TICE Startup Funding Index: Indian Startups Raise $86.5M in Funding

The funding data of Indian startups from  July 27 to August 4, 2023, provides valuable insights into the funding landscape. Several startups secured funding across various funding types. The trend of celebrities investing in startups continued.

Sonu Vivek
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The funding data of Indian startups from July 27 to August 2, 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.

Watch TICE Startup Funding Index Report For 27th July - 04th August 2023

As per the data compiled by TICE News, a total of 18 startups raised funding (including undisclosed funding rounds) between July 27 - August 4. The total funding amount raised by Indian startups comes to $86.5M (excluding undisclosed funding rounds). 

Top 3 Startups with the Highest Funding Raised:

Vistaar Financial Services, headquartered in Bengaluru, successfully secured funding of $50 million from the International Development Finance Corporation (DFC), the United States government's development finance institution. Founded in 2010 by Brahmanand Hegde and Ramakrishna Nishtala, Vistaar has been a driving force in supporting more than 200,000 small businesses across 12 states since its inception. With a robust loan book totaling Rs 3,100 crore, this new infusion from DFC is poised to fuel Vistaar's expansion of its secured MSME lending portfolio.

Wiom, a telecom startup based in Delhi, successfully raised nearly $17 million, in a series A funding round. This funding comes at a crucial juncture for the startup ecosystem, which has been grappling with an extended period of funding winter.The funding round was spearheaded by RTP Global. Notably, YourNest and Omidyar Network India also actively participated in this funding initiative. With this fresh infusion of capital, Wiom has set its sights on several key objectives. Wiom was established in 2020 by  Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi,

Unstop, a startup dedicated to connecting students and graduates with job opportunities, successfully secured $5 million in its inaugural institutional funding round. The funding drive was spearheaded by Mynavi, a renowned job board based in Japan. In a formal statement, Unstop revealed its strategic intention to employ these funds for the expansion of its global footprint. The startup's was founded by Ankit Aggarwal. It initially germinated as a blog back in 2019 under Ankit Aggarwal's guidance and has since evolved into a robust community engagement and hiring platform. This platform serves as a valuable resource for students and fresh graduates, aiding them in skill development, skill showcasing, accumulating CV points, and ultimately securing employment.

Major Developments of the Week:

  • Suniel Shetty collaborates with Veda's CEO to introduce a mental health app called 'Lets Get Happi'.

  • The government is expected to unveil a preliminary e-commerce policy within the next one to two weeks.
  • Tesla leases an office in Pune. Top officials from Tesla hold talks with Commerce Minister Piyush Goyal. 
  • Direct-to-Consumer (D2C) Brand Mamaearth Receives SEBI Approval for Initial Public Offering (IPO).

  • BYJU'S Lenders have failed to meet the August 3 deadline for revising the terms of Term Loan B

  • The Atal Innovation Mission (AIM), a government initiative under NITI Aayog, has introduced an evaluation framework for startup incubation centers. This framework has been created in partnership with IIT Delhi and the World Bank, encompassing 23 essential performance indicators divided into input, process, and output categories.

  • Dunzo, backed by Reliance Retail, has opted for the ONDC approach. The startup has seamlessly incorporated its B2B logistics branch, Dunzo For Business, into ONDC. 

  • Zomato achieved profitability, posting INR 2 crore in Profit After Tax (PAT) during Q1. The operating revenue for Q1 stood at INR 2,416 crore, a significant increase from INR 1,413.9 crore in the same quarter of the previous year.

  • Spinny, supported by Tiger Global, has laid off approximately 300 employees, affecting about 4.5% of its overall workforce, which consists of approximately 6,500 employees. 


Name of Startup

Founding Year

Funding Type

Funding Raised


Unstop 2009 Series A 5M

Mynavi.Coursera, Venture Catalysts, 9Unicorns, and Pankaj Bansal (Caret Capital)

Vistaar Financial Services 2010 Conventional Debt 50M

International Development Finance Corporation (DFC)

Oatey 2021 Angel Undisclosed Ajinkya Rahane 
Aura Hearing 2011 Angel Undisclosed Mohit Dubhe, Jeenendra Bhandari, Vikas Khemani
Nutrifresh 2019 Seed Undisclosed Neev Funds
The Fuel Delivery 2020 Pre-Series A 2M Drake Trade and Investment
BotLab Dynamics 2016 Stakes Undisclosed Florintree Advisors
FincFriends 2017 Equity Funding 3.5M Digital Finance International
Farmology 2018 Seed Undisclosed iAngels
Financekaart 2018 Seed Undisclosed Pontaq Ventures and Software Technology Parks of India (STPI)
Bornbhukkad 2018 Pre Seed Undisclosed Startup Odisha
Pro Panja League 2020 Angel Undisclosed Suniel Shetty
Eveo 2023 Seed 10K Undisclosed
Selligion 2020

Pre-Series A 

608K Malpani Ventures
Terra Food 2017 Pre-Series A  800K Zero to One Fund, Twin & Bull Fund, ah! Ventures & More
Kapture 2011 Series A 4M Cactus Venture Partners (CVP).
Beyond Snacks 2018 Pre-Series A  3.5M NABVENTURES Fund
Wiom 2021 Series A 17.1M RTP Global, YourNest and Omidyar Network India, Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns.