Funding and Acquisitions in Indian Startup Ecosystem (June 10 - June 15, 2024)

As the Indian startup landscape continues to evolve, this week witnessed significant funding activity across various sectors. A total of 31 startups secured approximately $336.45 million in funding, with both growth-stage and early-stage investments contributing to the surge. Let’s dive into the details:

Funding Deals

Growth-stage Investments

1. Battery Smart : The battery tech startup raised an impressive $65 million in funding.
2. Foxtale : A direct-to-consumer (D2C) skincare brand, Foxtale, secured $18 million.
3. Samunnati : An agri-finance company, Samunnati, received $16 million.
4. RENéE Cosmetics and Smartworks: Both companies raised $12 million each in their respective funding rounds.

Early-stage Funding Rounds

1. SCOPE: The invite-only networking platform led early-stage funding, although the exact amount remains undisclosed.
2. Other startups that secured funding include: Indkal (consumer electronics), Ethereal Machines (advanced manufacturing), Indigrid Technology (electric vehicle components), Trampoline (cross-border B2B home décor brand)
3. Two startups - Clapingo (on-demand English tutoring) and Eduport (provider of NEET, KEAM, CUET, and JEE classes)—chose to keep their funding amounts confidential.

City-wise Distribution

1. Bengaluru: Leading the way with 11 deals.
2. Delhi-NCR, Mumbai, Ahmedabad, and Chennai also saw multiple deals.

Segment-wise Distribution

• E-commerce: Dominated with six deals.
• Other sectors such as fintech, electric vehicles (EV), edtech, foodtech, and healthtech also participated.

Series-wise Funding

1. Seed funding: Topped the list with 10 transactions.
2. Series A: Seven startups secured Series A funding.
3. Pre-Series A: Two deals in this category.
4. Series B: Six startups raised Series B funding.
5. Debt funding: Three deals in this category.

Week-on-week Trend

• Startup funding decreased by 16.38% compared to the previous week’s total of $402.34 million.
• The average funding over the last eight weeks stands at approximately $335.62 million, with an average of 27 deals per week.

Notable Developments

• Recur Club’s Recur Scale: A new credit product aimed at financing startups and SMEs at the Series A and B stages and beyond.
• South Park Commons (SPC): Expanded outside the US with a new location in Bengaluru, India, in collaboration with Flipkart co-founder Binny Bansal.

The Indian startup ecosystem remains dynamic, with investors showing continued interest in innovative ventures. As the year progresses, we can expect further growth and exciting developments in this space.