TICE Startup Funding Index: How Much Did Startups Raise This Week?

The funding data of Indian startups from August 26 to September 1, 2023, provides valuable insights into the funding landscape. Several startups secured funding across various funding types. Early-stage startups attracted the most funding. Read on!

Sonu Vivek
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The funding data of Indian startups from August 26 to September 1, 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.

As per the data compiled by TICE Startup Funding Index, a total of 19 startups raised funding (including undisclosed funding rounds) between August 26 to September 1. The total funding amount raised by Indian startups come close to $250M (excluding undisclosed funding rounds). The funding raised this week is a major improvement as compared to last weeks' funding raised by the Indian startups. However, what could be concerning is the fact that Zepto, the quick commerce startup raised $200M to become this year's 2nd Unicorn after Zyber. The remaining 18 starups could raise close to $50M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Zepto: Mumbai's quick-commerce delivery startup, Zepto raised $200 million in its Series E funding round, valuing the company at $1.4 billion. This marks Zepto's total funding to around $560 million across various rounds. Notably, the funding round welcomed new investors like StepStone Group and Goodwater Capital, along with continued support from existing backers, including Nexus Venture Partners, Glade Brook Capital, and Lachy Groom, among others. Zepto competes with industry players like Instamart, Blinkit, and Dunzo.

MediBuddyMediBuddy, the digital healthcare platform, has secured an additional $18 million in funding from its current investors, Quadria Capital, Lightrock, and TEAMFund. This equity infusion will fuel the company's strategic expansion efforts. Following its $125 million Series C funding in February 2022, this latest investment strengthens MediBuddy's position to pursue its ambitious growth plans in the coming three years, according to the company's statement.

SatSure - A provider of satellite Earth observation data and analytics, recently concluded a Series A funding round totaling $15 million in equity and venture debt, led by Baring Private Equity Partners (BPEP), India, and Promus Ventures. New investors Omidyar Network India and xto10X joined the round, alongside existing supporters Force Ventures, Luckbox Ventures, and IndigoEdge Advisors. The funds will aid SatSure in its ambitious plan to launch four high-resolution optical and multispectral satellites by Q4, 2025, while also facilitating expansion across the US and Asia-Pacific regions. SatSure's satellite imagery and AI-driven decision intelligence services offer valuable insights to industries such as agriculture, banking, and critical infrastructure, enhancing profitability, operational efficiency, and policy decision-making.

Major Developments of the Week:

  • The Indian government under the Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) will provide a grant of up to INR 50 Lakh to startups to promote technical textiles in the country.

  • Venture capital (VC) firm gradCapital launched its second fund with a total size of $6 Mn to invest in student startups.

  • Ola has integrated an 'ONDC Food' feature into its app, initially accessible exclusively to its employees, following several months of experimentation. This development follows CEO Bhavish Aggarwal's recent announcement of the company's intention to join ONDC, with specifics yet to be disclosed.
  • BYJU'S has accumulated unpaid vendor dues of approximately INR 45 to INR 50 Crores, including Salesforce, Tableau, and Tooljet, over the past two months. This delay in payments has led to the loss of access to crucial data management tools for BYJU'S employees as per media reports. Earlier, top executives also quit the edtech giant. 

  • In August 2023, UPI achieved a significant milestone by processing over 1,000 crore monthly transactions, marking a 2.8% month-on-month increase from July 2023. These transactions were valued at INR 15.18 lakh crore, slightly down by 1% from the previous month. This achievement comes within seven years since UPI's inception in 2016, with the NPCI aiming for 100 crore daily transactions in the near future.

  • Amazon is partnering with Indian Railways and Indian Post to establish a dedicated shipping corridor for its sellers, aiming to expedite nationwide deliveries. They also plan to enable $20 billion in exports from over 2 million digitized SMEs in India while launching multi-channel fulfillment for D2C businesses to utilize Amazon's infrastructure.

  • Google has brought its generative AI features to Indian Search, enabling users to switch between English and Hindi and listen to results. Additionally, dedicated ad slots will continue to display Search ads on the page.

  • The Global IndiaAI 2023 summit will be hosted by the Ministry of Electronics and Information Technology (MeitY) in October, seeking to boost investment in India's AI startup ecosystem, unite global and domestic AI players, and catalyze innovation in the country's AI landscape.

Startup Name

Founding Year

Funding Type

Funding Raised


Zepto  2021 Series E 200M StepStone Group, Goodwater Capital, Nexus Venture Partners, Glade Brook Capital, and Lachy Groom
Upraised 2019 Seed 30.2K Pontaq VC
Scrap Uncle  2019 Pre-Seed  447K Bestvantage
Facets.cloud 2021 Venture Debt 4M Led by 3one4 Capital
MyWays 2019 Seed 96.8K Realtime Angel Fund, YourNest, Spearhead Capital, 9Unicorns and AccionVenture Lab
CredRight 2016 Series B 9.7M Michael and Susan Dell Foundation
ShipEase 2020 Series A 1M Inflection Point Ventures
MediBuddy 2013 Series C 18M Quadria Capital, Lightrock, and TEAMFund
Azadi Records 2017 Seed Undisclosed Undisclosed
MrMed 2020 Seed 500K Tamil Nadu Infrastructure Fund Management Corporation Limited
GPU Network 1998 Seed 500K Momentum 6 & Alphablockz
SatSure 2017 Series A 15M Baring Private Equity Partners (BPEP), India and Promus Ventures
Promptora 2023 Seed Undisclosed Undisclosed
Aryastha Life Sciences 2023 Series A Undisclosed Vessella Group
Heyo Phone 2021 Angel 500K Aakash Chaudhry, co-founder of Aakash Educational Services (Aakash-Byju’s), Amit Chaudhary, co-founder of Lenskart and Dinesh Gupta, co-founder of Busy Accounting
Rupid 2022 Seed Undisclosed WeFounderCircle’s accelerator program EvolveX
MagTapp 2018 Seed 121K Existing Angel Investors
SpaceBasic 2017 Seed Undisclosed Undiscosed
Ecowrap 2017 Seed Undisclosed JITO Incubation and Innovation Foundation