TICE Funding Index May: A Glimpse into Indian Startup Investment

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Startup Funding Index_May, 2024

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Investors are placing their bets on the promising future of Indian startups, defying drought in the funding landscape and injecting significant funds into ventures across various sectors. From travel portals to artificial intelligence firms and environmentally conscious initiatives, recent funding rounds highlight the diverse landscape of innovation in the country.

TICE Startup Funding Index will provide comprehensive coverage of the latest funding updates from the Indian Startup Ecosystem. Whether you're an investor on the hunt for promising opportunities, an entrepreneur seeking inspiration, or a curious observer keen on tracking the pulse of the startup landscape, the TICE Funding Index is your gateway to a wealth of insights.

Whether you're an investor seeking promising opportunities, an entrepreneur looking for inspiration, or simply a curious observer of the startup ecosystem, this TICE Funding Index is your go-to source for all things funding-related.


Startup Name

Funding Amount

Investors Name



Enam Holdings

High Street Essentials

INR 50 Cr

Sangita Jindal, SRF Group family offices, Krishna Bodanapu, Timmy Sarna

Zypp Electric


ENEOS, 9unicorns, IAN Fund, Venture Catalysts, WFC



Andreessen Horowitz, Sequoia Capital



Venture Highway, Neon, DeVC

Annapurna Finance

Rs 600 Cr

Piramal Alternatives


Rs 150 Cr

Coromandel International Limited


Rs 6.7 Crore

Indian Angel Foundation



Not specified

Relux Electric

Rs 250 Cr

Not specified

K12 Techno Services


Venturi Partners, Navneet Education



GIC, Meritech Capital, Salesforce Ventures


Rs 696.5 Crore

Abu Dhabi Investment Authority, Tata Digital, Blackrock

Myelin Foundry

USD 4 Million

SIDBI Venture Capital Ltd, Pratithi Investment Trust, Endiya Partners


USD 2 Million

SiriusOne Capital, Inflection Point Ventures, LetsVenture


Rs 330 Cr

InCred Alternative Investments

GreenCell Mobility

Rs 307 Cr

Sumitomo Mitsui Banking Corporation


$2.3 Mn

Villgro Innovation Foundation, Caspian, RevX, Venture Garage



Erik Ragatz, Mark Siegel, Dan Rose, Binny Bansal



Prime Venture Partners, Zephyr Peacock India

Good Capital


Not specified

Maiva Pharma

Rs 1,000 Cr

Morgan Stanley, India Life Sciences Fund IV

Infinity Fincorp


Archerman Capital


Rs 41 Cr

Aavishkaar Capital, Rukam Capital, Roots Ventures, DSG Consumer

Stride Ventures


Not specified



RTP Global



Lightrock, Lightsmith Group, Marubeni Corporation, Duke Energy, National Grid, Edison International, Sabanci Ventures

Startup Funding Index - 25 May, 2024 to 27 May, 2024

TICE brings you the latest startup funding news from May 25-27, highlighting significant investments in emerging companies. This edition covers Coversure’s $4 million pre-Series A round, High Street Essentials' INR 50 crore boost, Zypp Electric's $15 million Series C1 funding, and xAI's massive $6 billion Series B raise, showcasing the dynamic landscape of startup financing.

Coversure Secures $4 Million in Pre-Series A Funding

Insurtech startup Coversure has raised $4 million in a pre-series A funding round led by Enam Holdings. The Mumbai-based company aims to use the funds to build a consumer-centric insurance engagement platform leveraging data intelligence and machine learning capabilities.

Founded in January 2023, Coversure offers integrated insurance services across health, life, motor, and travel segments. The company provides claims assistance and constructs personalized insurance portfolios for individuals and families, offering clear policy information. It assesses users' risk profiles and plans to introduce tailored insurance solutions soon.

The Indian insurance industry is expected to grow at a combined annual growth rate of over 14% over the next ten years. Relaxations in insurance regulations are anticipated to continue, making the industry more consumer-centric and achieving higher adoption.

