TICE Startup Funding Index: Funding Gallore for EV Startups

The funding data of Indian startups from September 2 to September 7, 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
New Update

The funding data of Indian startups from September 2 to September 7, 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 21 startups raised funding (including undisclosed funding rounds) between September 2 to September 7, 2023. The total funding amount raised by Indian startups comes close to $485M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Nazara Technologies - The founders of Zerodha have injected a significant investment of INR 100 crore into Nazara. Nazara plans to utilize this capital to meet its funding requirements and bolster its growth initiatives. These initiatives may encompass strategic acquisitions and investments. In the fiscal year 2023, the gaming powerhouse witnessed a substantial increase in net profit, reaching INR 61.4 crore. Additionally, revenue from operations experienced remarkable growth, surging by 75% year-on-year to INR 1,091 crore.

Ola Electrics - Temasek injected $90 million into the company, with the remaining $50 million coming from other current investors. This capital injection will provide the company with an extended financial runway and an added safety net as it readies itself for its highly anticipated initial public offering (IPO). The electric vehicle manufacturer is expected to secure further funding through another round of investment prior to its market debut.

Ather Energy - The EV startup announced that it has successfully raised INR 900 Crore from its existing shareholders, Hero MotoCorp and GIC, through a rights issue. Hero MotoCorp currently holds a 33.1% stake in Ather Energy. Ather Energy reported a substantial increase in revenue, with INR 1,806 Crore in FY23, compared to INR 408.5 Crore in FY22. This funding round follows Ather's previous funding of $50 million from Caladium Investment, which took place approximately 11 months ago.

Major Developments of the Week:

  • Foxconn and STMicroelectronics partner and seek incentives to build a chip plant; the government seeks details of their semiconductor partnership after Foxconn withdrew from a $19.5 billion venture with Vedanta.

  • Groww has gained SEBI approval to launch its debut index fund, marking its foray into the mutual fund sector.

  • NAREDCO Maharashtra, an independent real estate developers' organization, unveiled a ₹50 Cr RealTech Fund on September 7 to back proptech startups. 
  • Mamaearth's parent company, Honasa Consumer Ltd, is considering a November IPO as per media reports. 

  • The Odisha government has allocated INR 1.28 Cr to support 10 startups, fostering innovation and entrepreneurship in the state.

  • Karnataka's IT/BT Minister Priyank Kharge announces a fintech program uniting government, venture capital, and banking sectors to provide startup funding and mentorship support.

  • Foxconn is contemplating setting up an EV manufacturing plant in India, with Tamil Nadu as a prospective site.

  • RBI Governor Shaktikanta Das unveiled various new UPI products, including UPI credit line, NFC-based offline payments, Hello! UPI, and BillPay Connect, at Global Fintech Fest 2023, showcasing a significant digital payments boost in India.
  • The IFSCA aims to enable direct listing of companies, including startups, on IFSC exchanges by year-end, according to Chairman K. Rajaraman.

  • Airtel Payments Bank collaborates with IDEMIA and HMD Global to introduce an offline system for digital rupee payments on feature phones.

  •  Razorpay unveiled 'Razorpay UPI Autopay on QR' in partnership with the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023, targeting subscription-based businesses.
  • Reliance Retail Ventures Limited (RVL) announced its acquisition of a 51% majority stake in Alia Bhatt's children's wear brand Ed-a-Mamma

  • The Supreme Court dealt a setback to Gameskraft by staying the Karnataka High Court's order canceling the GST department's INR 21,000 Cr evasion notice.

  • The Open Network for Digital Commerce (ONDC) and Google Cloud collaborate to boost e-commerce adoption in India through generative AI.

  • Chennai's ZOHO, a self-funded SaaS unicorn, breaks records with 100M+ users in 150 countries, serving 700K+ businesses.

TICE Startup Funding Index 

Name of Startup

Founding Year

Funding Type

Funding Raised


Ola Electric 2017 Pre-IPO  140M Singapore’s sovereign wealth fund Temasek and other existing investors.
Captain Fresh 2019 Series C 20M Japan-based SBI Investment, Evolvence Capital and others
Ather Energy 2013 Series E 108.27M Hero Moto Corp and GIC 
Pepperfry 2012 Series F 23M Existing Investors
Ellipsol 2022 Seed 302K Capital A, Grand Anicut Fund and other investors.
Manastu Space 2017 Pre Series-A 3M Capital 2B, BIG Capital, E2MC and other investors 
KOGO 2018 Seed 1.09M MapMyIndia (CE Infosystems Ltd)
Flipspaces 2011 Pre-Series B  4M Prashasta Seth and other investors
Atomicwork 2022 Seed 11M Blume Ventures, Matrix Partners India, Storm Ventures, Neon Fund, and others
The Kredible 2021 Seed 500K Aman Gupta (co-founder & CMO, boAt) and other investors
IndoSpace 2007 Series D 150M Qatar Investment Authority (QIA) and UK-based Grosvenor's Diversified Property Investments
Sploot 2019 Seed 800K Info Edge’s subsidiary Redstart Labs and angel investors
GoodGudi 2023 Seed Undisclosed AC Ventures, April Ventures, Capinity Partners and other investors
Nazara 2000 Post IPO 12.1M Kamath Associates & NKSquared
PrintBrix 2018 Pre-Seed Undisclosed EvolveX
Lissun 2021 Seed 1.3M Inflection Point Ventures (IPV), Rainmatter Capital and other investors
Varthana 2013 Debt Funding 2.5M Symbiotics Investments 
Cirkla 2020 Pre Seed Funding 3M Matrix Partners India and Stellaris Venture Partners
Madmix 2013 Pre Seed Funding 212K Prime Securities and Authum Investments and Team India Managers
altM 2022 Seed 3.5M Omnivore, Theia Ventures, Thai Wah Ventures, and others. 
Taurean Surgical 2021 Pre Seed Funding Undisclosed Beyond Tech VC and other investors