SUMMARY

Indian startups cumulatively raised $151.6 Mn from 22 deals between April 1-6

Ola Electric bagged $50 Mn in debt funding, the biggest fundraise this week

Enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals

Funding momentum across the Indian startup ecosystem dropped in the first week of April after a brief uptick. Between April 1 and 6, startups cumulatively raised $151.6 Mn, a 38% decline from last week’s $243 Mn.

However, there was a rise in the number of deals with 22 startups raising funding compared to 17 in the preceding week.

Funding Galore Indian Startup Funding Of The Week [Apr 1 – Apr 6]

Key Startup Funding Highlights Of The Week

• IPO-bound Ola Electric bagged the biggest cheque this week, securing $50 Mn in debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).
• Maintaining its lead from last week, enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals.
• Seed-stage startup funding picked up steam this week with startups netting $8.1  Mn, up 270% from last week’s $3 Mn. 

Updates On Indian Startup IPOs

• SaaS cybersecurity startup TAC Infosec shares opened at INR 290 on the NSE’s small and medium enterprises platform (NSE SME), a 173.6% premium on the issue price of INR 106.
• Fintech SaaS company Trust Fintech shares opened at INR 143.25 on NSE SME, a 42% premium on its issue price of INR 101 per share. 

Startup Acquisitions This Week

• In an acquisition within Amazon India’s sellers space, Clicktech acquired Appario, one of the largest seller entities on the e-commerce marketplace.
• Business services provider Quess Corp Limited has fully acquired gig economy platform Taskmo for an undisclosed amount. Both Taskmo founders – Prashant Janadri and Naveen Ram – will exit once the acquisition by Quess is completed.

Startup Fund Launches Of This Week

• VC firm Centre Court Capital announced its maiden INR 350 Cr fund ($42 Mn) focussed on early stage startups in the sports and gaming space. It has already received commitments to the tune of INR 200 Cr from investors and top athletes. 
• Indian Navy Veteran Navneet Kaushik has rolled out Jamwant Venture Fund, an angel fund backed by SKI Capital, a SEBI-registered AIF, RTA & Category1 Merchant Bank. It will primarily look into investing in early-stage tech startups in the defence space

Other Major Developments From This Week

• Quick commerce unicorn Zepto has initiated discussions with a clutch of global investors to raise $300 Mn at a valuation range of $2.5-$3 Bn. It was last valued at $1.4 Bn in 2023.
• Fintech unicorn Navi is in talks with investors to raise $200-$400 Mn in funding at a valuation of $2 Bn. This will be the Flipkart cofounder Sachin Bansal-led startup’s maiden external fundraise.
• Ride-hailing startup Rapido is eyeing a mega $100 Mn fundraise from existing investor WestBridge Capital and others at a valuation to $900 Mn. It has reportedly received commitments of around $70 Mn and is currently approaching Indian family offices for the rest. 
• Beauty ecommerce marketplace Purplle is currently in initial discussions with Abu Dhabi Investment Authority (ADIA) for a $100 Mn investment. The investment is expected to come through secondary transactions, allowing some early investors to exit. 

SUMMARY

Indian startups cumulatively raised $151.6 Mn from 22 deals between April 1-6

Ola Electric bagged $50 Mn in debt funding, the biggest fundraise this week

Enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals

Funding momentum across the Indian startup ecosystem dropped in the first week of April after a brief uptick. Between April 1 and 6, startups cumulatively raised $151.6 Mn, a 38% decline from last week’s $243 Mn.

However, there was a rise in the number of deals with 22 startups raising funding compared to 17 in the preceding week.

Funding Galore Indian Startup Funding Of The Week [Apr 1 – Apr 6]

Key Startup Funding Highlights Of The Week

• IPO-bound Ola Electric bagged the biggest cheque this week, securing $50 Mn in debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs).
• Maintaining its lead from last week, enterprisetech sector bagged the most funding of $52.3 Mn through 8 deals.
• Seed-stage startup funding picked up steam this week with startups netting $8.1  Mn, up 270% from last week’s $3 Mn. 

Updates On Indian Startup IPOs

• SaaS cybersecurity startup TAC Infosec shares opened at INR 290 on the NSE’s small and medium enterprises platform (NSE SME), a 173.6% premium on the issue price of INR 106.
• Fintech SaaS company Trust Fintech shares opened at INR 143.25 on NSE SME, a 42% premium on its issue price of INR 101 per share. 

Startup Acquisitions This Week

• In an acquisition within Amazon India’s sellers space, Clicktech acquired Appario, one of the largest seller entities on the e-commerce marketplace.
• Business services provider Quess Corp Limited has fully acquired gig economy platform Taskmo for an undisclosed amount. Both Taskmo founders – Prashant Janadri and Naveen Ram – will exit once the acquisition by Quess is completed.

Startup Fund Launches Of This Week

• VC firm Centre Court Capital announced its maiden INR 350 Cr fund ($42 Mn) focussed on early stage startups in the sports and gaming space. It has already received commitments to the tune of INR 200 Cr from investors and top athletes. 
• Indian Navy Veteran Navneet Kaushik has rolled out Jamwant Venture Fund, an angel fund backed by SKI Capital, a SEBI-registered AIF, RTA & Category1 Merchant Bank. It will primarily look into investing in early-stage tech startups in the defence space

Other Major Developments From This Week

• Quick commerce unicorn Zepto has initiated discussions with a clutch of global investors to raise $300 Mn at a valuation range of $2.5-$3 Bn. It was last valued at $1.4 Bn in 2023.
• Fintech unicorn Navi is in talks with investors to raise $200-$400 Mn in funding at a valuation of $2 Bn. This will be the Flipkart cofounder Sachin Bansal-led startup’s maiden external fundraise.
• Ride-hailing startup Rapido is eyeing a mega $100 Mn fundraise from existing investor WestBridge Capital and others at a valuation to $900 Mn. It has reportedly received commitments of around $70 Mn and is currently approaching Indian family offices for the rest. 
• Beauty ecommerce marketplace Purplle is currently in initial discussions with Abu Dhabi Investment Authority (ADIA) for a $100 Mn investment. The investment is expected to come through secondary transactions, allowing some early investors to exit.