Indian Startup Weekly Funding Report

Indian Startup Weekly Funding News Report

Indian Startup Weekly Funding Report – May 27 – May 31, 2024

As the week draws to a close, the Indian startup ecosystem has witnessed a flurry of funding activities, reflecting the resilience and dynamism of the entrepreneurial landscape. From innovative InsurTech solutions to futuristic drone logistics, here’s a recap of the notable funding rounds that transpired from May 27 to May 31, 2024.

May 31, 2024:

  1. Scaler Invests Rs 50 Cr in Scaler School of Business: Scaler, an Indian education provider, has allocated Rs 50 crore to bolster its recently launched Scaler School of Business (SSB). This investment will fuel the development of offline infrastructure, curriculum enhancements, industry partnerships, and recruitment of renowned leaders as coaches, mentors, and instructors.
  2. Volt Money Partners with PhonePe for Loans Against Mutual Funds: Volt Money, a platform facilitating instant secured loans against mutual funds, has forged a partnership with PhonePe. This collaboration will grant PhonePe’s expansive user base convenient access to digital, low-interest loans against their mutual fund investments, embedding Volt Money’s seamless loan offerings into the PhonePe mobile app.

May 30, 2024:

  1. TechEagle Completes Bridge Round Funding: TechEagle, a drone-logistics startup specializing in on-demand delivery services, has successfully closed its bridge round funding. The investment, led by Navam Capital and Inflection Point Ventures (IPV), with participation from Paytm Founder Vijay Shekhar Sharma, will further enhance TechEagle’s innovative drone delivery solutions.
  2. Logistiex Secures $250,000 in Bridge Round: Logistiex, a new-age e-commerce startup, has raised $250,000 in a bridge round led by PACE Family Office and angel investors. The funding will support Logistiex’s mission to streamline e-commerce operations in India through its universal platform.
  3. Jaipur Watch Company Raises Rs 2 Crore: Jaipur Watch Company has secured Rs 2 crore in funding led by Lemon Funds and Dev Diamonds. This investment will facilitate the establishment of a specialized gold watch manufacturing unit and expansion of product lines.
  4. Gramiyaa Secures Rs 9.5 Crore Investment: Gramiyaa, a manufacturer of cold-pressed oils, has raised Rs 9.5 crore for expansion in both Indian and US markets. The funding, led by UAE’s Homegrown Ventures, reflects investor confidence in Gramiyaa’s online-first model and product quality.

May 29, 2024:

  1. EcoRatings Secures $1M Pre-Seed Funding: Sustainability AI company, EcoRatings, has secured $1 million in pre-seed funding from a consortium of investors. This funding will strengthen EcoRatings’ platform tailored for sustainability and accelerate its mission to assist organizations in meeting ESG goals.
  2. Nanosafe Raises Rs 3.13 Cr in Seed Funding Round: Nanosafe, a material science technology startup, has secured Rs 3.13 crore in seed funding. The investment will support Nanosafe’s expansion into new markets and fortify its market positioning with formulations leveraging active copper.

May 28, 2024:

  1. Solinas Raises Undisclosed Funding: Solinas, a startup focusing on water and sanitation solutions through robotics, has secured undisclosed funding. The investment will fuel Solinas’ efforts to address challenges in water and sanitation infrastructure resilience using AI and robotic technologies.
  2. Inspeq AI Raises Rs 9.1 Cr: Inspeq AI, a responsible AI development platform, has raised Rs 9.1 crore in a pre-Series A investment round. The funding will bolster Inspeq AI’s product development and expand its global operations.
  3. Gravity Raises $1M: Personalized banking platform Gravity has raised $1 million in a pre-Series A funding round. The investment will support Gravity’s mission to simplify the banking ecosystem and enhance efficiency for banks and individual users.
  4. Maxvolt Energy Raises $1.5M: Lithium battery manufacturer Maxvolt Energy has secured $1.5 million in funding. The company aims to develop fast-charging batteries for electric vehicles and energy storage systems.
  5. AbleCredit Secures Seed Funding: AbleCredit, an AI credit underwriting company, has closed a seed funding round of $1.25 million. The funding will enable AbleCredit to scale AI operations and revolutionize credit underwriting processes.

