The Indian market is on a rapid growth trajectory. In collaboration with Startup Europe India Network, we're expanding our fundraising track, Newnex Fortnight India, to India's rapidly booming venture capital ecosystem.
We tracked $670 million+ in fundraising and deal making in the past weeks.
Aye Finance, an Indian startup specializing in digital lending services for small businesses, has secured $37.18 million in a recent funding round led by British International Investment. The company aims to use the funds to further support the growth of micro-enterprises and help employees increase their incomes. This Series F funding brings Aye Finance's total fundraising to almost $200 million and includes contributions from Waterfield Fund of Funds, along with continued support from existing investor A91 Partners. Notably, in 2020, the startup raised $27.5 million in its Series E funding round with CapitalG, an investment arm of Alphabet, leading the way.
In a recent funding round, Vegrow, a B2B marketplace specializing in fruits, secured $46 million in primary and secondary funding. The round was spearheaded by GIC, with participation from current investor Prosus Ventures, as well as Matrix Partners India, Elevation Capital, and Lightspeed.
The distribution-as-a-service platform ofScale has successfully raised $375,000 in a pre-seed funding round. First Cheque led the round, and there was participation from Matrix Partners India DeVC, Relentless VC, and other angel investors such as Abhishek Goyal, Mekin Maheshwari, and Revant Bhate.
Aliste Technologies, a startup focused on smart home automation, has secured $1 million in a recent funding round, with YourNest Venture Capital and Artha Venture Fund leading the investment. The funding round also included contributions from Dholakia Ventures, KRS Jamwal, Anikarth Ventures, and others. Among the existing backers is 100X.VC. Currently establishing a significant presence in the Delhi-NCR region and recently entering the Bangalore market, Aliste Technologies intends to utilize the newly acquired capital to expand its reach across India and enhance brand awareness initiatives.
Agilitas Sports, the sporting equipment startup, has successfully raised Rs 100 crore in a funding round led by Nexus Venture Partners. This additional capital infusion comes a few months after Agilitas secured Rs 430 crore in its inaugural funding round from Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan.
BetterSpace, a mental health-tech startup based in Raipur, Chhattisgarh, has secured ₹4.5 million in its first pre-seed funding round, with prominent startup community-builder and accelerator PedalStart leading the investment. Previously relying on bootstrap funding, this capital injection will be utilized by the company to enhance its existing offline and online services, develop a new product range including games and toolkits, improve marketing and brand visibility, optimize technology and the app for broader accessibility across various devices, and attract and acquire talent, among other strategic initiatives.
The investment division of the UK retail bank M&G has taken the lead in a funding round of $340 million for Udaan, a business-to-business e-commerce startup. This marks one of the largest financing rounds secured by an Indian startup in 2023. Udaan, headquartered in Bengaluru, assists merchants in smaller Indian cities and towns in obtaining inventories from major brands and gaining access to working capital. The new funds, including some convertible debt, were also contributed by existing investors Lightspeed Venture Partners and DST Global. The Series E funding, subject to regulatory approval, is a significant boost for Udaan, which has focused on cost reduction and efficiency improvements over the past two years. Despite competition from various players, including Mukesh Ambani's $100 billion Reliance Retail, the largest retail chain in India, Udaan continues to make strides in the business-to-business e-commerce space.
In a Series B funding round, Exponent Energy, a rapid-charging startup focused on electric vehicles, exponent.energy has successfully raised $ 26.4 million. The round was led by Eight Roads Ventures, with a strategic investment from TDK Ventures. Additionally, all existing investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal, participated in this funding round.
Farmley, a healthy snacking brand, has secured $6.7 million in a pre-Series B funding round. The funding was led by BC Jindal Group, with participation from existing investors DSG Consumer Partners, Omnivore, and Alkemi Partners. DSG and Alkemi were also leaders in a $6 million Series A round for Farmley in August of the previous year, and the company had previously raised $2 million in a seed round in 2020 from Omnivore and Insitor. The new funding will be utilized by Farmley to expand its presence across offline retail touchpoints and enhance brand-building initiatives. Notably, the brand recently enlisted former Indian cricketer Rahul Dravid as its brand ambassador.
