Following two weeks of consistent funding inflow, the Indian startup ecosystem witnessed a significant drop in funding during the third week of September. Indian startups raised $91 Mn across 15 deals during September 18 to 23, a substantial 78% decrease compared to the previous week’s $413 Mn across 21 deals.
Funding Galore: Indian Startup Funding Of The Week [Sept 18 – Sept 23]
Date
Name
Sector
Subsector
Business Model
Funding Round Size
Funding Round Type
Investors
Lead Investor
20 Sept 2023
Kuku FM
Media & Entertainment
OTT
B2C
$25 Mn
Series C
The Fundamentum Partnership, International Finance Corporation (IFC)
The Fundamentum Partnership, International Finance Corporation (IFC)
20 Sept 2023
Eloelo
Media & Entertainment
Social Media & Chat
B2C
$22 Mn
Pre-Series B
Courtside Ventures, Griffin Gaming Partners, Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, Rocket Capital
Courtside Ventures, Griffin Gaming Partners
21 Sept 2023
Atlys
Travel Tech
Travel Planning & Activities
B2C
$12 Mn
Series A
Elevation Capital, Peak XV Partners, Chainsmokers, South Park Commons
Elevation Capital, Peak XV Partners
22 Sept 2023
Ergos
Agritech
Market Linkage
B2B-B2C
$10 Mn
Series B
Abler Nordic, Aavishkaar Capital, Chiratae Ventures, Trifecta Venture Deb
Abler Nordic
19 Sept 2023
Flash
Ecommerce
Affiliates
B2C
$6.7 Mn
Pre-Series A
Blume Ventures, PeerCapital, White Venture Capital, Emphasis Ventures
Blume Ventures, PeerCapital
21 Sept 2023
Everest Fleet
Travel Tech
Transport Tech
B2B-B2C
$6 Mn
–
Paragon Partners
18 Sept 2023
The Good Bug
Ecommerce
D2C
B2C
$3.5 Mn
Series A
Fireside Ventures
18 Sept 2023
EquityList
Fintech
Fintech SaaS
B2B
$2.2 Mn
Seed
AngelList India, Hustle Fund, Republic, Unpopular Ventures, Mana Ventures, Riverwalk Holdings, Super Capital, Tanmay Bhatt, Ramakant Sharma, Gajendra Jangid, Sairee Chahal, Rangarjan Krishnan, Sajid Rehman, Faiz Mayalkarra
20 Sept 2023
Offline
Media & Entertainment
Social Media & Chat
B2C
$2 Mn
Seed
–
–
22 Sept 2023
Aurassure
Cleantech
Climate Tech
B2B
$482K
Seed
Unicorn India Ventures
Unicorn India Ventures
22 Sept 2023
insideFPV
Deeptech
Drones
B2B-B2C
$422K
Seed
Mumbai Angels, IPV, Soonicorn, Kumar Sahu
20 Sept 2023
Peping
Healthtech
Telemedicine
B2C
$400K
Seed
Better Capital, Kunal Shah, Sandeep Kumar Dinodiya, Ganesh Balakrishnan, hubham Mishra
Better Capital
22 Sept 2023
EaseMyAi
Enterprisetech
Horizontal SaaS
B2B
$361K
Seed
IPV
IPV
18 Sept 2023
QubeHealth
FIntech
Lendingtech
B2B
–
Pre-Series A
IPV, Green Ivy Ventures, Keiretsu Forum
22 Sept 2023
Leverage Edu
Edtech
Online Discovery
B2C
–
–
Lohia Family
Source: Inc42
*Part of a larger round
Note: Only disclosed funding rounds have been included
Key Startup Funding Highlights Of The Week
Mumbai-based vernacular audio platform Kuku FM raised $25 Mn in its Series C round from The Fundamentum Partnership and IFC, making it the biggest funding deal of the week.
Fuelled by Kuku FM and Eloelo’s fundraise, the media and entertainment sector emerged as the most funded sector this week, securing $47 Mn across two deals.
There were a total of five seed funding deals amounting to a combined investment of $5.4 Mn during the week.
Inflection Point Ventures (IPV) was the busiest investor this week as it participated in three deals.
Startup Fund Launches This Week
Indian private equity (PE) firm Creaegis announced the final close of its maiden $425 Mn (INR 3,529 Cr) fund to invest in homegrown startups.
Japanese VC firm Incubate Fund Asia concluded the first close of its third fund with a target corpus of $50 Mn (around INR 416 Cr). It will deploy the funds in 20 pre-seed and seed stage startups.
Antler India announced the first close of its maiden fund at INR 500 Cr and intends to complete the final close at INR 600 Cr. The fund will solely focus on funding early stage Indian startups.
Other Major Developments From This Week
Nikhil Kamath, the cofounder of Zerodha, is likely to join the captable of electric two-wheeler manufacturer Ather Energy via a secondary sale.
Walmart-owned ecommerce giant Flipkart is planning to invest $15 Mn to $20 Mn for an in-house credit marketplace ahead of the festive season.
Bhavish Aggarwal-led Ola Electric has reportedly expedited its public listing plans and is likely to file the DRHP with the SEBI for its $700 Mn IPO before the end of October.
Fintech SaaS startup Perfios has acquihired Chennai-based open finance platform Fego.ai.
The post From Kuku FM To Eloelo — Indian Startups Raised $91 Mn This Week appeared first on Inc42 Media.