High Street Essentials Raises Rs 50 Crore for Wedding Wear Expansion

High Street Essentials, a D2C omnichannel womenswear fashion house, has raised Rs 50 crore to expand into the wedding wear market. The funding round was led by JSW Foundation chairperson Sangita Jindal and included participation from family offices of SRF Group, Cyient's executive vice chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timmy Sarna.

Founded in 2012, High Street Essentials sells affordable western wear and ethnic-fusion wear under the FabAlley and Indya brands. The investment will boost the brand’s premium occasion-wear line ‘Weddings By Indya’ and help strengthen its footprint in the occasion and wedding wear market.

Zypp Electric Raises $15 Million in Series C1 Funding

Zypp Electric, a tech-enabled EV-as-a-service platform, has raised $15 million in Series C1 funding led by Japanese major ENEOS. The round also saw participation from existing investors 9unicorns, IAN Fund, Venture Catalysts, and WFC, among others. The funding is part of Zypp Electric's ongoing $50-million Series C round, which includes $40 million in equity and $10 million in debt.

Founded in 2017, Zypp Electric plans to use the funds to expand its fleet from 21,000 to 200,000 electric scooters and extend its services to 15 cities across India by 2026. The company registered a revenue of Rs 325 crore in FY23-24 and launched operations in Mumbai and Hyderabad recently. Zypp's environmentally friendly initiatives have reduced 31 million kilograms of carbon emissions and completed over 50 million shipments via electric vehicles from January 2023 to March 2024.

xAI Raises $6 Billion in Series B Funding

Elon Musk's artificial intelligence startup xAI has raised $6 billion in a Series B funding round. The funding was backed by prominent investors including Andreessen Horowitz and Sequoia Capital.

xAI plans to use the funds to take its first products to market, build advanced infrastructure, and accelerate research and development of future technologies. The AI race has been heating up, with several investors signing big checks for startups looking to compete with market leaders like OpenAI.

Startup Funding Index - 01st May to 23rd May 2024 

The startup world has been seeing a funding winters for a long time. Year 2023 has not been very good for startup seeking funding. According to a report by market intelligence platform PrivateCircle Research, Startup Funding in India saw a sharp decline of over 62% in 2023, plummeting to Rs 66,908 crore from Rs 1,80,000 crore in 2022.

However, the first quarter (Jan, Feb & March) of 2024 turned to be a little hopeful for startups as the quarter saw some great deals. However, after making some high spikes in the early 2024, April saw a 12.6% decline in funding due to lack of large deals. Do you want to get more insights from the Indian startup funding news? If yes, TICE is here! In our TICE Startup Funding Index, we bring to you the latest funding updates from the Indian Startup Ecosystem.

Let's have a look into the details of some of the latest investments driving the growth of these startups

ah! Ventures' First Gear Platform Invests in Agrilectric, Boosting Agritech Innovation - 23rd May, 2024

ah! Ventures has injected funds into Agrilectric through its First Gear Platform, dedicated to supporting startups with up to Rs 1 crore ($150K) in capital. With this investment, ah! Ventures now boasts 221 investments in 130 startups, totaling Rs 437 crore ($54 million) in its investment portfolio. Notably, the firm has recorded 17 successful exits and facilitated 55 follow-on rounds. In 2024, ah! Ventures expanded its investments across all three platforms, including First Gear, Angel Platform (up to $1 million), and High Tables Platform ($1-10 million), solidifying its commitment to fostering innovation at various stages of growth.

ProsParity Secures $2 Million in Pre-Seed Funding, Spearheaded by BEENEXT - 23rd May, 2024

In a significant stride for the electric mobility sector, fintech platform ProsParity has successfully raised $2 million in a pre-seed funding round led by prominent investor BEENEXT. Joining the investment are global institutional players such as Sparrow Capital, All In Capital, DeVC, and Huddle Ventures. Notable angel investors, including Dr. Ashish Gupta, Raj Dugar, Dhyanesh Shah, Abhishek Goyal, and Nitin Kaushal, have also contributed to this funding round. Founded by Saurabh Khodke and Anirudh Dhakar, ProsParity serves as an end-to-end electric mobility financing platform, prioritizing compliance, scalability, and agility to streamline financing relationships for EV dealers and OEMs, thus facilitating financing solutions for their end-customers.

