TICE Startup Funding Index: EV Startups Lead Funding Rounds

The funding data of Indian startups from October 21-27, 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
Updated On
New Update

The funding data of Indian startups from October 21 to October 27, 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 16 startups raised funding (including undisclosed funding rounds) between October 21 to October 27, 2023. The total funding amount raised by Indian startups comes close to $480M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Ola Electric - Ola Electric secured Rs 3,200 crore ($385 million) in funding from investors like Temasek and SBI to expand its EV business and establish India's first lithium-ion cell manufacturing facility in Tamil Nadu, with an initial capacity of 5 gigawatt-hours, aiming for 100-gigawatt hours at full scale, while also preparing for the launch of its motorcycle lineup by the end of next year.

PMI Electro Mobility Solutions - PMI Electro Mobility secured a 30M funding and plans to utilize it to enhance innovation, technology in production, and scale operations, received from Piramal Alternatives' Performing Credit Fund in the form of convertible securities. The company currently operates over 1,200 electric buses across 10 Indian states.

The Indian Garage Co - TMRW, an Aditya Birla Group brand, has invested approximately $18.6 million in D2C brand The Indian Garage Co (TIGC), known for its leadership in the men’s wear market and recent expansion into women's wear. This investment is aimed at facilitating TMRW's growth across various channels and further expanding its portfolio of sub-brands and categories, which includes well-known names like Bewakoof, Berrylush, Juneberry, and more.

Major Developments of the Week:

  • The Tata Group will become the first Indian company to manufacture iPhones, with Tata Electronics Private Limited acquiring Wistron Corp's iPhone production unit, as confirmed by Minister Rajeev Chandrasekhar.

  • Rapido is diversifying its services by launching cab and premium auto rickshaw offerings in addition to its bike taxi service,

  • Indian startup Zepto, which recently joined the unicorn club in August with a valuation of $1.4 billion, experienced a significant 3.3X increase in its net loss to INR 1,272.4 Cr for FY23

  • Shipsy acquired Stockone to enhance its product range, operational efficiency, and warehouse capabilities, following its $23.89 million funding round last year, strengthening its full-stack logistics platform.

  • Log9 Materials, the EV battery startup, has introduced a 1.5 crore INR ESOP buyback plan to recognize and reward its employees.
  • The Delhi government's Industries Department aims to foster 15,000 startups by 2030 through its newly drafted startup policy.

  • The Kerala Startup Mission will host Huddle Global, a startup networking event, from November 16-18 in Thiruvananthapuram

  • Zerodha launches its first mutual funds after receiving SEBI approval for its asset management company.

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

  • Fashion startup Virgio has downsized its workforce, with 20 employees, primarily senior staff, being let go, amounting to 33% of the workforce.

  • CarTrade Technologies is closing the recently acquired OLX or Sobek Auto India Pvt. Ltd.'s auto sales division.

TICE Startup Funding Index 

Name Of Startup 

Founding Year 

Funding Round 

Funding Raised (USD)


Ola Electric  2017 Mix of equity and debt 385M Temasek-led marquee investors and State Bank of India (SBI)
Wow Momo 2008 Series D  9M ValueQuest Capital
Manastu Space 2017 pre-Series A  3M led by Indian Angel Network (IAN) members
Rapid 2022 pre-Seed 265K Angel Investors
Escrowpay  2015 Series A  6M issuance of warrants
Niyo 2015 Strategic Funding  Undisclosed Spring Marketing Capital
GigaML 2023 Seed 3.6M led by Nexus Venture Partners
Garuda Aerospace 2015 Bridge Round 3M led by Venture Catalysts and WeFounderCircle
Inc.5 Shoes 1998 Series A 10M led by Carpediem Capital
Blubirch 2014 Series A 6.37M led by Cornerstone Ventures and Capital2B Fund
Proost Beer 2017 mix of equity and debt 3M existing and new investors
UrbanMatrix Technologies 2019 pre-Series A 721K Inflection Point Ventures
Datoms 2021 pre-Series A round  1.2M led by Yournest Venture Capital
Qdesq 2015 Funding Undisclosed venture capital (VC) firm Gruhas
The Indian Garage Co 2012 Funding 18.6M Aditya Birla Group’s house of brands business TMRW 
PMI Electro Mobility Solutions 2017 Strategic Funding round  30M from Piramal Alternatives

Join Our Thriving Entrepreneurial Community



Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twittrer) | Facebook | News Letters