/tice-news-prod/media/agency_attachments/EPJ25TmWqnDXQon5S3Mc.png)
/tice-news-prod/media/member_avatars/2025/03/08/2025-03-07t192032460z-1-final-logo-ig-dp-pngs-02.png ){kind=logo}
Follow Us/tice-news-prod/media/media_files/2025/09/07/tice-funding-index-sept-week-1-2025-09-07-09-05-48.jpg)
The first week of September offered a cautious glimmer of hope for India’s startup ecosystem. Venture capital inflows ticked slightly higher, touching $166 million across 19 deals, compared to $122 million last week. While this marks an uptick, the broader picture remains subdued — weekly deal flow continues to hover around the $100M range, far below the $300M+ levels seen just a month ago.
The muted trend signals that investor caution is still strong, with valuations being reined in. A telling example was CityMall’s $47M raise at a flat valuation, reflecting the challenging environment despite strong capital interest in ecommerce.
At the same time, policy reforms like GST simplification are expected to bring much-needed relief, particularly for ecommerce startups, which form a large chunk of the deal activity this week.
TICE Funding Index
| Metric | This Week (Aug 29 – Sept 7) | Last Week (Aug 22 – Aug 29) | Change |
|---|---|---|---|
| Total Funding Raised | $166M | $122M | ▲ +36% |
| Number of Deals | 19 | 17 | ▲ +12% |
| Highest Ticket Size | $47M (CityMall) | $35M (prev week’s top deal) | — |
| Sector With Most Deals | Ecommerce & Consumer Tech | SaaS | — |
Top Deals of the Week
| Startup | Sector | Funding Amount | Lead Investors |
|---|---|---|---|
| CityMall | Ecommerce | $47M | Accel, Elevation, Norwest, Waterbridge, Citius |
| Seekho | OTT / Edtech | $28M | Bessemer, Lightspeed, Goodwater |
| FirstClub | Ecommerce | $23M | Accel, RTP Global, Blume Founders Fund |
| Offgrid Labs | Energy Storage | $15M | Archean Chemical, Ankur Capital |
| StockGro | Social Investing | $6M (Debt) | Trifecta Venture Debt |
| PlatinumRx | Healthtech / Pharma | $6M | Stellaris Venture Partners |
Sectoral Insights
Ecommerce led the charge this week, with CityMall and FirstClub together raising $70M+.
Edtech/OTT platforms like Seekho attracted major VCs, showing investors’ tilt towards content-led learning & entertainment.
Climate-tech & energy solutions remained relevant with Offgrid Labs’ $15M raise.
Healthcare & pharma digitization continues to attract consistent early-stage bets, with PlatinumRx raising $6M.
The Bigger Picture
While numbers ticked up marginally, the funding winter is far from over. Flat valuations, cautious ticket sizes, and higher reliance on venture debt (e.g., StockGro) reveal that investor discipline is the new norm.
Policy tailwinds like the GST reform could revive confidence in ecommerce-heavy portfolios in the medium term.
September will be critical to watch whether this modest recovery sustains or dips again.