UnifyApps Secures $11M to Revolutionize Enterprise App Integration with AI - 23rd May, 2024

UnifyApps raised $11 million in a seed round led by Elevation Capital, with participation from angel investors. The funding will support the development of a generative AI-based platform for integrating disjointed applications, enabling faster custom app creation, workflow automation, and real-time data synchronization. CEO Pavitar Singh highlighted the platform's potential to eliminate organizational silos and enhance user experiences. Founded in 2023, UnifyApps aims to support over 5,000 applications and facilitate custom integrations within a day. Elevation Capital’s Mukul Arora sees significant opportunities in helping enterprises automate complex processes and improve efficiency through seamless application unification.

Inflection Point Ventures Leads Rs 1 Cr Seed Round for Freshleaf, Premium Tea Brand - 23rd May, 2024

Freshleaf, a premium tea brand, has secured Rs 1 crore in a seed funding round with Inflection Point Ventures taking the lead. The capital infusion is earmarked for bolstering marketing initiatives, scaling up production capacity, and advancing research and development for new product offerings, the company revealed. This injection of funds positions Freshleaf to deliver top-tier teas that elevate the modern tea-drinking experience. With a focus on innovative flavors and a dedication to inclusivity, Freshleaf aims to carve out a prominent presence in the fiercely competitive beverage market, according to company statements.

Bharat Innovation Fund Leads $3M Investment in Portl’s Digital Fitness Venture - 23rd May, 2024

Portl, a startup specializing in Digital Fitness and Wellness Technology, has concluded a $3 million funding round with Bharat Innovation Fund taking the helm. Joining the round are existing investor Kalaari Capital and new participant T-Hub Foundation. This infusion of capital is earmarked to expedite Portl’s product development, expand its market footprint, and further enhance its state-of-the-art AI systems. Portl aims to diversify its product portfolio, introducing connected strength systems catering to users of all fitness levels, and extending its reach across India and international markets with the latest investment. Founded in March 2021 by Indraneel Gupta, Vishal Chandapeta, and Armaan Kandhari, Portl’s flagship offering, the Portl Studio, alongside its digital platform, seamlessly integrates advanced artificial intelligence to deliver personalized fitness and wellness experiences directly to users’ homes, high-end hotels, and fitness facilities.

Incofin and Maj Invest Infuse $13M into SAVE Group for Rural Financial Empowerment - 22nd May, 2024

Incofin India Progress Fund and Maj Invest have invested $13 million in SAVE Group to enhance rural financial services. In March 2024, Maj Invest invested $3 million in SAVE Solutions, while Incofin invested $10 million in SaGgraha Management Services, a subsidiary specializing in microfinance loans. The funds will expand SAVE’s lending verticals, including microfinance, MSME, and affordable housing loans. SAVE Group, founded in 2009, aims to revolutionize rural finance with 522 branches across 17 states. The investment will help increase their asset management from Rs 1,962 crore to a target of Rs 18,000 crore within five years.

SuperKalam Raises $2M in Seed Round Led by Y Combinator - 22nd May, 2024

SuperKalam, an AI-driven personal mentor for competitive exam prep, raised $2 million in a seed round led by Y Combinator and Fundersclub. Notable investors included YC Partner Puneet Kumar, GoodWater Capital, and Nurture Ventures. The funds will enhance SuperKalam’s AI-led platform, expand reach, improve user experience, and drive innovation in personalized learning. Founded in July 2023 by Vimal Singh Rathore and Aseem Gupta, SuperKalam uses AI analytics for tailored learning paths and progress tracking. With over 60,000 students, it offers personalized mentorship, continuing Rathore's success after Coursavy, acquired by Unacademy in 2020.

