TICE Funding Index: PhysicsWallah, Finnable, Waaree Energy Storage Lead a Strong Week

India’s startup ecosystem entered the week on an unmistakably buoyant note, with investments flowing across sectors that rarely move in sync. From edtech and energy storage to AI hardware, mental-health tech, legal automation, and consumer brands, funding activity reflected a market that’s recalibrating—but also quietly accelerating. After months of cautious deployment and selective bets, investors seem to be rediscovering conviction in scalable, fundamentals-first companies.

The week saw multiple late-stage signals—an anchor book oversubscription ahead of a major IPO, a large cheque in energy storage aligned with India’s manufacturing ambitions, and sizeable commitments from global financial institutions. At the same time, early and mid-stage startups continued to attract capital for deep-tech, digital health, and AI-led solutions, hinting at the emergence of the next wave of innovation-first ventures.

From marquee raises by PhysicsWallah and Finnable to strategic investments in emerging technologies, here are the top 10 funding developments that shaped India’s startup and innovation landscape this week.

Top Startup Funding News

1. PhysicsWallah Raises ₹1,562.8 Cr Ahead of IPO

Edtech major PhysicsWallah secured ₹1,562.8 crore from anchor investors ahead of its ₹3,480 crore IPO. The company allotted 14.33 crore shares at the upper price band of ₹109.

Approximately 55% of the anchor book was subscribed by 14 domestic mutual funds across 35 schemes, alongside major global institutions including Goldman Sachs and Fidelity. The funds will be deployed toward expanding offline centres, leasing new hybrid spaces, marketing, and platform upgrades—marking a significant milestone for India’s edtech sector as the company heads toward listing.

2. Bombay Shaving Company Secures ₹136 Cr in Series D

Grooming and personal-care brand Bombay Shaving Company raised ₹136 crore in a Series D round led by Sixth Sense Ventures. The company, now PAT-profitable, plans to use the capital for retail expansion, brand building, and exploring a potential IPO as it continues to double its revenue and scale operations.

3. HRS Navigation Raises $5M for Surgical Tech Expansion

Bengaluru-based HRS Navigation raised $5 million in a pre-Series A round backed by GVFL, Physis Capital, Sathguru Catalysers and others. The startup builds surgical navigation systems for complex cranial, spine and ENT procedures. Its flagship product, easyNav, has already assisted in over 20,000 surgeries. The new funds will support manufacturing scale-up, product innovation, and global market expansion.

4. Waaree Energy Storage Raises ₹325 Cr

Waaree Energy Storage Systems, part of the Waaree Group, raised ₹325 crore in a round led by Niveshaay. The capital will enable the company to scale its cell and pack manufacturing capacity and accelerate rollout of containerised battery energy–storage solutions both in India and select global markets—aligning with India’s push for storage infrastructure and PLI-supported manufacturing.

5. Cadabams Group Invests $7.3M in Digital Mental-Health Platform

The Cadabams Group invested $7.3 million into MindTalk, its digital mental-health platform. Over the next 12–18 months, the investment will strengthen AI systems, deepen clinical research integration, and enhance its smartphone-based care delivery model supervised by clinicians.

6. IFC Commits $60M to Everstone Capital

The International Finance Corporation (IFC) committed $60 million to Everstone Capital. The fund will focus on mid-market investments across healthcare, consumer, technology, and financial services in India and Southeast Asia, reinforcing IFC’s long-term strategy of backing impactful growth in emerging markets.

7. Finnable Raises ₹500 Cr to Expand Digital Lending

Digital lending platform Finnable raised ₹500 crore in a round led by Z47 and TVS Capital. Targeting salaried professionals earning ₹15,000–₹50,000 per month, Finnable is expanding responsibly with a low NPA profile and aims to further broaden credit access for underserved customer segments.

8. Brandworks Adds $4M to Series A for AI Hardware Manufacturing

AI hardware startup Brandworks secured an additional $4 million, taking its Series A total to around $11 million following an initial $7 million raise. The funding will accelerate R&D, expand engineering and design teams, and strengthen India-based hardware manufacturing—signalling momentum for locally built, globally competitive AI hardware.

9. Haus & Kinder Raises ₹30 Cr in First Funding Round

Home and lifestyle brand Haus & Kinder raised ₹30 crore in a maiden round led by Sauce.vc. With revenues of ₹65.9 crore in FY24 and a target of ₹250 crore by 2026, the company plans to invest in category expansion, distribution growth and brand-building initiatives.

10. Nyayanidhi Secures $2M for AI-driven Legal OS

Legaltech startup Nyayanidhi raised $2 million in a round led by 3one4 Capital with participation from DeVC, PeerCheque, Force Ventures and multiple angels. The company is building an AI-powered “litigation OS” to automate filings, multilingual translations, document workflows, and integrations with advocate networks and courts. The funds will support AI development and expansion of its legal ecosystem partnerships.

Taken together, the week’s top deals paint a clear picture of an ecosystem entering its next phase—one that blends ambition with maturity. Big-ticket investments showed confidence in India’s rising champions, while early bets reaffirmed faith in the country’s innovation engines. As new categories emerge and old ones reinvent themselves, the coming weeks will tell whether this pace holds. For now, the signals are unmistakably positive.