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TICE Funding Index: June's Hottest Startup Deals Post Elections

Fewer Indian startup deals this year, but is that a bad thing? Total funding value is actually UP! Fibe, Lenskart, & Astrotalk land big funding in early June. Strong investor confidence continues. Get all the details on the TICE Funding Index!

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Swati Dayal
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As of now, Indian startups have secured a total of 465 deals this year, a significant drop from the 758 deals recorded during the same period last year. Despite the decrease in deal numbers, the total deal value has impressively surged by 40%. This shift reflects a strategic reorientation in the investment landscape, influenced by the recent Lok Sabha election results where the BJP did not secure a full majority independently, causing fluctuations in business sentiment.

Startup Funding News: Key Funding Deals in Early June | TICE Startup Funding Index

Despite the fluctuating business sentiment due to the general election results, several startups have managed to attract significant investments in the first week of June 2024. Here are the top 10 notable funding announcements:

Startup Funding Investors Purpose
Fibe $90 million TR Capital, Trifecta Capital, Amara Partners Navigate challenging fintech lending landscape under RBI scrutiny
Docplix Rs 1.2 crore Inflection Point Ventures Product development, AI integration, market expansion
Maino.ai $1.8 million India Quotient Advisers LLP, Karan Bedi, Janhavi Parikh Team building in technology, product development, design, strategy
CHOSEN $1.2 million Friends and family Strategic expansion, new product development
Ather Energy Rs 124 crore Hero MotoCorp Increase stake, support EV sector
Lenskart $200 million Temasek, Fidelity International expansion, product innovation
Astrotalk $14 million Elev8 Venture Partners Overseas market expansion, South India presence
Clodura.AI $2 million Bharat Innovation Fund, Malpani Ventures AI development, user base expansion

Fibe Secures $90 Million

Funding: $90 million in primary and secondary transactions
Investors: TR Capital, Trifecta Capital, Amara Partners
Purpose: Navigate challenging fintech lending landscape under RBI scrutiny

Pune-based consumer lending startup Fibe, previously known as EarlySalary, raised $90 million in a mix of primary and secondary transactions. TR Capital led the round with a $32 million investment, alongside Trifecta Capital and Amara Partners. The funds will support Fibe’s expansion in the fintech lending space, particularly under the scrutiny of the Reserve Bank of India (RBI).

Docplix Raises Rs 1.2 Crore

Funding: Rs 1.2 crore in a bridge round
Investors: Inflection Point Ventures
Purpose: Product development, AI integration, market expansion

Healthtech startup Docplix closed a Rs 1.2 crore bridge round led by Inflection Point Ventures. The funds will be used to enhance their Electronic Health Record (EHR) system, integrate AI capabilities, and expand market reach. Founded by Varun and Aayush Garg, Docplix serves over 2,000 doctors and aims to address healthcare needs in tier-II and tier-III cities.

Maino.ai Attracts $1.8 Million

Funding: $1.8 million
Investors: India Quotient Advisers LLP, Karan Bedi, Janhavi Parikh
Purpose: Team building in technology, product development, design, strategy

Digital marketing automation platform Maino.ai raised $1.8 million in a round led by India Quotient Advisers LLP, with participation from angel investors including Karan Bedi and Janhavi Parikh. The startup plans to use the funds to build teams in technology, product development, design, and strategy.

CHOSEN Garners $1.2 Million

Funding: USD 1.2 million in seed funding
Investors: Friends and family
Purpose: Strategic expansion, new product development

Chennai-based skincare startup CHOSEN raised $1.2 million in seed funding from friends and family. Founded by Dr. Renita Rajan, CHOSEN aims to expand its operations and explore new distribution channels. The company is known for its safe and effective skincare formulations and plans to launch several new products in the next 18 months.

Hero MotoCorp Invests in Ather Energy

Funding: Rs 124 crore
Investors: Hero MotoCorp
Purpose: Increase stake, support EV sector

Hero MotoCorp invested Rs 124 crore (approximately $15 million) to acquire an additional 2.2% stake in electric scooter maker Ather Energy, raising its total stake to nearly 42%. Ather Energy plans to use the funds for expansion and to meet the growing demand for electric two-wheelers.

Lenskart Secures $200 Million

Funding: $200 million in secondary funding
Investors: Temasek, Fidelity
Purpose: International expansion, product innovation

Eyewear retailer Lenskart raised $200 million in secondary investment from Temasek and Fidelity Management & Research Company. This investment is part of Lenskart's ongoing efforts to expand internationally and enhance its technological capabilities. The company, valued at over $5 billion, operates more than 2,500 stores globally.

Astrotalk Closes $14 Million Round

Funding: $14 million
Investors: Elev8 Venture Partners
Purpose: Overseas market expansion, South India presence

Astrotalk, a digital astrology consulting service, raised $14 million led by Elev8 Venture Partners and Left Lane Capital. The funds will be used to expand into international markets, including the US, UK, Canada, and West Asia, and to increase its presence in South India.

Clodura.AI Raises $2 Million

Funding: $2 million
Investors: Bharat Innovation Fund, Malpani Ventures
Purpose: AI development, user base expansion

Sales engagement platform Clodura.AI secured $2 million in a pre-series A round led by Bharat Innovation Fund, with participation from Malpani Ventures. The funds will be used for product development, AI integration, and market expansion. Clodura.AI provides a global database to accelerate sales growth.

Despite the electoral uncertainty and a fluctuating investment climate, Indian startups have shown remarkable resilience, securing substantial investments in early June 2024. As the political landscape stabilizes, the startup ecosystem is expected to continue its growth trajectory, driven by innovation and strategic investments.

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