Peptris, an AI drug discovery startup, has successfully raised $1 million in its pre-seed funding round, with Speciale Invest leading the investment. The funds obtained will be directed towards intensifying the company's initiatives in drug research and discovery, with a particular emphasis on advancing AI-driven solutions. Peptris aims to use the funding to focus on creating new treatments for challenging targets, particularly in the fields of rare diseases, inflammation, and oncology.
HouseEazy, an online marketplace for pre-owned homes, has secured $1 million in a seed funding round led by Antler, with participation from India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures, Pirojsha Godrej, and Sandeep Aggarwal, the founder of Droom. The proptech firm had previously raised $375,000 in a pre-seed round in June of the previous year. The newly acquired funds will be utilized by HouseEazy to enhance its distribution channels and strengthen its technological capabilities, according to a press release from the company.
Fintech firm InCred has achieved unicorn status, having raised $60 million in a Series D funding round from both new and existing investors. InCred Wealth, the wealth management entity of InCred, spearheaded the funding with an investment of $36.76 million, followed by MEMG Family Office contributing $9 million. Notable individual investors include Ravi Pillai, Chairman at RP Group of Companies, with a contribution of $5.4 million, and Ram Nayak, Co-Head of Deutsche Bank, who invested $1.2 million. Additionally, InCred Special Opportunities Fund VCC, a Singapore-registered entity of InCred, participated with $5.3 million. Varanium Capital Advisors and NABS Vriddhii also joined the round, contributing $1.22 million and $1.2 million, respectively. InCred is the second company, following Zepto, to achieve unicorn status in the current year.
Kitchens@, a cloud kitchen startup, has secured $65 million in Series C funding from Finnest, a London-based growth investment firm. Founded by Dr. Biswanath Patnaik and Mr. Arun Kar, the latter being an ex-military officer, Finnest has previously invested in various sectors, including renewable energy, electric and hydrogen-powered automotive, sports and entertainment, smart cities, hotels and hospitality, and aerospace technologies.
BatX Energies, a lithium-ion (Li-ion) battery recycling company, has secured $5 million in its pre-Series A funding round, with investment support from Zephyr Peacock and LetsVenture. The startup's current backers, including JITO Angel Network, family offices associated with Mankind Pharma, Excel Industries, BluSmart, and others, also took part in the funding round.
In its Series A funding round, agritech startup Fasal has secured INR 100 crores. The funding was led by TDK Ventures and British International Investment (BII), the United Kingdom's development finance institution and impact investor. Additional contributions came from ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures. Notably, all existing investors, including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific, also participated in the round.
Snitch, a men's apparel fashion brand, has raised Rs 110 crore in its Series A funding round, with co-leadership from SWC Global and IvyCap Ventures Advisors Private Limited, along with backing from key angel investors. The newly acquired capital will be utilized to drive Snitch's expansion efforts, focusing on talent acquisition, technology enhancements, and the implementation of an offline retail strategy to strengthen its market presence.
Enrico Eyewear, a prominent eyewear brand, has secured Rs 2.1 crore in a pre-seed funding round, with 100X.VC leading the investment. The company intends to deploy the raised funds to broaden its market presence through various distribution initiatives, educate customers on the significance of high-quality eyewear, and uphold eye health.
Oxyzen Express, a startup specializing in express logistics and supply chain solutions, has successfully concluded its second round of seed capital fundraising, securing $3 million to invest in next-generation logistic technology. The funding, which took place during the current fiscal year, saw lead investments from the Tamil Nadu Emerging Sector Seed Fund and the SNAM group of companies. A variety of other angel investors also participated in the round, and Lion Hill Capital served as the financial advisors facilitating the fundraising process for the Chennai-based company.
Alt Carbon, a climate action startup based in India, has raised $550,000 in a pre-seed funding round led by Shastra VC (formerly Veda VC) and a consortium of strategic angel investors. The funds raised will be deployed to assemble a skilled team, including geologists, geochemists, and geospatial scientists based in India. Alt Carbon aims to leverage this talent pool to conduct a pilot project in early 2024, with a focus on developing robust and high-quality carbon removal credits for the voluntary carbon offset market.
Revfin, an electric vehicle financing startup, has successfully raised $14 million in its Series B round, with Omidyar Network leading the investment. The funds will play a crucial role in furthering Revfin's dedicated efforts to strengthen the electric vehicle (EV) ecosystem, as mentioned in the company's press release. Furthermore, the funding will be allocated to support various elements of the EV ecosystem, including charging stations and batteries.
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