TICE Funding Index: Indian Startups Keep the VC Momentum Rolling

Even as October comes to an end, the Indian startup ecosystem showed no signs of losing steam. Venture capital (VC) inflows may have dipped slightly in the last week of the month, but the mood in the market remains upbeat—thanks to a steady streak of strong deals and investor optimism that continues to fuel the entrepreneurial engine of India.

Over the week ending October 31, Indian startups collectively raised $287 million across 25 deals, a mild dip compared to the $347 million raised in the previous week. Yet, what’s remarkable is the consistency — every single week of October saw funding levels above $250 million, a figure that underscores the resilience and steady investor confidence in India’s innovation landscape.

Startup Funding in October: A Month That Ended on a High Note

October has clearly been a good month for Indian startups. From fintech and consumer brands to deeptech and healthtech, deal activity spanned across sectors and stages, painting a vibrant picture of an ecosystem that’s maturing while still maintaining its hunger for growth.

A big part of this week’s numbers came from Snapmint, the Mumbai-based fintech startup that raised a whopping $125 million in a round led by General Atlantic, alongside Prudent Investment Managers, Kae Capital, and Elev8 Venture Partners. The deal not only pushed up the overall funding tally for the week but also reflected investors’ growing faith in India’s credit and BNPL (Buy Now, Pay Later) space.

IPOs Add a Spark to the Market

Beyond venture funding, the Indian startup ecosystem also witnessed a significant boost on the public markets front. The much-anticipated Lenskart IPO opened with a bang, being fully subscribed on the very first day of bidding—a clear signal that investor sentiment for startup-led listings is once again turning positive.

Meanwhile, other big names like boAt and Curefoods are in the final stages of prepping their own IPOs, adding to the anticipation that Indian startups are ready to make a splash on Dalal Street.

To top it off, PhonePe received $600 million from General Atlantic through a secondary transaction, primarily focused on employee stock options (ESOPs). Though not counted in the week’s direct startup funding, this inflow reflects growing liquidity events and the maturing depth of the Indian tech ecosystem.

Key Deals That Defined the Week

Here’s a closer look at some of the week’s standout funding rounds:

• Snapmint (Fintech): Raised $125 million from General Atlantic, Prudent Investment Managers, Kae Capital, and Elev8 Venture Partners.

• Snabbit (Quick Service App): Secured ₹265 crore ($31.7 million) from Bertelsmann India Investments, Lightspeed India, Elevation Capital, and Nexus Ventures.

• Optimo Capital (Fintech): Bagged ₹150 crore ($29.3 million) led by Prashant Pitti, Blume Ventures, and Omnivore.

• IntrCity SmartBus (Mobility): Raised ₹250 crore ($28 million) from A91 Partners, marking continued investor interest in smart mobility and intercity travel.

• Goyaz (Silver Jewellery Brand): Garnered ₹130 crore ($14.6 million) led by Norwest Venture Partners, signalling a surge in D2C premium jewellery interest.

• Pluro Fertility (Healthtech): Raised ₹125 crore ($14 million) from Bessemer Venture Partners and angel investors, a strong indicator of confidence in India’s fertility and reproductive health space.

• Jupiter Money (Fintech): Secured ₹115 crore ($12.9 million) from Mirae Asset Venture Investments, BeeNext, and 3one4 Capital, continuing fintech’s strong run.

• SalarySe (Fintech): Raised $11.3 million from Flourish Ventures, Susquehanna Asia VC, Peak XV Surge, and Pravega Ventures.

• PointAI (Deeptech): Raised ₹47 crore ($5.2 million) from Yali Capital and Tremis Capital, adding to the growing deeptech narrative emerging from India.

The Broader Picture: Optimism Carries Forward

The steady flow of capital throughout October suggests that the Indian startup ecosystem is closing 2025 on a confident note. While deal values fluctuated week-to-week, the consistency above $250 million per week signals that VC sentiment is far from cooling down.

As the ecosystem heads into November, the key question is whether this positive trend will sustain. With IPOs gathering pace, domestic consumption holding strong, and global investors continuing to scout for scalable India bets, the signs look promising.

For now, the numbers speak for themselves — India’s innovation economy is not just surviving the funding cycles, it’s adapting, diversifying, and moving steadily toward a more mature and balanced growth story.