May 27, 2024:

  1. CoverSure Secures $4M in Pre-Series A Funding: CoverSure, an InsurTech startup, has closed a $4 million pre-Series A funding round led by Enam Holdings. The investment will fuel the development of CoverSure’s consumer-centric insurance engagement platform.
  2. CirclePe Raises $1M in Pre-Seed Funding: CirclePe, a property tech platform, has raised nearly $1 million in pre-seed funding led by OTP Ventures. The capital infusion will empower CirclePe to enhance its platform capabilities and solidify its position in urban rental solutions.

In conclusion, the week ending May 31, 2024, has been marked by diverse funding activities across various sectors, showcasing the vibrancy and innovation prevalent in the Indian startup ecosystem. These investments not only validate the potential of emerging startups but also pave the way for transformative solutions in key industries.


Indian Startup Weekly Funding Report – May 20 to May 25, 2024

The Indian startup ecosystem has been buzzing with activity, witnessing a significant surge in funding and strategic acquisitions during the week of May 20 to May 25. With 24 startups collectively raising approximately $444 million in funding, the landscape reflects a vibrant and dynamic environment ripe with innovation and investment opportunities.

Table summarizing the startups funded during the week, along with their investors, the amount raised:

StartupInvestorsAmount Raised
FlipkartGoogle$350 million
NaviNot disclosed$18 million (debt)
Stanza LivingNot disclosedNot disclosed
Save SolutionNot disclosedNot disclosed
Dvara KGFSBlueOrchard Microfinance Fund$10 million (debt)
UnifyAppsNot disclosedNot disclosed
Soleos Solar EnergyNot disclosedNot disclosed
VarthanaTriodos Investment ManagementNot disclosed
NoPo NanotechnologiesInflexor Ventures, Axilor Ventures’ Micelio Fund$3 million
MynvaxInviga Healthcare FundRs 21.63 crore
Foxy (EkAnek)Lightspeed India PartnersRs 21.6 crore
PortlBharat Innovation Fund$3 million
ProsParityBEENEXT, Sparrow Capital, All In Capital, DeVC, Huddle Ventures$2 million
Superfoods ValleyNot disclosedRs 7 crore
VaareeCapier Investments, Peak XV’s Surge VenturesRs 20.78 crore
FinvolveIndia Accelerator, FinolutionsRs 100 crore
Fix My CurlsAmazon Smbhav Venture FundNot disclosed
FreshleafInflection Point VenturesINR 1 Crore
Collective Artists NetworkNikhil KamathNot disclosed
SuperKalamY Combinator, Fundersclub$2 million
Humors TechVenture CatalystsRs 2 crore
Rare RabbitA91 PartnersRs 500 crore
Stanza LivingAlpha WaveRs 110 crore
KonProzNot disclosed$700,000

Other Updates

Key PointsDetails
Funding SurgeIndian startups raised approximately $444 million in funding during the week of May 20 to May 25, marking an 85% surge compared to the previous week.
Growth-stage DealsFlipkart led with a $350 million infusion from Google, followed by Navi, Stanza Living, Save Solution, and Dvara KGFS among the notable recipients.
Early-stage DealsNotable recipients include UnifyApps, Soleos Solar Energy, Varthana, and NoPo Nanotechnologies, among others.
Regional TrendsBengaluru witnessed the highest number of funding deals, followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai.
Segment-wise TrendsE-commerce and fintech sectors attracted the most investments, followed by healthtech, agritech, AI, biotech, and décor startups.
Series-wise AnalysisSeed funding deals dominated, followed by Series A deals, highlighting investors’ focus on early-stage startups.
Leadership ChangesKey appointments include Mathew George as CFO of Captain Fresh, Neelesh Talathi as CFO of CarDekho, and Anuj Rathi and Pratyusha Aggarwal as CEOs of ClearTrip and Flipkart’s Shopsy, respectively. Rahul Chaudhary resigned from his position at Matrix Partners.
Fund LaunchesNotable fund launches included Arigato Capital by IVY Growth Associates, maiden angel funds by Finvolve, ThinKuvate India Fund – I, and Databricks AI Fund, aimed at supporting tech startups.
Overall ImplicationThe surge in funding, strategic acquisitions, leadership changes, and fund launches underscore the resilience and dynamism of India’s startup ecosystem, signaling a promising future for innovation and growth.

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