This past week investments in Indian Startups declined by a significant margin of 54.98%. The total amount invested this week was recorded to be $122.62M. Operating in the SpaceTech space the Bengaluru-headquartered firm Unimech Aerospace raised $30M in a Private round. The B2B-modeled SolarTech startup Rays Power Infra secured $15.2M in a debt round. This investment was led by Swastika Investment Limited.
According to Infomance Research and Data Available on Public Sources, Indian startups raised $122.62 million across 23 deals this week. This included 08 growth-stage deals totaling $98.7 million and 06 early-stage deals totaling $23.92 million. Additionally, there were 09 undisclosed deals, predominantly in the early stage.
| INDEX | STARTUP NAME | FUNDING AMOUNT ($) | STAGE | ROUND | MODEL | CITY | SECTOR | LEAD INVESTOR |
|---|---|---|---|---|---|---|---|---|
| 01 | Incuspaze | 8M | Early | Series A | B2B | Gurugram | PropTech | India Inflection Opportunity Fund |
| 02 | Stable Money | 15M | Growth | Series B | B2C | Bengaluru | WealthTech | RTP Capital, Z47 (fka Matrix Partners India) and Lightspeed India Ventures |
| 03 | Auxilo | 12M | Growth | Debt | B2C | Mumbai | FinTech | Dezerv Securities |
| 04 | Wingreens Farms | 4.3M | Growth | Debt | B2C | Gurugram | FMCG | Investcorp, Peak XV Partners |
| 05 | Pneucons | Undisclosed | Early | Undisclosed | B2B | Ahmedabad | E-Commerce | Tarun Mehta |
| 06 | Unimech Aerospace | 30M | Growth | Private Round | B2B | Bengaluru | SpaceTech | Steadview Capital Mauritius Ltd, ValueQuest Scale Fund |
| 07 | Neo | 4M | Growth | Private Round | B2C | Mumbai | WealthTech | Peak XV Ventures |
| 08 | Kazam | 5M | Early | Series A | B2B | Bengaluru | EV | Vertex Ventures |
| 09 | Nasher Miles | 4M | Early | Series A | D2C | Mumbai | TravelTech | Singularity Early Opportunities Fund |
| 10 | Mayhem Studios | Undisclosed | Growth | Strategic Round | B2C | Bengaluru | Gaming | Lumikai Fund |
| 11 | Ather Energy | 7M | Growth | Debt | B2C | Bengaluru | EV | Stride Ventures |
| 12 | Rays Power Infra | 15.2M | Growth | Equity Round | B2B | Jaipur | SolarTech | Swastika Investment Limited |
| 13 | NeoGrowth | 11.2M | Growth | Debt | B2B | Mumbai | FinTech | Symbiotics Group |
| 14 | Charcoal Eats | 5.3M | Early | Series A | B2C | Mumbai | FoodTech | Girish Patel |
| 15 | Nhance.ai | 1.5M | Early | Seed | B2C | Bengaluru | PropTech | High-Net-Worth Individuals |
| 16 | Umwelt.AI | 0.12M | Early | Seed | B2B | Faridabad | SaaS | Upekkha |
| 17 | Godamm Innovations | Undisclosed | Early | Pre-Seed | B2C | Nashik | AgriTech | Faad Capital |
| 18 | VedaFit Foods | Undisclosed | Early | Pre-Seed | B2C | Gurugram | AgriTech | Faad Capital |
| 19 | Aqin Biotech | Undisclosed | Early | Pre-Seed | B2C | Barielly | AgriTech | Faad Capital |
| 20 | Mkelly Biotech | Undisclosed | Early | Pre-Seed | B2C | Rupnagar | AgriTech | Faad Capital |
| 21 | Devanagri | Undisclosed | Early | Pre-Series A | B2B | Delhi | AI | Inflection Point Ventures |
| 22 | WTF | Undisclosed | Early | Seed | B2B | Noida | Wellness | Dholakia Ventures |
| 23 | Empyreal Galaxy | Undisclosed | Early | Seed | B2B | Mumbai | SpaceTech | Atal Incubation Centre-Rambhau Mhalgi Prabodhini |
[Stage-Wise Analysis]
- Growth Stage Deals
Among the growth-stage deals, 08 startups raised $98.7Mn in funding this week. The B2B firm Unitech Aerospace raised the highest amount of funds ($30M). This investment was led by Steadview Capital Mauritius Ltd, ValueQuest Scale Fund. It was followed by Jaipur-based Rays Power Infra which raised $15.2M in a debt round. Third on the list was WealthTech startup Stable Money which secured $15M. Mumbai-headquartered company Auxilo raised $12M from Dezerv Securities. The B2B-modeled startup NeoGrowth raised $11.2M.
Other noticeable startups in the growth stage that managed to raise funds include EV-based Ather Energy which raised $7M, and Gurugram-headquartered Wingreens Farms which secured $4.3M.
Early Stage Deals
Subsequently, 06 early-stage startups secured funding worth $23.92M during the week. Among the early-stage startups, the PropTech firm Incuspaze raised the maximum amount i.e. $8M, the investment was led by the Indian Inflection Opportunity Fund. Mumbai-based FoodTech startup Charcoal Eats raised $5.3M in the Series A round. Kazam, an Electronic Vehicle (EV) focused firm managed to raise $5M. The TravelTech firm Nasher Miles secured $4M. Bengaluru-headquartered Nhance.ai secured $1.5M and Umwelt.AI – operating in the Software as a Service (SaaS) firm raised $0.12M. Both these investments were done in the seed round.
