TICE Startup Funding Index: Early-Stage Startups Dominate Fundraising

The funding data of Indian startups from August 11 to August 18, 2023, provides valuable insights into the funding landscape. Several startups secured funding across various funding types. Early-stage startups attracted the most funding.

Sonu Vivek
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The funding data of Indian startups from August 11 to August 18, 2023, provides valuable insights into the funding landscape. In this period, several startups secured funding across various funding types, including Seed, Series A, Series B, Series E, and Conventional Debt. Let's delve into the key findings and highlight the significant aspects of the report.

As per the data compiled by TICE Startup Funding Index, a total of 9 startups raised funding (including undisclosed funding rounds) between July 27 - August 4. The total funding amount raised by Indian startups comes to $51.7M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Fourth Partner Energy, working on a renewable energy solutions platform bagged the biggest funding of the week as it raised close to $42M  from Norfund which translates to Norwegian Investment Fund

Entri, a vernacular language learning platform, which helps people acquire relevant job skills. According to Traxcn, The Startup got $3.47M from undisclosed sources. 

AI startup Shaktimaan.ai  raised $2 million. Prominent investors like YCombinator, Fundersclub, GoodWater Capital, as well as Misbah and Nishchay (Founders of Jar), invested in Shaktimaan.ai to revolutionize education with personalized AI mentorship. 

Speech AI startup Contiinex secured $2 million in a pre-Series A funding round led by YourNest and Refex Capital. The investment aims to bolster its tech team and expand in the US. Founded in December 2020 by Prateek Mehta and Vijay Krishna BS, Contiinex focuses on the English-speaking global speech market. Its unique speech-to-text engine and LLM-driven Contiinex Open Framework for Insights (COFI) have made waves in healthcare and insurance sectors.

Major Developments of the Week:

  • Zepto has collaborated with Yulu, an electric mobility startup, to transition towards an entirely electric vehicle fleet dedicated to its last-mile deliveries.

  • Digital India scheme expansion to support 1200 startups across Tier-2 and Tier-3 cities. 
  • Another round of layoff at Byju's as it fires 100 more employees. 
  • India's star cricketer Hardik Pandya invests in Aretto, a sustainable kids footwear startup. 

  • The Nifty Next 50 and Nifty 100 indices of the National Stock Exchange (NSE) have excluded Nykaa, a prominent player in the beauty ecommerce sector.

  • Indian Bank Launches 10 Startup Cells, Providing Customized Products for Emerging Businesses. 

  • Finix Partners, a venture capital firm led by former BharatPe co-founder Bhavik Koladiya, has successfully acquired the fintech startup Slash.

  • Ola Electric Makes Striking Entry into Electric Motorbike Arena with Unveiling of 4 New Models. The quartet includes the Ola Cruiser, Ola Roadster, Ola Adventure, and Ola DiamondHead, all set for a grand launch by late 2024. 

Highlights | Startup Funding Report 

Name of Startup

Founding Year

Funding Type

Funding Raised


Plus 2022 Seed 350K EvolveX
BizPay 2021 Seed Undisclosed Inflection Point Ventures
Teleport 2022 Seed 500K Kunal Shah, Vidit Aatrey, Kishore Ganji, Appreciate Capital, Superb Capital, 888vc, and FAAD network.
VegaPay 2022 Seed 1.1M Eximius Ventures with participation from DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.
Entri 2015 Series A 3.47M Undisclosed 
Shaktimaan 2023 Seed 2M Y Combinator, Fundersclub, GoodWater Capital, founders of Jar, along with other investors.
Healthspring 2010 Series B Undisclosed Undisclosed
Contiinex 2020 Pre-Series A round 2M YourNest and Refex Capital
Fourth Partner Energy 2010 Series C 42.3M Norfund