Funding and acquisitions in Indian startup this week [30 Dec - 04 Jan]

During the week, as many as 8 Indian startups raised around $33.44 million in funding. These deals include 2 growth-stage deals and 4 early-stage deals. While two startups kept the transaction details undisclosed.

Last week, 9 early and growth-stage startups cumulatively raised around $47.7 million in funding.

Growth-stage deals

Among the growth-stage deals, EV financier Mufin Green Finance secured $18 million in debt from the U.S. International Development Finance Corporation. Meanwhile, lending startup Aye Finance raised $12.8 million in debt from Northern Arc, ASK Financial Holdings, MAS Financial Services, and CredAvenue.

Early-stage deals

Further, 4 early-stage startups secured funding worth $2.64 million during the week. Wealth management startup Wealth Nivesh spearheaded the list followed by B2B SaaS logistics platform CargoFL, guest management platform Guestara, and SME-focused learning platform NumberOne Academy.

Robotics startup Flo Mobility and education OTT platform Klassroom 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, Delhi-NCR-based startups led with 3 deals followed by Mumbai, Bengaluru, Kochi, and Pune.

Segment-wise, Fintech startups are at the top spot with 3 deals. Edtech, Logistics, SaaS, and Robotics startups followed the list.

Series-wise deals

During the week, pre-seed funding deals led with 3 deals followed by debt, pre-Series A, and Seed deals.

Week-on-week funding trend

On a weekly basis, startup funding slipped 29.9% to $33.44 million as compared to around $47.7 million raised during the previous week.

The average funding in the last eight weeks stands at around $273.64 million with 22 deals per week.

Key hirings and departures

The startup ecosystem witnessed significant leadership changes this week. Cars24 promoted Himanshu Ratnoo to Chief Executive Officer (CEO) of its used cars division, while Ola Electric appointed Pritam Das Mohapatra as Compliance Officer. Kartik Hajela, former Co-founder and COO of Log9 Materials joined Jupiter Electric Mobility (JEM) as Director. EaseMyTrip named Co-founder Rikant Pittie as CEO following the resignation of Nishant Pittie, and Ecom Express hired Kammal Daas as Vice President of Last Mile Operations.

Meanwhile, several notable resignations also made headlines. Srinivas Yanamandra, Head of Compliance at Paytm, stepped down from his role, as did Jitendra Bagga, VP of Central Operations at Zepto. Additionally, Kabeer Biswas, Co-founder of Dunzo, and Zairus Master, Chief Business Officer of Mamaearth, also tendered their resignations.

Mergers and Acquisitions

Curefoods, a prominent F&B house of brands, has acquired the South and West India operations of Krispy Kreme, the iconic global doughnut and coffee brand, from the Landmark Group for an undisclosed amount.

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

New launches and partnerships

▪️ Blinkit launches 10-min ambulance service starting from Gurugram

▪️ B2B marketplace OfBusiness launches AI platform Nexizo

Potential Deals

▪️ PristynCare to raise $100 Mn in funding

▪️ Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr

Financial results this week

▪️ Arya.ag reports Rs 340 Cr revenue in FY24, profit surges 2.5X

▪️ Fittr posts flat scale in FY24; losses trims 73%

▪️ Traya posts Rs 236 Cr revenue in FY24; turns profitable

▪️ Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

▪️ Chaayos scale remains flat in FY24; turns EBITDA positive

▪️ Pristyn Care revenue grows 33% to Rs 601 Cr in FY24

▪️ Mswipe reports Rs 277 Cr revenue and Rs 46 Cr loss in FY24

▪️ Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

News flash this week

▪️ NestAway co-founder alleges fraud by Tiger Global, Chiratae, and Goldman Sachs

▪️ UPI transactions surge 8% in December

▪️ Bajaj and TVS surpass Ola Electric to lead December two-wheeler EV sales

▪️ NPCI lifts limit for WhatsApp Pay, extends UPI cap by 2 years

▪️ Bengaluru police bust Rs 12 Cr fraud targeting CRED

▪️ IPO-bound Zpeto pivots to the marketplace model

▪️ EV firm Ather Energy receives SEBI’s approval for the IPO

Conclusion

On a weekly basis, startup funding slipped 75.12% to $47.7 million as compared to around $191.71 million raised during the previous week.

During the week, Amarendra Sahu accused Tiger Global, Chiratae Ventures, and Goldman Sachs of fraud, forgery, and unpaid dues related to NestAway's sale to Aurum PropTech.

UPI transactions in India surged by 8% in December 2024, reaching 16.73 billion and a transaction value of Rs 23.25 lakh crore. While NPCI lifted the transaction cap for WhatsApp Pay and extended the UPI market cap compliance timeline by two years, supporting further growth in digital payments.

Bajaj Auto and TVS Motor Company overtook Ola Electric in December's two-wheeler EV sales, with Bajaj leading the market share at 37%. However, considering the overall sales during 2024, Ola Electric stands tall with a 35.5% market share.

Around the public market, EV manufacturer Ather Energy received SEBI approval to proceed with its IPO, reflecting strong investor interest in the EV sector.