TICE Startup Funding Index: A Fund-full Week For India Startups?

Which startups received funding this week? Who are the leading investors investing in Indian startups? Explore the funding data for Indian startups from this week (15 Jan - 20 Jan)!

Shreshtha Verma
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TICE Indian Startup Funding Index

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The funding data of Indian startups from January 15 - January 20, 2024, 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 check out Which startups received funding this week? Who are the leading investors investing in Indian startups?


Top Startups with the Highest Funding

Shilpa Shetty-Backed KisanKonnet Secures $3.7M Funding


Agritech startup KisanKonnet, backed by Shilpa Shetty, has secured funding of $3.7 million. The recent funding round was led by Green Frontier Capital, a Climate Tech fund. Dhanuka Agritech Limited, VC Grid, and other investors also participated in this funding round. In May 2023, KisanKonnect had previously received undisclosed funding from angel investor Shilpa Shetty. The startup specializes in producing curated agricultural products and handmade snacks under the categories 'Village Staples' and 'Moms Kitchen.' Notably, the production is carried out by rural women.

Smart Water Treatment Startup Indra Raises $4M in Series A

Smart water treatment startup Indra has successfully closed its Series A funding round, raising $4 million. Emerald Technology Ventures and Mela Ventures led this funding round, with participation from Peak Sustainability Ventures and The Climate Angels.


US Battery Manufacturer IBC Raises $35M for Karnataka Plant

US-based battery manufacturer IBC raised $35 million in its latest funding round. The funds will be utilized to build a battery plant in Karnataka. Sources indicate that the new plant in India is expected to be operational by 2025. In June of the previous year, IBC had entered into an agreement with the Karnataka government to establish a manufacturing facility with an investment of INR 8,000 crores.

Gaming Firm Nazara Technologies Secures INR 250 Crores in Funding


The board of gaming firm Nazara Technologies has approved a fundraising initiative, securing INR 250 crores. The company stated that these funds will be used for its funding and development projects. Kamath Associates has invested INR 100 crores in Nazara Technologies through its NKSquared, while ICICI Securities has invested INR 65 crores. According to regulatory filings, Plutus Wealth Management and Chartered Finance have also provided funds of INR 50 crores and INR 25 crores, respectively.

Wow! Momo Raises INR 410 Crores in Series D Funding

Wow! Momo, a quick-service restaurant chain, recently raised $49 million, approximately INR 410 crores, in startup funding during its Series D round. This round was led by Malaysian sovereign wealth fund Khazanah National Berhad and OAKS Asset Management. Wow! Momo stated that the funds would be used for business expansion, distribution, as well as research and development.


OneCard Parent FPL Technologies Raises $102M, Valuation Tops $1.4B

FPL Technologies, the parent company of OneCard, secured $102 million in funding under the leadership of Singapore-based Temasek Holding. Post-funding, the valuation of this mobile-first credit card startup is now over $1.4 billion. Temasek invested approximately INR 375 crores, with participation from Matrix Partners, QID Investors, Hummingbird Ventures, and Sequoia Capital. It is worth mentioning that OneCard had previously partnered with Federal Bank, IDFC Bank, Bank of Baroda's BOB Financial Solutions, South Indian Bank, and State Bank of Mauritius.

Varthana Finance Secures $14M from Blue Earth Capital


Neo bank finance startup Varthana Finance obtained $14 million in funding from Blue Earth Capital. Through this fresh funding, the startup plans to provide financial assistance to a vast network of affordable private schools across India. The funds will be used to bridge the education gap for low- and middle-income populations in the country. Varthana Finance, headquartered in Bengaluru, offers financial aid to affordable private schools and students.

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