Bhavik Koladiya's OTPless bags $3.5M in pre-Series A round led by Sidbi - 17th May, 2024

Bhavik Koladiya's startup OTPless has secured $3.5 million in a pre-Series A funding round led by Sidbi. The funding also included contributions from Venture Highway, FJ Labs, and Piper Serica. OTPless, based in Surat, focuses on customer identity and access management, aiming to simplify user authentication without one-time passwords. The startup plans to use the funds to expand globally and add authorisation services, determining user permissions. With 5,000 companies and 20,000 developers using its platform, OTPless authenticates over 30 million users. Bhavik Koladiya, along with co-founders Satyam Nathani and Tanmay Sagar, leads the venture. The company’s technology allows users to sign in via various accounts and modern protocols, providing seamless, secure authentication. Sidbi praised OTPless's innovative approach and potential to lead the global identity and access management market.

Propelld's NBFC Edgro secures $25M debt to offer student loans - 17th May, 2024

Propelld, an education lending fintech, has secured over $25 million in debt for its NBFC, Edgro, to offer student loans. Lenders include Credit Saison India, AU Small Finance Bank, InCred Financial Services, and Northern Arc Capital. Founded by IIT Madras graduates in 2019, Propelld provides flexible loan options to students and partners with over 2,000 educational institutions. Edgro has an annual disbursal rate of Rs 1,200 crore with NPAs below 1%. Propelld plans to use the funds to expand its reach and improve its offerings. In 2022, Propelld raised $35 million in Series B funding from WestBridge Capital and other investors. The company aims to make education more accessible and affordable for students.

OTPless: Revolutionizing Authentication with $3.5M Pre-Series A Funding - 17th May, 2024

Bhavik Koladiya's OTPless raised $3.5M in pre-Series A led by Sidbi, with Venture Highway, FJ Labs, and Piper Serica. The Surat-based startup plans global expansion and adding authorization services. Koladiya aims to simplify and secure user authentication. The funding will scale operations and enhance technology. OTPless offers account-based sign-ins across platforms, facilitating easy integration for developers. It leverages telecom partnerships for silent network authentication. Currently serving 5,000+ companies and 20,000+ developers globally, authenticating over 30 million users, OTPless is led by BharatPe's founders Koladiya, Satyam Nathani, and Tanmay Sagar.

Battery Smart Secures $45M Funding to Power Electric Vehicle Expansion - 16th May, 2024

Battery Smart has raised $45 million in funding from investors including Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. This involves issuing 87,113 Series B CCPS at a price of Rs 43,203 each. Acacia Inclusion led with Rs 124.75 crore, followed by MUFG Bank and Blume Ventures with Rs 93.56 crore and Rs 41.58 crore respectively. Ecosystem Integrity Fund and British International Investment contributed Rs 41.58 crore and Rs 49.90 crore respectively. This investment values Battery Smart at Rs 2,830 crore ($341 million), a significant increase from its previous valuation. The Gurugram-based startup provides lithium-ion batteries for electric vehicles and plans to expand its battery-as-a-service model.

Agriculture Robotics Startup Niqo Robotics Raises $13 Mn in Series B Round - 15th May, 2024

Niqo Robotics, an agriculture robotics startup based in Bengaluru, has raised $13 million in a Series B funding round led by Bidra Innovation Ventures. The funding also included investments from Fulcrum Global Capital and Omnivore. Niqo Robotics, founded by Jaisimha Rao in 2015, has developed a unique AI-driven camera system that uses deep learning to identify and selectively spray chemicals on target plants, reducing chemical usage by up to 90%. The startup has already commercialized this technology on over 90,000 acres, helping 1,800 farmers save up to 60% on chemical costs in the 2023-24 period. In total, Niqo has raised $21 million in various funding rounds from several investors, including Beenext and Blume Ventures.

ChrysCapital Acquires Mahindra Group’s Stake in Eyecare Chain Centre for Sight, to invest up to $100 Mn - 14th May, 2024

ChrysCapital, an India-focused private equity firm, is investing up to $100 million in the eye care chain Centre for Sight (CFS). This investment includes buying the entire stake of Mahindra Holdings in CFS, giving ChrysCapital a significant minority stake. Mahindra Holdings had previously invested Rs 206.5 crore in CFS in 2019. Founded by Dr. Mahipal Sachdev in 1996, CFS currently operates 83 centers across 39 cities and plans to use the new funds to expand further into Tier I and II cities. Dr. Sachdev welcomed ChrysCapital, noting their investment as a strong endorsement of CFS's capabilities. ChrysCapital, which recently closed a $700 million Continuation Fund and invested $70 million in La Renon, sees significant potential in India's healthcare sector due to the underserved market. Several firms advised on the transaction, including Alvarez & Marsal, o3 Capital, SAMCO, IndusLaw, and DMD Advocates.

Celcius Logistics secures Rs 40 Cr in Pre-Series B Funding - 14th May, 2024

Celcius Logistics, a supply chain solutions company, raised Rs 40 crore ($4.7 million) in a pre-Series B funding round led by IvyCap Ventures, with participation from Mumbai Angels and Caret Capital. This follows their Rs 100 crore Series A funding in April last year. Celcius plans to use the new funds to expand its transportation, warehouse management, and cold storage services to reach over 500 cities within a year, supporting the sale of perishable goods. The company currently operates 4,000 vehicles, 107 cold storage facilities, 27 distribution centers, and 200 hyperlocal riders across India. Their clients include major companies like Zomato, Reliance Pharma, and Baskin Robbins. IvyCap Ventures praised Celcius for digitizing the cold chain industry.

Marketing SaaS platform Highperformr.ai raises $3.5M seed funding from Venture Highway, Neon - 14th May,2024

Highperformr.ai, a marketing SaaS platform based in Chennai and the US, raised $3.5 million in seed funding led by Venture Highway, Neon, and DeVC, along with angel investors. Founded in July 2023 by Srivatsan Venkatesan and Ramesh Ravishankar, who have extensive experience at Freshworks, the platform focuses on AI-driven analytics models to distinguish genuine business prospects from superficial engagement. It offers content management services like scheduling and cross-platform posting, along with generative AI for content creation. High Performer helps clients generate leads, enhance their online presence, and accelerate sales growth. The funding will support further R&D on AI tools and building a distribution network to address complex social media challenges.

Piramal Alternatives invests Rs 600 Cr in Annapurna Finance for an undisclosed stake - 13th May, 2024

Piramal Alternatives invested Rs 600 crore in Annapurna Finance, a microfinance company, acquiring an undisclosed stake. This includes buying shares from an existing shareholder and providing non-core Tier-II capital. The investment aims to fuel Annapurna's risk-calibrated growth in assets under management. Annapurna, based in Odisha, has an AUM of $1.25 billion and operates through 1,372 branches across 20 states, lending to small micro, small, and medium businesses. Piramal Alternatives' CEO, Kalpesh Kikani, highlights the high growth potential of microfinance as a retail asset class. Annapurna's MD and CEO, Gobinda Chandra Pattanaik, sees the investment aiding business diversification and strengthening market position.

Coromandel acquires additional 7% stake in drone manufacturer Dhaksha for Rs 150  - 13th May, 2024

Coromandel International Limited, an agri solutions provider, acquired an additional 7% stake in drone manufacturer Dhaksha Unmanned Systems Private Limited for Rs 150 crore. Through its subsidiary, Coromandel Technology Limited, Coromandel's ownership in Dhaksha will increase to 58.01%. Dhaksha, founded in 2019, offers unmanned aerial systems (UAS) technology solutions for agriculture, defence, surveillance, and enterprise applications, along with remote pilot training services. The investment will support Dhaksha's R&D efforts, fulfill large orders, and address working capital needs. Coromandel aims to diversify into technology spaces and promote drone technology adoption. Dhaksha has secured contracts from defence and agricultural enterprises, with an order book valued at Rs 265 crore. They recently expanded production with a new facility near Chennai, with a turnover of Rs 46.40 crore in fiscal year 2023-24.

BEYOBO Secures Rs 6.7 Crore in Pre-Series A2 Round to Boost Cross-Border E-commerce in India - 13th May, 2024

BEYOBO, a B2B cross-border e-commerce platform, secures Rs 6.7 crore in pre-Series A2 funding. Led by Indian Angel Foundation, the investment aims to bring more international brands to India and enhance technology. CEO Anil Agarwal eyes profitability and Series A round, amid India's booming B2B e-commerce sector, projected to reach $18.2 billion by 2023.

Ecommerce startup Meesho raises $275M as part of larger round - 12th May, 2024

E-commerce startup Meesho raised $275 million as part of a larger funding round, potentially valuing the company at $3.9 billion. The round, which could reach $500-600 million, involved primary and secondary share sales. Though investors weren't specified, Meesho has previously garnered over $1.2 billion from backers like SoftBank and Meta. New investors may join the follow-on round. Despite a recent valuation cut by Fidelity Investments, attributed to an increase in outstanding shares, Meesho remains competitive in India's e-commerce scene. It has shown resilience against giants like Amazon and Flipkart by offering well-priced products in a price-sensitive market. This funding round may also see exits from early investors.

Relux Electric raises Rs 250 Cr to expand charging network in South India - 11th May, 2024

Relux Electric, a prominent EV charging infrastructure firm, secured Rs 250 crore funding without diluting equity. They intend to establish 20 hyper-charging stations along South India's highways within eight months, each covering 1 to 1.5 acres and accommodating multiple vehicles. Their goal is rapid charging, aiming for 10 minutes for three-wheelers and 18 minutes for four-wheelers. Relux also seeks partnerships with residential and commercial complexes for additional charging stations. They're planning aggressive nationwide expansion and are in discussions with potential investors for further funding.

Venturi Partners acquires stake worth $27M in K12 Techno from Navneet Education - 9th May, 2024

Venturi Partners acquired a $27 million stake in K12 Techno Services from Navneet Learning LLP, retaining 14.35% ownership. The investment aims to support K12 Techno's mission of leveraging technology for holistic learning. Venturi will collaborate with existing shareholders to aid K12 Techno's management team led by CEO Jai Decosta. Navneet Learning's partial divestment aligns with its strategic vision, focusing on core objectives. K12 Techno serves over 800 educational institutions with 300,000+ students, boasting a 40% revenue growth over five years. This partnership aims to advance their mission of shaping a brighter future through holistic learning experiences.

Atlan secures $105M in Series C funding led by GIC, Meritech Capital - 8th May, 2024

Atlan, a data and AI governance company, secured $105 million in Series C funding led by GIC and Meritech Capital. Existing investors like Salesforce Ventures also participated, bringing Atlan's total funding to over $206 million. Atlan addresses the challenge of AI-ready data by integrating trust and context into the digital fabric. Founded in 2019, it acts as a central hub for data infrastructure, allowing teams to easily find, trust, and govern AI-ready data. With a sevenfold revenue surge in two years, Atlan serves clients like Cisco and Unilever, focusing on enhancing data governance amid increasing AI investments by organizations.

TBO Tek Secures Rs 696.5 crore Ahead of Public Listing - 08th May, 2024

Ahead of its much-anticipated public issue, B2B travel portal Travel Boutique Online, or TBO Tek, has garnered substantial support from investors. The startup successfully raised Rs 696.5 crore from 47 anchor investors, signalling strong confidence in its future prospects.

"The IPO committee of the Board of Directors has finalized allocation...to anchor investors at the anchor investor allocation price of Rs 920 per equity share," stated the travel portal in a BSE filing.

Key participants in the anchor round include prominent names such as Abu Dhabi Investment Authority (ADIA), Tata Digital, and Blackrock, among others. With plans to raise around Rs 1,551 Cr through its public listing, TBO Tek aims to capitalize on the growing demand in the travel industry.

Myelin Foundry: AI Startup Attracts USD 4 Million Funding - 08th May, 2024

Artificial intelligence startup Myelin Foundry recently announced a successful equity fundraising of USD 4 million, led by SIDBI Venture Capital Ltd (SVCL). Existing investors, including Pratithi Investment Trust and Endiya Partners, also participated in the funding round. The startup plans to utilize the funds to expand its presence in international markets and enhance its AI platforms.

REGRIP: Revolutionizing Tyre Recycling with USD 2 Million Funding - 08th May, 2024

Reengineered tyre startup REGRIP secured USD 2 million (Rs 16.7 crore) in an undisclosed funding round co-led by SiriusOne Capital, Inflection Point Ventures, and LetsVenture. The funding round also saw participation from notable angel investors, including Suniel Shetty.

