Funding in Indian startups this week (11 Oct-16 Oct)


This week 39 Indian startups raised funding, of which 31 received a total of $902 million. CarDekho raised the highest funding of about $250 million, followed by Tala which raised $145 million.

Meanwhile, the funding of eight of the total funded startups remained undisclosed.

Below is the summary of deals closed this week

Growth/late startups (11 deals)

CarDekho: Used car retailer CarDekho has raised $250 million as a part of its latest Series E financing round, driving its valuation to $1.2 billion and making it the newest entrant to India’s unicorn league.

Tala: Tala, a technology company that seeks to make financial services more accessible, on Friday said that it has raised $145 million (Rs 1,088 crore) as part of its Series E funding round led by AI-based lending platform Upstart.

Hubilo: Hubilo, the virtual events platform headquartered in San Francisco with a base office in Bengaluru, has raised $125 million in a Series B funding round led by Alkeon Capital, with participation from Lightspeed Venture Partners and Balderton Capital.

Open: Neobanking startup Open has raised $100 million in its Series C round. The round led by Temasek was joined by Google and SBI Investment and saw participation from existing investors Tiger Global and 3one4 Capital. Since Entrackr had already reported Open’s $62 million tranche in its September 11 edition, we will include the remaining $38 million in the total amount.


Zetwerk: Business-business (B2B) manufacturing solutions provider Zetwerk Manufacturing has closed a Rs 500 crore or $66.5 million financing agreement with TradeCred.

Duroflex: Duroflex Pvt. Ltd., which sells mattresses under the labels of Duroflex and Sleepyhead, has raised $60 million in a funding round led by Norwest Venture Partners.

Fraazo: Fraazo, a Mumbai-based direct-to-consumer (D2C) brand in the fresh vegetables and fruits category, has raised $50 million in a fresh round of funding led by WestBridge Capital and existing backers Sixth Sense Ventures, Equanimity Investments, Apar Group, along with leading Indian family offices, including Manish Choksi of Asian Paints.  

M2P Fintech: API infrastructure company M2P Fintech, previously known as Yap, has secured $35 million in Series C financing led by Tiger Global Management. Existing investors Beenext, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital and the DMI Group via its investment vehicle Sparkle Fund also participated in the round.

Melorra: Melorra, a D2C jewellery brand, has raised $24 million in a round led by 9Unicorns, Symphony International Holdings Limited, Value Quest, Venture Catalysts, Param Capital and family offices.

Ather Energy: Electric scooter manufacturer Ather Energy has raised Rs 130 crore or $17.2 million debt from existing investor Hero MotoCorp. This is the maiden infusion in the Bengaluru-based company this year. 

Waycool: Agritech startup Waycool has kicked off a new round as the company has raised Rs 96 crore or close to $13 million as a part of its Series D round. This is the second fundraise for the Chennai-based company this year. 

Early-stage startups (28 deals including 8 undisclosed)

ReshaMandi: Business-to-business marketplace for silk products, ReshaMandi has scooped up $30 million in its Series A financing round, led by Creation Investments., an AI-driven SaaS platform, has raised $11.75 million in its Series A round led by Moneta Ventures, Baring Private Equity India, Binny Bansal, Ventureast, 9Unicorns, Anthill Ventures, Cathexis Ventures, SOSV, Artesian, and Innoven Capital.

Visit Health: Docprime Technologies, a fully owned subsidiary of PB Fintech – the parent company of PolicyBazaar and Paisabazaar, has invested around $7.5 million in telehealth and wellness platform Visit Health.

Arrivae: Arrivae, a made-to-order furniture manufacturer and home improvement company, has raised around $7 million in an external round led by Rakesh Jhunjhunwala.

FloCareer: FloCareer, a business-to-business startup focused on white and gray collar job interviews, has raised $5.7 million in a round led by Boston-based Data Point Capital. Uncorrelated Ventures and Orios Venture Partners have also joined the round.

Niro: Niro, a consumer lending fintech startup, has raised $3.5 million in its seed round led by Elevar Equity. Kunal Shah, Nitin Gupta, Bala Parthasarathy, the Patni Family Office, R. Ramaraj and Aseem Dhru have also joined the round.

Creative Galileo: Edtech startup Creative Galileo has raised $2.5 million in its seed round led by Kalaari Capital with an investment of $2.1 million. Harish Bahl, Shashin Shah, Jinesh Patel, Atul Nishar, Ashwin Puri and Giridhar Malpani have also joined the round and put the remaining amount.

Arcana Network: Arcana Network, a blockchain startup, has raised $2.3 million in a round led by Republic Crypto and Woodstock Fund.

AnKa SumMor: AnKa SumMor, a sales and distribution (S&D) enablement platform, has raised Rs 11.6 crore or $1.5 million in its pre-Series A round led by Inflection Point Ventures (IPV).

HeyHey!: Celebrity engagement startup HeyHey! has raised $1.5 million from Electric Capital, Vector Media, and Yoshimoto Kogyo., a community-led professional network for women, has raised $810K or $0.8 million in its pre-Series A round led by Enzia Ventures, Kunal Shah and its users. Existing backers Whiteboard Capital, Titan Capital and Artha India Ventures have also participated.

Crater: Crater, an interactive media platform, on Tuesday, announced that it has raised $700,000 or $0.7 million in seed funding from LC Nueva AIF, Director of TransContinental Venture Fund.

F5: F5, a D2C service brand, has raised $664K or $0.66 million in its pre-Series A round led by Auxano Capital. Huddle, Lets Venture, Venture Catalyst and other investors have also participated in the round.

SALT: SALT, a cross-border payments platform, has raised $500K or $0.5 million in its pre-seed round from a clutch of angel investors such as Prashant Pansare, Amit Goel, Vishrut Bubna, Supermorpheus along with founders from various startups such as IIMJOBS, Cashoverflow, Orange Health, Cloudnine Hospitals, and others.

Playto Labs: Playto Labs, an edtech startup, has raised $531K or $0.53 million in its seed round led by Inflection Point Ventures (IPV).

EarnWealth: Pune-based EarnWealth, a social commerce fintech startup, has raised $500K or $0.5 million in equity in Pre-Series A funding round led by a few Pune-based angels at a valuation of Rs 50 crore, the company said.

ForeignAdmits: ForeignAdmits, a data-driven education platform, has raised $457K or $0.45 million in its seed round led by Unicorn India Ventures. RiDiK Technology from Singapore, Manoranjan Mohapatra, Kumar Siddhartha, Chandra Shekhar Sharma, Sudhanshu Mishra, Sagar Gandhi and Mayank Sharma have also joined the round.

Wiingy: Wiingy, a robotics edtech startup, has raised $400K or $0.4 million in an angel funding round from Aroa Ventures, Abhinav Sinha, Maninder Gulati, Kavikrut, Rohit Kapoor and Ashish Goel, along with Vineet Nanda and Manish Chopra.

Orphicy: Orphicy, an edtech startup, has raised $331K or $0.33 million from NRI tech enthusiasts presently working in leadership positions at Facebook, McKinsey, at a valuation of Rs 25 crore. IMS Learning Resources also picked up 1% stake in the company.

Nap Chief: Nap Chief, a direct-to-consumer (D2C) kid’s wear brand, has raised $265K or $0.26 million in a seed round of funding from Titan Capital and other angel investors.    


Easocare, Storia, NFTically, Yobee, Orange Retail Finance, WebEngage, Habanero Foods and CASHe did not disclose their financial details.

*Every week we track startups that have raised fresh investment. Stay tuned for next week roundup

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