TICE Startup Funding Index: Equity Funding, Acquisitions Fuel Startups

The funding data of Indian startups from October 13-20, 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
21 Oct 2023

The funding data of Indian startups from October 13 to October 20, 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 13 to October 20, 2023. The total funding amount raised by Indian startups comes close to $237M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Zetwerk - Zetwerk, a B2B e-commerce unicorn,  secured $120 million in its Series F funding round, led by Avenir Growth Capital. Notably, Avenir had acquired a 2.96% stake in Zetwerk earlier in May. This equity funding follows a $210 million round in December 2021 and a $12 million debt funding in March this year.

AgniKul - In its Series B funding round, Spacetech startup AgniKul Cosmos secured Rs 200 crore ($26.7 million) with participation from investors like Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, Mayfield India, Pi Ventures, and Speciale Invest. This brings the total funding for the Chennai-based company to $40 million, including a $11 million Series A round in March 2021. Agnikul intends to use this capital to advance its technology for commercialization and expand its infrastructure, including mobile launchpads and test rigs.

Freight Tiger - Tata Motors recently acquired a 26.79% stake in logistics SaaS startup Freight Tiger for INR 150 Cr ($18 Mn), valuing the startup at approximately INR 560 Cr ($67 Mn). Additionally, Tata Motors has the option to invest an extra INR 100 Cr in Freight Tiger over the next two years, aiming to build a comprehensive digital ecosystem for the logistics value chain.

Major Developments of the Week:

  • BYJU's in talks with private equity firms like Bain Capital and KKR to sell Aakash, Carlyle is keen to support Aakash Chaudhry and his family in buying it back from BYJU’S, potentially signaling Chaudhry's return as CEO.

  • Despite the challenges posed by a 28% GST, Dream11 reached 200 million registered users in the online gaming industry.

  • Bharat BillPay, supported by NPCI, is expanding into the B2B sector by introducing new value-added services.

  • SoftBank intends to sell a 1.1% stake in Zomato for $123 million as per media reports.

  • IBM has partnered with MeitY to boost R&D, enhance India's semiconductor self-reliance, and advance AI and quantum technology growth, including being a knowledge partner for the India Semiconductor Mission's research center.
  • Infosys partners with Google Cloud to create industry-specific AI solutions and establish generative AI Labs for embedding AI in business processes, while also training 20,000 practitioners in Google Cloud's AI solutions.

  • Singularity Growth has completed the initial fundraising for its second fund, Singularity Growth Opportunities Fund II, with a total of INR 500 crore.

  • In FY23, PhonePe, a fintech startup, saw its revenue surge to INR 2,914 Cr, marking a 77% YoY increase from INR 1,646 Cr in FY22.

  • Invesco, the Atlanta-based investment firm, has increased Swiggy's valuation by over 42% to $7.85 billion, marking its first significant boost in value since two previous markdowns. However, this valuation is still below Swiggy's peak value of $10.7 billion in January 2022.

  • The CBDT circular exempts DPIIT-recognized startups from Section 56(2)(viib), provided their total paid-up capital and share premium stays under INR 25 Cr; however, experts find this limit restrictive and claim the G.S.R. 127(E) circular makes normal business operations challenging for startups.

  • Acer has teamed up with Think Ebikego to introduce their electric scooter, the MUVI 125 4G, in India's EV market at a price of INR 99,999.

TICE Startup Funding Index

Name of Startup Founding Year Funding Type Funding Raised


Wadhwani AI  2018 Grant Funding 3.3M Google.org
Freight Tiger 2014 Acquisition 18M Tata Motors 
Welcome Cure 2014 pre-series A 481K round led by Inflection Point Ventures
Kivi 2021 Seed 1.8M led by Caspian Leap for Agriculture Fund
BharatAgri 2017 Series A  4.5M round led by Arkam Ventures
Showroom  2021 pre-Series A 6.5M round led by Jungle Ventures
Mokobara 2020 Series B 3.6M existing investors Saama Capital, Sauce VC, Alteria Capital, among others
Zetwerk 2018 Series F 120M round led by Avenir Growth Capital
Age Care Labs 2019 pre-Series B  11M fintech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas
Imagimake 2012 Strategic Funding  2.4M Pidilite Ventures
Tap 2022 Seed 2M round led by Turbostart. Snow Leopard Ventures
Auquan 2016 Seed 3.5M round led by Neotribe Ventures
Alwrite  2022 Seed 1.2M group of angel investors and a venture capital (VC) firm
Omnivio 2021 Seed 1.02M round led by Caret Capital, formerly known as Supply Chain Labs
GameTheory 2018 pre-Series A 2M Nitin Kamath’s Rainmatter, Rohan Bopanna, WEH Ventures, Prequate Advisory and Balakrishna Adiga.
Leucine 2019 Series A  7M round led by Ecolab
AgniKul 2016 Series B 26.7M Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, and Mayfield India, along with existing investors
Done Deal 2022 Seed 800K led by Gruhas, a  VC fund launched by Nikhil Kamath and Abhijeet Pai
InsurStaq 2022 Seed Undisclosed Faad Network
Rite Water 2006 Series A 7.88M Belgium-based Incofin Investment Management's water access acceleration fund
Biva 2022 Seed 500K round led by Equanimity Ventures
Freyr Energy 2014 Series B 7M round led by EDFI ElectriFI
P-TAL 2017 Seed 520K round led by Titan Capital
Grapevine 2023 Seed 2.6M Peak XV Partners
Quench Botanics 2020 Seed Undisclosed Kareena Kapoor Khan
flutrr 2021 Seed 481K round led by The Chennai Angels
Niyo  2015 Strategic Investment Undisclosed Spring Marketing Capital
Docker Vision 2021 Seed Undisclosed SanchiConnect’s PreSeed Accelerator program
Proxgy 2020 Seed 2M round led by LetsVenture

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