Founder Tushar Suhalka emphasized, "This investment will enable us to expand our technological capabilities and bolster our efforts in building a robust collection network for discarded tyres across the nation."

InCred private equity fund IGPF - I raises Rs 330 Cr in first close - 7th May, 2024

InCred Alternative Investments raised over Rs 330 crore for their new private equity fund, IGPF - I, with a target of Rs 500 crore. The fund aims to invest in growing companies in consumer, financial services, and tech sectors, with investments ranging from Rs 40-80 crore. This success reflects trust from investors, says Vivek Singla, Managing Partner. InCred now manages around Rs 3,000 crore across different investments. Earlier, they closed their second credit fund, ICOF-II, with over Rs 300 crore commitments. InCred Finance, their lending arm, became a unicorn last December after securing $60 million in a funding round led by prominent investors.

GreenCell Mobility gets Rs 307 Cr financing from Sumitomo Mitsui for electric buses in UP - 7th May, 2024

GreenCell Mobility secured Rs 307 crore financing from Sumitomo Mitsui Banking Corporation for 350 electric buses in Uttar Pradesh. This funding will help deploy fully-built AC electric buses across eight cities, reducing approximately 2.35 lakh tonnes of CO2 emissions over the contract lifespan. Devndra Chawla, MD, GreenCell Mobility, sees it as a significant step towards India's electric transportation. The financing will support bus procurement, operation, and maintenance under the FAME II scheme, administered by the Uttar Pradesh government. Sumitomo Mitsui aims to promote cleaner transportation solutions for a sustainable future.

Agritech startup BharatRohan raises $2.3 Mn in pre-IPO round - 07th May, 2024

A pioneering agtech firm specializing in drone-based hyperspectral remote sensing, BharatRohan, has announced the successful completion of a significant funding round. The company secured 2.3 Million USD in a pre-IPO round from notable investors, including Villgro Innovation Foundation, Caspian, RevX, and Venture Garage, with a group of Ultra High Net Worth Individuals as investors. Founded by Rishabh Choudhary and Amandeep Panwar in 2016, BharatRohan specializes in drone-based decision support systems (DSS) for agriculture. The company's flagship product, BharatRohan® CropAssure®, supports 50,000 farmers covering 2,00,000 acres in 5 states, offering real-time insights for optimized crop management.

With the newly secured funding, BharatRohan aims to develop proprietary edge computing drones and hyperspectral sensors, expanding its reach to 15 Indian states covering 10 lakh acres by 2025. The company has demonstrated remarkable growth, tripling revenue and doubling profits in the last financial year.

Superplum Secures $15M to Revolutionize Fresh Fruits Market - 07th May, 2024

Fresh fruits startup Superplum raises $15 million in Series A funding, led by incoming Chairman Erik Ragatz, former Partner at Hellman & Friedman. With investors including Mark Siegel, Dan Rose, and Binny Bansal, Superplum plans to expand infrastructure and transform produce supply chains in India. Using proprietary technology and cold-chain infrastructure, Superplum aims to improve fruit quality, extend shelf lives, and reduce food waste while enhancing farmer incomes. With a direct-from-farm supply chain and traceability features, Superplum offers a wide range of fruits and aims to address the growing demand in the Indian consumer market.

Delhi Foodtech Startup POSHN Raises $6M to Expand Globally - 6th May, 2024

Delhi's foodtech startup POSHN secured $6M in pre-Series A funding, with $4M equity and $2M debt, led by Prime Venture Partners and Zephyr Peacock India. They aim to expand globally in Southeast Asia and the Middle East, focusing on import/export. Including this round, POSHN has raised $8M in equity. Founded in 2020, POSHN enhances agricultural wholesale trade efficiency. They partner with banks and NBFCs for debt needs. POSHN integrates solutions across the food value chain and operates in 16 Indian states. Prime Ventures Partners believe POSHN will be a category-defining company.

