Indian startups have raised a total funding of $186.55 million in the last week of October 2024, marking a 1.5-fold decline in contrast to the previous week. Mumbai-headquartered EduTech company upGrad has outpaced the other startups in terms of funding, raising $60 million in an undisclosed funding round led by Temasek. Additionally, B2B firm Neysa, HealthTech company Even Healthcare, DairyTech firm Stellapps, and Bengaluru-headquartered startup Healthify bagged $30 million each, $26 million, and $20 million in funding respectively, indicating growth in the active funding environment.
| INDEX | COMPANY | FUNDING AMOUNT ($) | STAGE | ROUND | MODEL | CITY | SECTOR | LEAD INVESTOR |
|---|---|---|---|---|---|---|---|---|
| 01 | Stellapps | 26M | Growth | Series C | B2B | Bengaluru | DairyTech | Miledeep Capital, Blume Ventures |
| 02 | upGrad | 60M | Growth | Undisclosed Round | B2C | Mumbai | EduTech | Temasek |
| 03 | Automoto | Undisclosed | Early | Pre-Seed | B2C | Mumbai | AutoTech | Venture Bridge |
| 04 | Advance Mobility | 3M | Early | Undisclosed Round | B2B | Mumbai | EV | India Accelerator and Finvolve |
| 05 | Neysa | 30M | Early | Series A | B2B | Mumbai | AI | NTTVC, Z47, and Nexus Venture Partners |
| 06 | Dynamic IT Solution | 0.5M | Early | Equity Round | B2B | Delhi | SaaS | GlobalBees |
| 07 | Zouk | 10M | Growth | Series B | B2C | Mumbai | E-commerce | Aavishkaar Capital |
| 08 | Even Healthcare | 30M | Early | Series A | B2C | Nagpur | HealthTech | Khosla Ventures |
| 09 | WishNew Wellness | 0.25M | Early | Angel Round | B2C | Delhi | Wellness | Gyanesh Sharma, Abhijeet Rana, and Ashish Singh |
| 10 | Oloid | 6M | Early | Series A1 | B2B | Bengaluru | SaaS | Yaletown Partners |
| 11 | NG Earsafe | 0.2M | Early | Seed | D2C | Hyderabad | ConsumerTech | Inflection Point Ventures |
| 12 | Healthify | 20M | Growth | Equity Round | B2B | Bengaluru | HealthTech | Khosla Ventures and LeapFrog Investments |
| 13 | The Paan Legacy | 0.2M | Early | Undisclosed Round | D2C | Mumbai | FoodTech | D2C Insider |
| 14 | Hemptyful | 0.2M | Early | Undisclosed Round | D2C | Pune | FMCG | D2C Insider |
| 15 | Polr.Care | 0.2M | Early | Undisclosed Round | B2B | Delhi | E-commerce | D2C Insider |
| 16 | Uravu | Undisclosed | Early | Seed | B2B | Bengaluru | Renewable Energy | AWE Funds |
| 17 | Sushain Wellness | Undisclosed | Early | Seed | B2C | Noida | HealthTech | Prajay Advisors LLP |
| 18 | Modulus Housing | Undisclosed | Early | Series A | D2C | Chennai | Construction | Enrission India Capital |
[Stage-Wise Analysis]
Growth Stage Deals
This week, four significant deals in growth-stage funding across multiple industries occurred. B2C startup UpGrad ruled the round with an impressive $60 million, while Bengaluru-headquartered DairyTech firm Stellapps raised $26 million from Miledeep Capital and Blume Ventures. In addition, HealthTech company Healthify bagged $20 million from Khosla Ventures and LeapFzrog Investments, while Mumbai-headquartered E-Commerce company Zouk secured $10 million led by Aavishkaar Capital in their growth-stage funding rounds. According to Infomance Research, a total amount of $116 million was raised involving 4 deals.
Early-Stage Deals
Early-stage funding recorded a series of notable investment deals across various sectors. AI firm Neysa and Nagpur-headquartered B2C company Even Healthcare raised $30 million each as their early-stage funding. SaaS company Oloid bagged $6 million led by Yaletown Partners while $3 million was raised by the Mumbai-headquartered EV startup Advance Mobility in an undisclosed funding round in their early stage. Meanwhile, D2C firm NG Earsafe, FoodTech company The Paan Legacy, FMCG company Hemptyful, and Delhi-headquartered brand Polr.Care secured the funding deals of $0.2 million each in their early stage round. Moreover, a capital of $70.55 million was raised across 10 early-stage deals.
