Funding and acquisitions in Indian startup this week [Apr 21 - Apr 25]

During the week, 22 Indian startups raised a total of approximately $112.35 million, including 6 growth-stage and 12 early-stage deals, while 6 startups kept their funding details undisclosed.

In comparison, the previous week saw 25 startups across early and growth stages secure around $62.67  million.

[Growth-stage deals]

Growth and late-stage funding touched nearly $85 million this week, led by foodtech unicorn Rebel Foods, which raised $25 million from the Qatar Investment Authority. Enterprise tech startup Uniqus Consultech secured $20 million in a Series C round led by Nexus Venture Partners, while drone tech firm Vayudh brought in $10 million in its Series A round backed by Dharaana Capital. Fintech player Bankbazaar, agritech startup Farmart, and Fabric along with its subsidiary Intellicar also raised capital during the week.

[Early-stage deals]

Further, 12 early-stage startups collectively raised a total of $27.41 million in funding. Skill-training platform Emversity led the early stage funding with a $5 million round followed by healthcare-focused fintech startup SaveIN, savings app Bachatt, agri-biotech startup GreenGrahi, D2C snack brand Phab, Travel tech startup for online visa applications among others.

Dev‑tools startup DevAssure, transit-tech platform Tummoc, AI startup Catalogus and AI-powered quick commerce platform KiranaPro  also raised a sum but did not disclose the amount raised.

For a detailed funding breakdown, visit TheKredible.

[City and segment-wise deals]

In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 9 deals followed by Bengaluru, Mumbai, Chennai and others.

Segment-wise, fintech startups are at the top spot with 4 deals. Travel Tech and foodtech startups followed with 3 deals and 2 deals respectively. Agritech, e-commerce, AI,  deeptech, drone tech and others also bagged the deals.

[Series-wise deals]

During the week, Seed funding deals led with 9 deals followed by Series A, pre-seed, Series C, and others.

[Week-on-week funding trend]

On a weekly basis, startup funding jumped by 70% to $112.35 million as compared to around $62.67  million raised during the previous week.

The average funding in the last eight weeks stands at around $232.47 million with 25 deals per week.

[Key Hirings & Departures]

This week saw some notable promotions across companies. Mamaearth-parent elevates Karan Bajwa and Avinash Dhagat to CXO roles, Accel promotes Pratik Agarwal and Rachit Parekh to Partner. Pine Labs promoted its CEO Amrish Rau to Managing Director and Chairman of the company and Ideaspring has appointed Kailashnath as partner.

There were a couple of departures as  Sandip Basu, Group CFO of VerSe (Parent company of Dailhunt) stepped down from his role citing health reasons and Nitin Agarwal, CEO of Globalbees stepped down from his position due to personal reasons.

Visit TheKredible for more details

[Mergers and Acquisitions]

Ampivo AI, a multi-modal AI solutions provider, has acquired a majority stake (51%) in Commerce Forever Solutions. CARS24 has acquired Team-BHP, a major automotive community platform in India. Eyewear brand ClearDekho has been acquired by the Indian conglomerate Jaipuria Group.

Visit TheKredible for more details

[Layoffs]

Cars24, the e-commerce platform for pre-owned vehicles, has laid off more than 200 employees from its product and technology divisions as part of a cost-cutting initiative.

[Fund Launches]

A91 Partners has closed its third fund at $665 million. With Fund III, it will continue backing growth-stage businesses and supporting founders with strategic capital. Blue Ocean Games, backed by South Korean gaming giant Krafton Inc., has launched a $30 million fund to support indie game developers worldwide, with a focus on emerging talent from India. Trident Growth Partners has secured over Rs 1,000 crore in the first close of its maiden fund.

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

[New Launches and Partnerships]

▪️Former Housing.com CEO Jason Kothari launches new startup Mythik

▪️Candere's founder launches   Lucira, a lab-grown diamond jewelry brand

▪️Akums partners with Tamil Nadu Agricultural University to drive pharmaceutical innovation

▪️ The Circle FC collaborates with Start-in UP to propel Uttar Pradesh startups onto the global stage

▪️NSDC joins hands with Rapido to enhance skills and boost employability in the gig economy

▪️MobiKwik teams up with Poonawalla Fincorp to provide instant personal loans

[Potential Deals]

▪️ Bhavish Aggarwal’s Krutrim in talks to raise $300 Mn

▪️ IPO-bound Captain Fresh to secure debt from Trifecta

▪️ ELIVAAS in talks to raise Rs 100 Cr in new round

▪️Pagarbook turns cashflow positive amid steep valuation drop

 [Financial results this week]

▪️ XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

▪️ Zupee posts Rs 146 Cr profit after tax in FY24

▪️Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

[News flash this week]

▪️ ED raids 8 locations linked to FIITJEE over centre closures

▪️ Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue

▪️ Flipkart board approves domicile shift from Singapore to India

▪️ Zetwerk plans to go public in 12-24 months

▪️MobiKwik sets up wholly-owned NBFC subsidiary

[Summary]

On a weekly basis, startup funding jumped by 70% to $112.35 million as compared to around $62.67  million raised during the previous week.

Electric two-wheeler manufacturer Ather Energy is set to launch its initial public offering (IPO) for subscription from April 28 to April 30. The IPO has a total issue size of Rs 2,980.7 crore, which includes a fresh issue of Rs 2,626 crore and an offer for sale (OFS) worth Rs 354.76 crore.

Flipkart has reportedly received board approval to shift its domicile from Singapore to India. The Walmart-owned e-commerce giant joins a growing list of companies, including Pine Labs, Razorpay, and KreditBee, that are relocating their base to India.

MobiKwik has set up a wholly owned subsidiary, Mobikwik Financial Services Private Limited (MFSPL), to operate as a Non-Banking Financial Company (NBFC). MFSPL will offer financial services like loans, leasing, and hire purchase across various asset classes, including vehicles, equipment, and property.