In the penultimate week of this month, Indian startups raised $288.27M. A 2.5X decline was recorded in the investments. The D2C-modeled Agri-tech startup Two Brothers led the list by raising $58.25Mn in a Series A round. Second on the list was the online educational services provider upGrad which raised $35Mn in debt. A total of 26 deals were made this past week in the Indian Startup Ecosystem.
According to Infomance Research and Data Available on Public Sources, Indian startups raised $288.27 million across 26 deals this week. This included 09 growth-stage deals totaling $150.6 million and 16 early-stage deals securing $137.67 million. Additionally, there were 01 undisclosed rounds, predominantly in the growth-stage category.
| INDEX | STARTUP NAME | FUNDING AMOUNT ($) | STAGE | ROUND | MODEL | CITY | SECTOR | LEAD INVESTOR |
|---|---|---|---|---|---|---|---|---|
| 01 | MeetRecord | 2.7M | Early | Pre-Series A | B2B | Bangalore | Saas | SWC Global |
| 02 | EKA Mobility | 24M | Early | Corporate Round | B2C | Pune | EV | Japan’s Mitsui & Company |
| 03 | CheQ | 2.21M | Early | Seed | B2C | Bangalore | FinTech | Lloyd Dizon, Zenaida Dizon Balajadia |
| 04 | Bluestone | 12M | Growth | Debt | D2C | Bangalore | FashionTech | Neo Markets |
| 05 | Doceree | 13.6M | Growth | Series B | B2B | Delhi | HealthTech | Creaegies |
| 06 | Plus Gold | 1.2M | Early | Seed | B2C | Bangalore | FinTech | JITO NetWork |
| 07 | LXME | 1.2M | Early | Seed | B2C | Mumbai | Fintech | Kalaari Capital’s CXXO Initiative |
| 08 | ZYOD | 18M | Early | Series A | B2B | Gurgram | E-commerce | RTP Global |
| 09 | Cloudphysician | 10.5M | Early | Series A | B2B | Bangalore | HealthTech | Peak XV Partners |
| 10 | Sid’s Farm | 10M | Early | Series A | D2C | Hyderabad | FMCG | Omnivore and the Narotam Sekhsaria Family Office (NSFO) |
| 11 | Rocketlane | 24M | Growth | Series B | B2B | Chennai | SaaS | 8VC, Matrix Partners India, Nexus Venture Partners |
| 12 | Two Brothers | 58.25M | Early | Series A | D2C | Pune | Agritech | Rainmatter |
| 13 | LetDressUp | 1.3M | Early | Pre- Series A | D2C | Gurugram | E-commerce | GVFL Limited, The Chennai Angels |
| 14 | O Hi | 1M | Early | Pre- Series A | B2C | Jaipur | Media and Entertainment | JIIF and Angel Investors |
| 15 | Novavente | 3M | Growth | Equity | B2B | Mumbai | SaaS | Highbrow Securities |
| 16 | Nitro | 1.8M | Early | Seed | D2C | Gurugram | E-commerce | Cornerstone Ventures |
| 17 | Matter | 10M | Growth | Equity | B2C | Ahmedabad | EV | Japan Airlines and Translink Fund |
| 18 | Machaxi | 0.5M | Early | Pre-Series A | B2C | Bangalore | Sportstech | Inflection Point Ventures |
| 19 | Neo san | 1.5M | Early | Seed | B2B | Bangalore | Climate Tech | Ashish Kacholia, Anirban Lahiri |
| 20 | Smartworks | 20M | Growth | Fresh Round | B2B | Gurugram | Proptech | Keppel Capital |
| 21 | upGrad | 35M | Growth | Debt | B2C | Mumbai | Edutech | EvolutionX |
| 22 | Autocracy Machinery | 0.75M | Early | Pre-Series A | B2B | Hyderabad | Manufacturing | Venture Catalysts |
| 23 | Rupeek | 15M | Growth | Primary Round | B2C | Bangalore | Fintech | Elevation Capital |
| 24 | Rare Rabbit | 18M | Growth | Maiden Round | B2C | Bangalore | E-commerce | A91 Partners, Zerodha Founders’ NKSquared |
| 25 | Celebal Technologies | Undisclosed | Growth | Debt | B2B | Jaipur | AI | BlackSoil Group |
| 26 | Morphing Machines | 2.76M | Early | Seed | B2B | Bangalore | Semiconductor | Speciale Invest |
[Stage-Wise Analysis]
Growth Stage Deals
The number of deals in the growth stage increased to 09 from 07 last week. The amount raised is $150.6M across 09 deals. The largest amount among growth-stage startups was raised by Edutech sectored upGrad, the investment was led by EvolutionX. It was followed by Chennai-based SaaS startup Rocketlane which secured a fund of $24M in Series B . E-commerce platform Rare Rabbit raised $18M in the maiden round, the investment was led by A91 Partners and Zerodha founders’ fund. The B2C-modeled Rupeek closed in on a $15M fund in the primary round. Proptech startup Smartworks raised $20M which was led by Keppel. Other noticeable investments in the growth stage include startups like Bluestone, Delhi-based Doceree, B2B-modeled Novavente, and Ahmedabad-based EV sectored Matter.