Good Capital Allocates $25M for Indian AI Startups by FY25 - 4th May, 2024

Mauritius-based venture firm, Good Capital, dedicates $25M to invest in Indian AI startups by FY25 from its $50M fund. They plan to back 15-20 AI startups across early and Series-A stages, focusing on cleantech, ecommerce, edtech, healthtech, SaaS, and deeptech. Good Capital aims to empower intermediaries using AI to enhance execution, enabling them to focus on core strengths. Arjun Malhotra, General Partner, emphasizes investing in startups leveraging India's small-business economy's potential.

Maiva Pharma Secures Rs 1,000 Cr Funding from Morgan Stanley, India Life Sciences Fund - 2nd May, 2024

Bengaluru's Maiva Pharma, a leading injectables CDMO, receives Rs 1,000 crore funding from Morgan Stanley and India Life Sciences Fund IV. The investment includes primary and secondary funding, enabling Maiva to establish a new manufacturing facility near Hosur. This marks Maiva's first private equity fundraising, aiming to expand capabilities in sterile dosage forms. With US FDA, EU GMP, and ANVISA approvals, Maiva serves over 40 clients globally. The company's strong compliance, regulatory standards, and leadership differentiate it in the market. Avendus acted as the sole financial advisor in the transaction, reflecting growing interest in India's healthcare sector.

Infinity Fincorp Secures $8M Extension Funding from Archerman Capital - 2nd May, 2024

MSME-focused NBFC, Infinity Fincorp, secures $8M extension funding from Archerman Capital, adding to its recent $26M round led by Jungle Ventures. The company aims to deepen its footprint in serving Indian MSMEs with tailored property loans. With a loan book of $100 million, Infinity targets $160 million by 2025. Infinity's management team demonstrates deep understanding of the affordable lending sector in semi-urban India, fostering healthy profitability.

Bengaluru's Go DESi Raises Rs 41 Cr Led by Aavishkaar Capital - 2nd May, 2024

Go DESi, a Bengaluru-based packaged food startup, secures Rs 41 crore in equity funding, led by Aavishkaar Capital, with participation from existing investors Rukam Capital, Roots Ventures, and DSG Consumer. The funds will fuel geographical expansion, SKU increase, and capacity enhancement. Go DESi's DESi POPz, known for regional flavors, are available in over 15,000 stores nationwide. Aavishkaar Capital views Go DESi as a transformative player in India's confectionery industry, impacting rural economy positively.

Stride Ventures Concludes $165M Third Fund - 2nd May, 2024

Stride Ventures, a leading venture debt firm, wraps up its third fund at $165 million, attracting support from diverse investors including insurance companies, family offices, corporate treasuries, and HNIs. With over 140 startups funded across various sectors, including consumer, fintech, and agritech, Stride Ventures provides comprehensive financial solutions for working capital, capex, and growth. Notable names in its portfolio include Bluestone, Money View, and Agrostar. Founder Ishpreet Singh Gandhi envisions global growth trends aligning with the firm's vision. Stride Ventures reports a 50% increase in venture debt investments in Indian startups in 2023, reaching $1.2 billion.

RTP Global Backs Dexif with $4M Investment - 2nd May, 2024

RTP Global, an early-stage VC firm, invests $4 million in Dexif, a fixed-income platform based in the National Capital Region and Mumbai. Founded in 2022, Dexif aims to streamline fixed income security distribution in India through technology. The seed funding will bolster technology enhancement, team expansion, and business growth. Dexif facilitates debt raising for non-banking financial corporations and assists companies and investors in securities issuance. Co-founder Deepank Bhandari emphasizes the funding's role in unlocking India's fixed-income market potential. With RTP Global's support, Dexif is poised for further innovation and scaling.

AiDash Secures $58.5M in Series C Funding - 1st May, 2024

AiDash, an AI-SaaS company focusing on climate-resilient infrastructure, concludes its Series C funding at $58.5 million, led by Lightrock. The round includes additional investments from Lightsmith Group, Marubeni Corporation, Duke Energy, National Grid, Edison International, Sabanci Ventures, and others. With a total funding of $91.5 million, AiDash aims to enhance its satellite-first products for sustainable infrastructure and climate resilience. Co-founder and CEO Abhishek Singh emphasizes the importance of reliable and sustainable infrastructure in mitigating climate-related events.

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