TICE Startup Funding Index: Time to Invest? India's Startups Take Off

EVs on fire, record-breaking IPO subscription, and secret funding talks? This week's startup scene was buzzing! Big investments flew into sustainable ventures & surprise acquisitions shook things up? Find out what the startup ecosystem has in store!

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Swati Dayal
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The PM's back for round three, and the buzz is electric. With talks of more funding for startups in the next budget, India's startup ecosystem is set for a major boost. From Indigrid Technology's $5 million raise to ixigo's record-breaking IPO, this week's funding frenzy underscores the ongoing success of "Startup India" and the vibrant investment landscape.

This week's TICE Funding Index reflects a diverse funding landscape in the Indian startup ecosystem. While some startups secured significant funding rounds, others witnessed successful acquisitions and IPOs.

StartupFund RaisedInvestorPurposeAbout the Startup
Indigrid Technology$5 MillionCactus PartnersExpansion of production capacity, R&D for EV and ESDM verticalsFounded in 2015 by Sameer Narang and Rishab Puri, a full-stack EV component provider specializing in modular battery packs, EV drivetrains, and electronics system design manufacturing. First institutional round aiming for an IPO by 2028.
ixigoINR 740 CroreQIBs (106.73X), NIIs (110.53X), RIIs (54.85X)Not specifiedAn online travel aggregator aiming to raise Rs 740 crore through its IPO, priced at INR 88-93 per share.
ET Money$44 Million360 One WAMStrategic acquisition to reinforce wealth management capabilitiesAn investment wealth platform acquired by 360 One WAM. Founded in 2014, offering a range of personal finance services and serving over 9 lakh transacting clients.
boAtINR 2,000 Crore (planned IPO)Discussions with three potential investorsStrategic funding and profitability enhancementKnown for audio products and smartwatches, aims to raise Rs 2,000 crore through an IPO by FY25. Despite a net loss in FY23, plans to return to profitability and expand its product offerings.
Palette Brands$2 MillionRockstud Capital, Inflection Point Ventures, Dholakia Ventures, Angel InvestorsLaunch of Ember cookware brand, R&D, and team expansionFounded in 2022, focuses on high-performance consumer goods with brands like Unbottle and Totem.
FinsallRs 15 Crore ($1.8 Million)Unicorn India Ventures, SeafundSetting up an NBFC to scale lending operationsOffers insurance premium financing through a Credit-as-a-Service platform. Significant growth and aims to enhance lending operations with new funds.
Foxtale$18 MillionPanthera Growth Partners, Matrix Partners India, Kae CapitalExpansion and profitability enhancementA D2C skincare brand founded in 2021, addressing Indian skin concerns.
JCB Salons IndiaRs 40 Crore ($4.8 Million)BlacksoilStrategic expansion and acquisition of SpalonOperating since 2006, expanded its footprint with the acquisition of Spalon. Funds to support working capital and operational efficiencies.
ZomatoRs 400 Crore ($48 Million)ZomatoEnhance Blinkit’s quick commerce offerings and support Zomato EntertainmentContinues to invest in its quick commerce arm Blinkit and its entertainment subsidiary, strengthening competitive edge.
Battery Smart$65 MillionLeapFrog Investments, MUFG Bank, Panasonic, Blume Ventures, BIIExpand battery-swapping network and drive EV adoptionOffers advanced lithium-ion batteries for EVs with a wide-reaching battery-swapping network. Funds to help scale operations and promote electric mobility.
Ola ElectricRs 100 Crore ($12 Million)Alteria CapitalDebt funding to support operational growthSet for an IPO, continues to raise funds to bolster operations. Valuation of $5.4 billion, focused on expanding electric vehicle offerings.

EV and Sustainability Take Center Stage

Indigrid Technology, a manufacturer of modular battery packs and EV drivetrains, secured its first institutional funding of $5 million. This Series A round, led by Cactus Partners, will fuel their production expansion and R&D efforts in the EV and electronic system design and manufacturing (ESDM) sectors. Additionally, Battery Smart, a company offering advanced lithium-ion batteries for EVs, raised a significant $65 million in its Series B round. Investors like LeapFrog Investments, MUFG Bank, and Panasonic participated in this round, showcasing the growing investor confidence in the EV space. Furthermore, Ola Electric, valued at $5.4 billion, raised Rs 100 crore in debt funding to support its operational growth before its IPO.

Strong IPO Debut and Strategic Acquisitions

Online travel platform ixigo witnessed a massive 98.34X oversubscription for its IPO, aiming to raise Rs 740 crore. This overwhelming response from investors highlights ixigo's strong market position and future potential. Meanwhile, Times Internet strategically sold its investment platform ET Money to 360 One WAM for $44 million. This acquisition strengthens 360 One WAM's position in the wealth management sector.

Growth Funding for Emerging Brands

Several young companies secured funding for growth and expansion plans. boAt, a popular audio and smartwatch brand, is in talks to raise Rs 2,000 crore through an IPO in the next 18 months. Despite a net loss in FY23, boAt plans to return to profitability and diversify its product portfolio. Likewise, Palette Brands, a company focusing on high-performance consumer goods, secured $2 million in pre-Series A funding. The funds will be used to launch their new cookware brand Ember and expand their team and R&D capabilities. Finsall, a Credit-as-a-Service platform offering insurance premium financing, raised Rs 15 crore in a bridge round to establish an NBFC and scale its lending operations.

Focus on D2C and Personal Care

The D2C beauty brand Foxtale raised $18 million in its Series B round. The funds will fuel the company's expansion efforts and product development, catering specifically to Indian skin concerns. Additionally, JCB Salons India secured Rs 40 crore to support strategic expansion and acquire Spalon, a leading salon chain.

Zomato Strengthens its Position

Online food delivery giant Zomato invested Rs 400 crore in its quick commerce arm Blinkit and Zomato Entertainment. This investment is designed to enhance Blinkit's offerings and bolster Zomato's competitive edge in the market.

This week's TICE Funding Index showcases a vibrant Indian startup ecosystem. With a mix of growth funding, strategic acquisitions, and successful IPOs, the future appears promising for innovative companies across diverse sectors.

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PM Modi Startup Funding TICE Funding Index Zomato Ixigo Ola Electricals