SUMMARY
Indian startups cumulatively raised $144.8 Mn across 14 deals, a 75% decrease from the $579.5 Mn raised last week through 18 deals.
The week’s biggest funding round saw publicly listed gaming company Nazara raise $101.3 Mn via a preferential share issue
Seed funding plunged this week to $3 Mn
While the Indian public markets managed to beat a month-long downward slope in the final week of November, the investor interest in the private market took a plunge. Between November 25 and 30, Indian startups raised $144.8 Mn across 14 deals, down 75% from the $579.5 Mn raised across 18 deals in the preceding week.
However, one of the biggest fundraises in the Indian startup ecosystem materialised in the week.
Foodtech major Zomato raised INR 8,500 Cr (slightly above $1 Bn) via its qualified institutional placement (QIP) round. The company opened the round for bidding on Monday (November 25) and announced the allotment of 33.64 Cr equity shares to qualified institutional buyers on November 28.
Funding Galore: Indian Startup Funding Of The Week (Nov 25 – 30)
| Date | Name | Sector | Subsector | Business Model | Funding Round Size | Funding Round Type | Investors | Lead Investor |
| 27 Nov 2024 | Nazara Technologies | Media & Entertainment | Gaming | B2C | $101.3 Mn | – | SBI Mutual Fund, Junomoneta, Think India Opportunities Master Fund, Mithun Sacheti, Siddhartha Sacheti, MK Best Ideas Sub-Trust, Aamara Capital, Discovery Global Opportunity (Mauritius), Ratnabali Investment, Meenakshi Mercantiles | – |
| 27 Nov 2024 | Alt Mobility | Cleantech | Electric Vehicle | B2B | $10 Mn | Series A | Eurazeo, Shell Ventures, Twynam Earth Fund, Ev2 Ventures | Eurazeo |
| 25 Nov 2024 | OneCard* | Fintech | Lendingtech | B2C | $8.5 Mn | – | Better Tomorrow Ventures, Peak XV, Z47 | – |
| 27 Nov 2024 | ShopDeck | Enterprisetech | Vertical SaaS | B2B | $8 Mn | Series B | Bessemer Venture Partners, Elevation Capital, Chiratae Ventures, Venture Highway | Bessemer Venture Partners |
| 25 Nov 2024 | Elchemy | Enterprisetech | Enterprise Services | B2B | $5.6 Mn | Series A | Prime Venture Partners, InfoEdge Ventures | Prime Venture Partners |
| 26 Nov 2024 | All Things Baby | Ecommerce | B2C Ecommerce | B2C | $3.6 Mn | Series A | Inoventures, Richa Choksi | – |
| 25 Nov 2024 | Beyond Appliances | Ecommerce | D2C | B2C | $2 Mn | Seed | Fireside Venture, Dharana Capital, Shezan Bhojani, Saurabh Jain, Ramakant Sharma | Fireside Venture |
| 25 Nov 2024 | Ukhi | Cleantech | Climate Tech | B2B | $1.2 Mn | pre-Seed | 100Unicorns, Venture Catalysts, Avtar Monga, SIDBI | 100Unicorns |
| 26 Nov 2024 | True Diamonds | Ecommerce | D2C | B2C | $1 Mn | Seed | Titan Capital, Huddle Ventures, Zeropearl Ventures, Ashutosh Valani, Priyank Shah and Aashka Goradia Goble, Ghazal Alagah, Abhishek Goyal, Anmol Jain | Titan Capital |
| 27 Nov 2024 | ParkMate | Travel Tech | Transport Tech | B2C | $1.2 Mn | – | Cactus Partners | Cactus Partners |
| 26 Nov 2024 | Ikin Global | Ecommerce | D2C | B2C | $1 Mn | pre-Series A | Unicorn India Ventures, Callapina Capital | Unicorn India Ventures, Callapina Capital |
| 28 Nov 2024 | Homversity | Travel Tech | Accomodation | B2C | $1 Mn | – | Shuru-Up, Inflection Point Ventures, Value Angels, Vinners Group, TAS, Pro-Growth Ventures, Growth 91 | – |
| 28 Nov 2024 | Althion | Cleantech | Water Tech | B2B | $426K | pre-Series A | BioAngels, Arun Seth, Om Manchanda, KNK Venkatraman, Shubham Rastogi | – |
| 26 Nov 2024 | BitSave | Fintech | Investment Tech | B2C | – | pre-Series A | Leo Capital | Leo Capital |
| Source: Inc42 *Part of a larger round Note: Only disclosed funding rounds have been included | ||||||||
Key Startup Funding Highlights Of The Week
- The week’s biggest funding round saw publicly listed gaming company Nazara raising $101.3 Mn (INR 855 Cr) via a preferential share issue. Investors like SBI Mutual Fund, Caratlane founder Mithun Sacheti and Aamara Capital cumulatively bagged 89.59 Lakh shares via the round.
- Startups in enterprisetech and cleantech sectors bagged the highest amount of funds this week. While enterprisetech startups ShopDeck and Elchemy together bagged $13.6 Mn, Alt Mobility, Ukhi and Althion cumulatively raised $11.6 Mn.
- Ecommerce sector saw the highest investor activity during the week, with investors cumulatively infusing $7.6 Mn in four startups this week.
- Seed funding plunged this week to $3 Mn, down about 73% from the $10.9 Mn raised at this stage last week.
Other Developments Of The Week
- With plans to take the public market plunge next year, coworking space provider Incuspaze has initiated discussions with investors to raise $25 Mn in its pre-IPO funding round.
- Nazara Technologies’ subsidiary NODWIN bought gaming agency and platform Trinity Gaming for $2.8 Mn to bolster its content offerings.
- OYO-backed Innov8 is looking to raise about $12 Mn via a funding round that will value it at $142.2 Mn. The fundraising efforts will be led by InCred.
- Fintech startup Pine Labs has onboarded investment banks Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies to run the books for its $1 Bn IPO.
- Fintech company Univest is eyeing to raise $16 Mn as a part of its Series A funding round led by Bertelsmann India Investments (BII), along with participation from Innoven Capital.
- Over a year after moving away from the Indian market, venture capital firm Sequoia Capital is looking to reenter India by backing fintech startup Vance.
- Ex-Peak XV MD Piyush Gupta launched secondaries-focussed VC firm, Kenro Capitalwith plans to make investments in the range of $20 to $30 Mn in growth stage startups.
- AI-driven robotics startup Miko has got its shareholder nod to raise $3.3 Mn from IvyCap Ventures through issuance of preference shares.
- VC firm Stellaris Venture Partners announced the final close of its third India-focused fund at $300 Mn. It plans to lead seed and Series A funding investments across 25-30 startups over the next three years.
- Hero MotoCorp launched an accelerator programme, Hero For Startupsto fund promising automotive industry startups across India.
- Beauty and fashion ecommerce major Nykaa completed the acquisition of D2C skincare and beauty brand Earth Rhythm via a combination of primary and secondary transactions.
- Competition commission of India (CCI) approved the stake acquisition of Temasek in Rebel Foods and Google parent Alphabet in ecommerce major Flipkart this week.
- Fintech unicorn Yubi will be looking to raise fresh capital in the range of $150-$200 Mn next year to fuel its expansion into the MENA region as well as help acquire more businesses.
- Vineeta Singh-led SUGAR will be raising $4.5 Mn from its existing investors Anicut Equity Continuum Fund, Elevation Capital, Malabar Investment, L Catterton, among others.
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