TICE Startup Funding Index: Early Stage Startups Attract Investors

The funding data of Indian startups from October 28 - November 3, 2023, provides valuable insights into the funding landscape. Several startups secured funding across various funding types. Read to know the weekly funding report.

Sonu Vivek
New Update


The funding data of Indian startups from October 28 - November 3, 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 the TICE Startup Funding Index, a total of 30 startups raised funding (including undisclosed funding rounds) between October 28 - November 3, 2023. The total funding amount raised by Indian startups comes close to $134M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:


Aequs - Aequs secured $54 million in new equity funding, with Singapore-based Amansa Capital leading the round and contributions from Steadview Capital, Catamaran (N. R. Narayana Murthy's family office), and other investors. The funds will be utilized to launch an advanced technology products (ATP) vertical for manufacturing high-precision components. Aequs' precision manufacturing platform serves clients such as Boeing, Airbus, Safran, Collins, Spirit, and Honeywell.

Skyroot Aerospace - Skyroot Aerospace, founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, is a spacetech company specializing in space launch vehicles. With a recent INR 225 Cr (approximately $27.5 Mn) Pre-Series C funding round led by Temasek, Skyroot plans to expedite commercial satellite launches, enhance technological innovation, expand its workforce, and increase launch frequency. Having raised more than $90 Mn in total, it's notable as the first private spacetech company to successfully launch a rocket into space.

Vridhi Home Finance -Vridhi, a Bengaluru-based NBFC, started as a bootstrapped housing finance firm. Now, having obtained its NBFC-HFC license and operating across Karnataka and Andhra Pradesh with twenty branches, it recently raised INR 150 Cr in a Series A funding round led by Elevation Capital. Vridhi aims to facilitate secured housing loans for salaried and self-employed individuals in tier 2/3 Indian cities.


Major Developments of the Week:

  • VC firm Induckt Global has obtained approval from the Securities and Exchange Board of India (SEBI) to introduce its inaugural INR 320 Cr fund, the Induckt Vision Fund, targeting early- and growth-stage technology startups.

  • AJIO, owned by Reliance, introduces AJIOGRAM, an interactive e-commerce platform, welcoming 200 Indian D2C fashion startups with dedicated support for strategic revenue growth amid the industry trend of incorporating content-led experiences.

  • D2C unicorn Mamaearth witnessed a 7.61 times oversubscription on the final day of its IPO due to strong demand from qualified institutional buyers (QIBs) on November 2.

  • Kratos Studios, the owner of IndiGG IP, has launched the Kratos Games Network program, offering a 50 crore INR grant to incentivize game studios to transition their games to its blockchain platform.

  • Two-wheeler EV registrations surged 9.8% MoM to 70,248 units in October, with Ola Electric leading the pack at 22,169 units, followed by TVS Motor, while Bajaj Auto secured third place ahead of Ather Energy with 8,373 units compared to 7,097 units.
  • WeWork India has introduced an investment program through WeWork Labs, aiming to support early-stage startups and foster India's entrepreneurial community for the benefit of upcoming founders and young businesses.

  • Java Capital has closed its INR 50 Cr fund, with backing from Indian startup ecosystem founders and High Net Worth Individuals (HNIs) in India, the Middle East, and the United States.

  • Lenskart, the omnichannel eyewear unicorn, has acquired the AI-powered computer vision startup Tango Eye for an undisclosed sum.

  • Mamaearth appears to have quietly terminated its priciest acquisition, Momspresso, in preparation for its upcoming IPO.

  • Curefoods, a cloud kitchen startup, has acquired foodtech firm Yumlane for an undisclosed sum, with Yumlane set to enhance its pizza technology using Curefoods' extensive network.

  • 100X.VC has unveiled a portfolio of 15 startups funded with $160K per startup, totaling approximately $2.3 million through iSAFE notes.

TICE Startup Funding Index

Name of Startup Founding Year Funding Type Funding Raised Investor 
Funstop Games 2020 Seed 1.5M InfoEdge Ventures
Infurnia 2014 Angel 1.2M angel investors led by Yogesh Choudary of Jaipur Rugs
Frogo 2022 Seed 1.15M Led by Inflection Point Ventures
Growcoms 2020 Funding Round 3.5M co-led by JSW Ventures and Arali Ventures
Fibmold 2022 Funding Round 10M led by Omnivore and Accel
The 1% Club 2022 pre-Series A 1.2M Zerodha cofounder Nikhil Kamath-backed venture capital (VC) firm Gruhas
Sweet Karam Coffee 2015 Seed 1.5M Fireside Ventures 2021 Series A 11M led by MassMutual Ventures
Fresh Bus 2019 Second Seed Round 901K Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO and founder Deepak Garg
Nesa Medtech 2016 Seed Undisclosed led by KITVEN Fund 3 Biotech
MedLern 2020 Seed Undisclosed Healthcare Quality and Research Systems (HQRS), and Laerdal Medical
Skyroot 2018 Pre-Series C  27.5M Led by Temasek
Aequs 1997 Equity Funding Round  54M led by Singapore-based Amansa Capital
Vridhi Home Finance 2022 Series A 18M led by Elevation Capital
Techmaghi 2021 Seed 24K LJ Knowledge Foundation

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