Early Stage Deals
There was a slight decline in the no of deals in early-stage startups. The number of deals made this week was 16. The overall funding amount raised by early-stage startups was $137.67M. Pune-based Two Brothers raised the highest fund of $58.25M this week, the investment was led by Rainmatter. Second on the list was the B2C-modeled startup EKA. Operating in the EV sector, the firm raised a $24M fund this week. Gurugram-based ZYOD raised $18M, the deal was led by RTP Global. Healthtech sectored Cloudphysician raised $10.5M in Series A. It was followed by D2C-modeled Sid’s Farm which secured $10M. Other early-stage startups that were successful in raising money include MeetRecord, Fintech sectored Plus Gold, and Morphing Machines which operates in the semiconductor industry.
Round-Wise Analysis
The maximum amount of funding was raised as seed funding which included startups like CheQ, Plus Gold, LXME, E-commerce startup Nitro, ClimateTech sectored Neo san, and Morphing Machines. It was followed by 5 deals made in Pre-series A. This included startups like Autocracy Machinery, Gurugram-based LetsDressUp, Media and Entertainment platform O HI, etc. Additionally, there 4 deals made in the Series A round. The biggest amount of funding was done in this round by Two Brothers. There were 3 deals made in debt funding including startups like upGrad. Only 2 deals were done in Equity and Series B rounds. While there was a deal secured in each Fresh, Primary, Corporate, and Maiden round.
Business Model-Wise Analysis
The B2B-modelled startups led the list by securing a total of 11 fundings. It was closely followed by 10 investments made in B2C startups. The remaining 5 fundings were done in startups following the D2C model.
City-Wise Analysis
Bangalore-based startups led the list with 10 deals secured this past week. Second on the list was startups having their headquarters in Gurugram, closing in on 4 deals. Mumbai-headquartered firms raised 3 funds. There were 2 deals secured each by Pune, Jaipur, and Hyderabad-based companies. Additionally, an investment was made in startups from Delhi, Chennai, and Ahmedabad.
Sector-wise Analysis
FinTech and E-commerce raised the maximum no of deals i.e. 4. It was closely followed by the SaaS sector with 3 deals. There were 2 deals made in EV and health tech. There was a deal each made in sectors like Proptech, Climatetech, Sportstech, Manufacturing, AI, and others.
Undisclosed Deal
There was an undisclosed deal made as well this week predominantly in the debt round. The deal was secured by AI sectored Celebal Technologies, currently in its growth stage. The B2B-modeled firm has its headquarters in Jaipur. The investment was led by BlackSoil.
Mergers and Acquisitions
Nazara-backed Nodwin Gaming’s Singapore-based subsidiary will acquire German gaming firm Freaks 4U. The amount of the deal is expected to be $32.6M, with this Nodwin’s stake in Freaks 4U will grow from 13.51% to 100% in tranches. Since acquiring a minority stake in Freaks 4U in January 2024, Nodwin has been collaborating closely with the company’s management to integrate their businesses and evaluate potential synergies. Nazara also acquired Comic Con India, a platform hosting pop culture festivities targeting the youth.
Private equity firm Finnest announced that it has acquired a major stake in Bangalore-based cloud kitchen, Kitchens @. An investment of $160M was made by the firm as per the company’s regulatory filing. This investment has made London-based Finnest the largest shareholder in Kitchens @, with around 53.6% stake.
Management Departure
The Bangalore-headquartered car rental platform provider ZoomCar announced the removal of co-founder Greg Mohan as Chief Executive Officer (CEO) of the firm after a span of 12 years, as reported in the firm’s regulatory filing. Hiroshi Nishijima, the current Chief Operating Officer (COO) has been appointed as the interim CEO of the company. With this, Greg will also be required to resign from the company’s Board of Directors as per his employment agreement.
Mela Ventures, a prominent venture capital firm announced the appointment of its new Head of Finance and Legal. R Kalyan Sundar a former Assistant Vice President of Finance at Stakeboat Capital, will be heading this department for the venture firm now. In his capacity at Mela Ventures, Sundar will lead strategic financial and investment initiatives, focusing on nurturing and scaling innovative startups across various sectors. His expertise is poised to optimize financial strategies crucial for supporting emerging founders and their ventures
VC Fund Launched
One of the largest ecosystem enablers for startups in India, BizDateUp has announced the allocation of $400M to support women entrepreneurs across India. Starting from July 1st, women entrepreneurs can apply for funding via BizDateUp’s official website. This initiative underscores BizDateUp’s commitment to fostering diversity, promoting social equity, and driving economic growth through inclusive entrepreneurship.
