorn Krutrim has partnered with Chinese consumer electronics giant Lenovo to build India’s largest supercomputer.
Premium e-bike manufacturer Ultraviolette Automotive has expanded into a new segment with the launch of its first electric scooter, ‘Tesseract.’
This week saw several potential funding deals, with multiple startups seeking to raise capital. Entrackr accessed filings revealing upcoming rounds, including Truemeds raising Rs 375.2 crore ($44 million) led by Accel, 10-minute food delivery startup Swish securing $14 million in a Series A round, and Kunal Shah-backed options trading platform Punch preparing to raise fresh funds worth Rs 26 crore.