Round-Wise Analysis
Among the 23 deals that were recorded this week, the maximum number of deals (4) were closed in Seed, Debt, Series A, and Pre-Seed rounds. There were 2 deals made in Private rounds. Additionally, an investment was made each in Series B, Undisclosed, Strategic, Equity, and Pre-Series A round.
Business Model-Wise Analysis
Maximum deals were closed by B2C-modeled firms, the number of deals being 12. It was followed by 10 deals by B2B companies and 01 deal was secured by a D2C startup.
City-Wise Analysis
Bengaluru and Mumbai-based startups led the list by closing in on 6 deals, followed by 3 deals from Gurugram-headquartered companies. There was a deal secured each by startups from Delhi, Noida, Rupnagar, Nashil, Bareilly, Faridabad, Jaipur and Ahmedabad.
Sector-wise Analysis
Sector-wise, AgriTech firms led the list by closing in on 4 deals. Other than this there was no significant separation among various sectors with sectors such as PropTech, WealthTech, FinTech, SpaceTech, and EV securing 2 deals each. Startups operating in FMCG, TraveTech, E-Commerce, Gaming, SolarTech, FoodTech, AI, Wellness, and SaaS recorded an investment each.
UNDISCLOSED DEALS
There were 9 deals this week where the amount funded remains undisclosed, predominantly coming in the early-stage startups. This includes startups like Pneucons, Godaam Innovations, VedaFit Foods, Aqin Biotech, Mkelly Biotech, Devnagri, WTF, and Empyreal Galaxy. Mayhem Studios was the lone startup among the growth-stage startups that secured funding with the amount being undisclosed this week.
MERGERS & ACQUISITIONS
Riveron – the business arm of PALO ALTO has acquired Yantra, a technology and advisory services provider with a broad range of expertise to address the pressing needs of technology-enabled CFOs. With this, the Kohlberg & Company-backed firm Riveron becomes one of the largest NetSuite Alliance Partners globally, offering clients holistic solutions to enhance value.
FinTech firm ACKO has acquired digital chronic care management company OneCare. The all-cash deal aims to strengthen ACKO’s healthcare services beyond insurance.
Thyrocare Technologies – a subsidiary of PharmEasy announced the acquisition of PoloLabs. This strategic move will help the firm expand its operations in Northern India. The acquisition aims to enhance the firms’ diagnostics capabilities, improving service and providing greater convenience to its users.
Operating in the FoodTech sector, the Prosus-backed Captain Fresh has acquired Koral, a renowned Polish producer and distributor of smoked salmon. With this, the seafood company from India continues to redefine the global seafood supply chain.
MANAGEMENT DEPARTURE & LAYOFFS
Ecom Express Limited this week appointed two senior executives to bolster its leadership team. Mr. Abhinav Imandi takes on the role of Senior Vice President – Operations, Process Excellence, and Alternate Channels. Mr. Jitendra Kumar joins the team as Chief Business Officer.
The FoodTech giant Swiggy has bolstered its leadership team with some new appointments. Mr. Mayank Rajvaidya joins as the Vice President (VP) of Fruits and Vegetables, an important category for SwiggyInstamart. Himavant Srikrishna Kurnala has been given the role of Head of Product and Senior Vice President of its quick commerce arm. Manu Sasidharan joins SwiggyInstamart as its new Associate Vice President (AVP). Kumar Rahul has joined the firm as the new AVP of Business Development.
Bollywood actress Preity Zinta and Indian cricketer Shubman Gill have partnered to co-found the member-based gym facility DRIVE FITT. The flagship facility will open later this year, with plans to expand to 300 locations in three years, aiming to make top-tier fitness and cricket training widely accessible.
The conversation cloud platform, Gupshup has announced the appointment of Lorrie Norrington to its Board of Directors. Norrington brings over 40 years of experience in scaling technology and internet businesses.
360 ONE has announced the appointment of Raghav Iyengar as CEO designate of its asset management business (360 ONE Asset), subject to necessary approvals. Raghav comes with a rich experience of over three decades in the financial services sector.
Agriculture supply chain firm Waycool has announced the termination of over 200 employees as part of its strategy to achieve profitability. This marks the third round of layoffs for the Chennai-based company.
LightSpeed India-backed Pocket FM laid off around 200 writers. This decision was made to realign resources with the company’s current show pipeline, particularly affecting writers involved in US-based audio series.
Raj Dugar, managing partner for Asia at Eight Roads Ventures, has quit ending a 17-year run with the investor. Eight Roads Ventures is a global investment firm backed by Fidelity that invests in consumer, enterprise, and health-tech startups.
VC Fund Launched
India Accelerator, a prominent startup accelerator, and seed-stage investment firm, has announced the establishment of a dedicated vertical aimed at nurturing and supporting startups in the cleantech sector. This initiative comes at a pivotal time when global attention is increasingly focused on sustainable solutions to mitigate environmental impact and promote green technologies.
MountTech Growth Fund, a venture firm focusing on defense, space, and national security, floated by former Defence Secretary Dr.Ajay Kumar, along with three co-founders, has made its first close. The fund has declared its first close at over 100% of its targeted corpus and will now be using its green-shoe option of another ₹250Cr before its final closure.