Round-Wise Analysis
The undisclosed funding rounds dominated the funding landscape, concluding 5 deals and marking interest in early-stage startups. Following this, the Seed and Series A funding rounds contributed to 3 deals each, while the Equity round saw only 2 deals. Besides, the Angel round, Series A1, Series B, Series C, and Pre-Seed rounds each accounted for 1 deal. This data highlights a diverse strategy for funding at various stages of startup development.
Business Model-Wise Analysis
The B2C model led the charge by closing 7 deals, followed by the B2B and D2C models, which secured 6 and 5 deals each.
Sector-wise Analysis
The HealthTech sector emerged as a dominant player in the investment landscape, closing 3 deals. Closely behind, the SaaS and E-Commerce sectors secured 2 deals each. On the other hand, a wide range of various sectors including DairyTech, EduTech, AutoTech, EV, AI, Wellness, ConsumerTech, FoodTech, FMCG, Renewable Energy, and Construction – each recorded a single deal. This range of investment activity showcases a thriving environment and impressive investors who are willing to explore opportunities in both established and emerging markets.
City-wise Analysis
Mumbai outperformed in the investment landscape, securing 6 deals. Bengaluru and Delhi followed with 4 and 3 investments each. In the meantime, Nagpur, Hyderabad, Pune, Noida, and Chennai contributed with 1 deal each, introducing a broad spectrum of investment potential across these various cities.
Undisclosed Deals
A Bengaluru-headquartered startup focused on transforming water infrastructure for the 21st century, Uravu has raised an undisclosed amount from AWE Funds to scale zero-carbon water solutions.
Chennai-headquartered construction startup Modulus Housing bagged an undisclosed amount in a Series A funding round from the Japanese venture capital firm Enrission India Capital.
HealthTech firm Sushain Wellness has raised an undisclosed amount in seed round funding led by venture capital firm Prajay Advisors LLP.
Mumbai-headquartered vehicle ownership firm Automoto raised an undisclosed amount led by Venture Bridge and secured a valuation of $12 million.
Mergers and Acquisitions
Recent changes have led to important shifts in the mergers and acquisitions sector across different industries.
On 24th October 2024, Delhi-headquartered pharmaceutical company Mankind Pharma acquired Bharat Serums and Vaccines (BSV) for Rs.13768Cr., aiming to enhance Mankind’s presence in the female health and fertility drug market.
Bizom confirmed its acquisition of Rhythm 2.0, targeting to optimize sales efficiency and strengthen its digital reach in the Indian retail market.
Online travel aggregator ixigo has acquired a 51% stake in a train food delivery startup Zoop Web Services Pvt Ltd for Rs.12.54Cr. as a strategic move to expand its business portfolio by offering for train travellers.
Management Overhaul
Honasa Consumer Limited, the parent company of brands like Mamaearth and The Derma Co. has appointed Kaustav Guha as the vice president of research and development.
The Indian multinational eyewear company, Lenskart has appointed former CFO of OYO, Abhishek Gupta as the new Chief Financial Officer.
Ola’s former Chief Business Officer Sidharth Shakdher joins Paytm to lead one of its business units.
Sajith Sivanandan, the head of the leading streaming app in India, Disney’s Hotstar, has reportedly resigned from his position as the company moves forward with its business integration following the $8.5 billion merger with Reliance’s media assets.
SoftBank Vision Fund partner Paul Davison resigned from his position as a non-executive director of the board of Brainbees Solutions, the company that runs the clothing line FirstCry.
VC Fund Launched
Venture capital firm, Titan Capital, founded by Snapdeal’s founders Kunal Bahl and Rohit Bansal, has launched its Winners Fund after raising Rs.333Cr. to focus on investing in promising startups.
The Kerala State Government, through the Kerala Startup Mission (KSUM), has invested Rs.15Cr. in Transition VC a venture capital fund focused on energy transition to achieve sustainability and energy independence goals.
Climate-focused venture capital firm Avaana Capital has announced the final close of its climate and sustainability fund with a total fund of $135 million.
Venture capital firm General Catalyst secures $8 billion in new capital, consisting of $6 billion for its latest fund, Fund XII, and $2 billion in separately managed accounts.
