Indian Startup Funding & Acquisitions [Feb 24 – Mar 1]

During the week, 30 Indian startups raised approximately $355.02 million, spanning 3 growth-stage and 20 early-stage deals, while 2 startups kept their funding details undisclosed. In contrast, the previous week recorded 21 startups securing around $105.87 million across early and growth stages.

Growth-Stage Deals

The growth-stage funding landscape this week saw significant investments:

• DarwinBox, an HR tech platform, raised $140 million in a Series D round led by Partners Group and KKR.
• Leap Finance, a fintech platform, secured $100 million in debt from the ASEAN Growth Fund.
• InsuranceDekho, an insurtech firm, raised $70 million in a Series C round led by Beams Fintech Fund.

Early-Stage Deals

Twenty early-stage startups secured a total of $45.02 million. Notable funding rounds include:

• MaxIQ, a revenue AI platform, led the early-stage funding with a $7.8 million round.
• Beacon.li (Enterprise tech), Nuuk (D2C home appliances), indē wild (Beauty brand), Rezolv (Debt resolution), and FluxGen (Climate tech) also received funding.
• Real estate platform SILA, deeptech firm Zuppa, and quick commerce platform KiranaPro secured funding but did not disclose the raised amount.

City and Segment-Wise Deals

• City-wise: Bengaluru led with 12 deals, followed by Delhi-NCR, Mumbai, and other cities.
• Segment-wise: Fintech startups led with 5 deals, followed by AI startups (4 deals). E-commerce, healthtech, and SaaS startups secured 3 deals each, while agritech, HR tech, and enterprise tech also attracted funding.

Series-Wise Deals

• Seed funding dominated with 15 deals, followed by Series A, pre-seed, and pre-Series A rounds.

Week-on-Week Funding Trend

Startup funding surged over 3.3X to $355.02 million compared to $105.87 million in the previous week. The eight-week average funding stands at approximately $303.42 million with 28 deals per week.

Key Hirings and Departures

This week saw significant leadership changes:

• OYO elevated Sonal Sinha as CEO of its newly acquired G6 Hospitality.
• Lightrock appointed Samir Abhyankar as Partner and India Head.
• PhonePe is set to onboard Amit Doshi as Group CMO.
• ParkMate named Ziaul Hoda as VP of Operations (B2C vertical).
• T-Hub appointed ex-OYO executive Kavikrut as CEO.
• Shraeyansh Thakur, an investor at Peak XV Partners, resigned after nearly a decade.

Mergers & Acquisitions

• M2P Fintech is set to acquire AI startup Mad Street Den.
• Mintoak, a merchant SaaS platform, acquired Digiledge, specializing in bill payments and CBDC solutions.
• GaragePlug, an automotive service platform, acquired review management platform Freshreview.

Fund Launches & Expansion

• Prime Venture Partners closed its fifth fund at $100 million to support early-stage fintech and AI startups.
• A Junior VC (AJVC) closed its first Rs 100 crore fund for pre-seed stage startups in India.
• Gravity Holdings, launched by Rohan Misra, raised $150 million to back Indian tech startups.
• Lighthouse Canton secured a strategic investment from Kotak Mahindra Asset Management for its LC GenInnov Global Innovation Fund, targeting 30-35 high-potential companies across robotics, biotech, healthcare, and mobility.

Layoffs

Ola Electric, a publicly listed electric scooter manufacturer, is reportedly laying off over 1,000 employees and contract workers to cut losses.

For a detailed breakdown of funding rounds, fund launches, and insights, visit TheKredible.

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.