Funding and acquisitions in Indian startup this week [13 - 18 Jan]

During the week, as many as 37 Indian startups raised around $780 million in funding. These deals include 11 growth-stage deals and 22 early-stage deals. While 4 startups kept the transaction details undisclosed.

Last week, 27 early and growth-stage startups cumulatively raised around $466.45 million in funding.

Growth-stage deals

In the growth-stage funding landscape, data analytics and AI solutions provider Impetus Technologies raised $350 million in a Series D round led by Kedaara Capital. Healthtech company Aragen secured $100 million from private equity firm Quadria Capital. SaaS startup Netradyne closed a $90 million Series D round led by Point72 Private Investments, while D2C skincare brand Foxtale raised $30 million, with Kose Corporation as the lead investor.

Early-stage deals

Further, 22 early-stage startups secured funding worth $64.92 million during the week. Proptech firm Micromitti led the early stage funding followed by Aerospace startup Sarla Aviation, Spiritual-tech Astrosure.ai, SaaS startup Eccentric Engine, Waste Management startup WeVOIS, EV charging infrastructure provider Bolt.Earth.

Automotive Indiyanet (Motorfloor), Traveltech Velocity.travel, Healthtech non-profit organization Khushi Baby and others also raised a sum but didn’t disclose the amount raised. For more information, visit TheKredible.

City and segment-wise deals

In terms of the city-wise number of funding deals, Bengaluru-based startups led with 10 deals followed by Delhi-NCR, Mumbai, Pune & other cities.

Segment-wise, Healthtech and SaaS startups are at the top spot with 5 deals each. E-commerce, Foodtech followed with 4 deals each. Proptech,  EV, Automotive, AI & others also bagged the deals.

Series-wise deals

During the week, pre-seed  funding deals led with 7 deals followed by Series A, Seed, pre-Series A, Series C and others.

Week-on-week funding trend

On a weekly basis, startup funding jumped 67.2% to $779.92 million as compared to around $466.45 million raised during the previous week.

The average funding in the last eight weeks stands at around $332.12 million with 24 deals per week.

Key hirings and departures

This week, the startup ecosystem saw notable leadership changes. Angel One appointed former Google Pay VP Ambarish Kenghe as its Group CEO. Zetwerk, a contract manufacturing marketplace, named Vadim Yakubov as the CEO of its U.S. subsidiary, Unimacts. Stock broking platform 5Paisa welcomed Gaurav Seth as its new CEO, while cloud kitchen company Curefoods promoted Gokul Kandhi to the position of Chief Operating Officer. Visit TheKredible for more information.

Mergers and Acquisitions

E-commerce major Amazon is all set to acquire fintech company Axio (formerly Capital Float). MoEVing, an EV fleet operator, has acquired EVonGO, the mobility division of Euler Motors, for an undisclosed sum.

Fund Launches

This week, Cornerstone Ventures, a SaaS-focused venture capital firm, announced the first close of its targeted $200 million second fund at approximately $40 million. Meanwhile, Avendus Future Leaders Fund III (FLF III) secured commitments of Rs 850 crore ($100 million) in its first close. Additionally, RevX Capital, a private credit fund, unveiled plans to launch its second fund, aiming to raise Rs 750 crore ($86.6 million), including a Rs 250 crore greenshoe option. Visit TheKredible for more details

Layoffs

During the week, over 200 employees were laid off across three startups. Delhi-NCR-based Breath Well Being let go of around 100 employees, ShareChat reduced its workforce by 5% as part of a performance review cycle, and audio series platform Pocket FM laid off 75 employees.

Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights.

New launches and partnerships

▪️ MobiKwik partners with Piramal Finance to provide personal loans

▪️ Droom launches new service to enter the automobile rental sector

▪️ Bounce Infinity launches 15-min charge scooter at Bharat Mobility Expo

▪️ Spencer’s Retail expands into quick commerce sector

▪️ MapmyIndia collaborates with Qualcomm to drive ‘Make in India’ automotive solutions

▪️ Bengaluru based-Digantara to launch satellite via Elon Musk's SpaceX rocket

Potential Deals

▪️ Flipkart may lead $35-40 million funding round in its fintech venture Super.money

▪️Zypp Electric to raise $6.5 million in an ongoing Series C round.

Financial results this week

▪️Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

▪️FIITJEE-backed PlanetSpark trims losses by 70% in FY24

▪️Isprava doubles its revenue in FY24 with hefty profits

▪️Sanjeev Kapoor-backed Wonderchef turns profitable in FY24

▪️IPO-bound Captain Fresh reports Rs 1,300 Cr GMV in FY24

News flash this week

▪️Axio confirms acquisition agreement with Amazon

▪️Swiggy receives MCA nod to incorporate sports arm

▪️Zetwerk selects six bankers to lead $500 million IPO in 2025

▪️Paytm may re-enter MSCI India Index

▪️Urban Company set to file draft papers for INR 3,000 crore IPO by March end

▪️Ather Energy targets $2.4 billion valuation for IPO

▪️Innoviti plans IPO within 12 months, grants fresh ESOPs worth INR 25 crore

▪️Zomato invests Rs 500 Cr in Blinkit

Summary

On a weekly basis, startup funding jumped 67.2% to $779.92 million as compared to around $466.45 million raised during the previous week.

During the week, Axio confirms an acquisition agreement with Amazon. 

Foodtech giant Swiggy has received approval from the Ministry of Corporate Affairs (MCA) to establish its sports division, Swiggy Sports Private Limited.

Bengaluru-based space surveillance company Digantara is preparing to launch its first dedicated surveillance satellite, SCOT (Space Camera for Object Tracking), on SpaceX’s Transporter-12 mission.

Spencer’s Retail, the retail division of the RP Sanjiv Goenka Group, has reportedly entered the quick commerce space with the launch of its new app, Jiffy.

In the public markets, Urban Company is planning to file draft papers for Rs 3,000 crore by March end, EV startup also eyeing IPO this year at $2.4 billion valuation to join its rival Ola Electric.