TICE Startup Funding Index: 28 Startups Secure Funding This Week

The funding data of Indian startups from September 22 to September 28, 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 September 22 to September 28, 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 TICE Startup Funding Index, a total of 28 startups raised funding (including undisclosed funding rounds) between September 22 to September 28, 2023. The total funding amount raised by Indian startups comes close to $546M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Serentica Renewables - Serentica Renewables announced on Monday that it secured substantial funding of Rs 5,600 crore from government-owned companies REC and PFC. This funding comprises Rs 3,000 crore from REC and Rs 2,600 crore from PFC, in the form of debt. Serentica, a prominent player in India's commercial and industrial renewable energy sector, was founded in 2022.

Bright Money - Consumer fintech company Bright Money announced the successful closure of a $62 million funding round. The funding comprises $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money, founded in 2019 by a team combining McKinsey's banking expertise and InMobi's data science prowess, offers a mobile app designed to assist in debt management and elimination using data science-driven tools and products.

Third Wave Coffee - Third Wave Coffee, a fast-food chain under Heisetasse Beverages Pvt Ltd, has raised $35 million in a Series C funding round, primarily backed by Indian private equity fund Creaegis. Existing investors, Westbridge Capital and Udaan founder Sujeet Kumar, also participated. The Bengaluru-based startup intends to utilize the funds for expanding its operations, enhancing its supply chain, and advancing its technology infrastructure.

Major Developments of the Week:

  • The Confederation of All India Traders (CAIT) has urged Amitabh Bachchan to withdraw his recent Flipkart 'Big Billion Days' ad, claiming it spreads misinformation and harms local businesses. If not withdrawn, CAIT threatens to involve the Ministry of I&B and the Department of Consumer Affairs.

  • Multiple Indian companies and startups have joined forces to create a 40-member task force, overseen by IAMAI, to tackle issues related to Google Play Billing System (GPBS), with influential startup founders participating.

  • Nithin Kamath announced on X that Zerodha is now valued at around $3.6 billion after recent buybacks. In FY23, the company reported a total income of INR 6,875 Cr, up 38% from the previous fiscal year, with a 39% increase in net profit to INR 2,907 Cr compared to FY22.
  • CRED garage, a new feature by Kunal Shah's fintech unicorn CRED, provides members with a consolidated dashboard offering priority concierge service, reminders, document management, spending insights, and vehicle data, enabling users to optimize vehicle usage, recharge FASTag, and purchase motor insurance.

  • Fi CEO Sujith Narayanan announced that the company will lay off 30 employees, approximately 10% of its workforce, to streamline operations and prioritize key growth areas, amid having raised $168.8 million in funding from investors like Peak XV Partners and Alpha Wave Ventures.

  • Neela Films, known for producing "Taarak Mehta Ka Ooltah Chashmah," has invested INR 24 crore in its new venture, Neela Mediatech Pvt. Ltd., aiming to diversify its business into gaming, animation, and e-commerce, expanding beyond show production.

  • According to recent media reports, the government-supported Open Network for Digital Commerce (ONDC) is set to introduce various financial services, such as personal and SMB loans, car, health, and marine insurance, as well as mutual funds, in the coming weeks.

  • Flipkart Ventures, the investment arm of e-commerce leader Flipkart, has backed five early-stage startups in its accelerator program, Flipkart Leap Ahead (FLA), with equity investments ranging from $250,000 to $500,000. The selected startups include Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle.

  • Trifecta Capital, based in Delhi NCR, has successfully closed its third venture debt fund, Trifecta Venture Debt Fund III, at INR 1,777 Cr, exceeding its original target of INR 1,500 Cr. The fund's initial closure occurred in November 2021.

TICE Startup Funding Index

Name of Startup Founding Year Funding Type Funding Raised Investors 
Third Wave Coffee 2017 Series C 35M Funding round led by private equity firm Creaegis
Bright Money 2019 mix of equity and debt funds 62M Encina Lender Finance, Alpha Wave, Hummingbird, and Peak XV
AltUni 2013 Seed 500K Indian Angel Network and a host of angel investors
Nikol EV 2021 Pre-Seed Undisclosed EvolveX
Zeron 2020 Seed 500K Varanium Capital, accompanied by support from Yatra Angel Network
Flow Sports Life 2017 Seed Undisclosed Inflection Point Ventures
Doceree 2018 Series B 35M Round led by Creageis. The round also saw participation from existing investors Eight Roads Ventures, and F-Prime Capital. 
PierSight 2023 Pre Seed 600K round led by All In Capital
ReCircle 2015 pre-series A  Undisclosed Flipkart Ventures, 3i Partners and Acumen Fund
Castler 2020 Seed 5.5M Capital 2B (an Info Edge Fund) and IIFL Fintech Fund
Data Sutram 2018 Series A 3M round led by Bharat Fund. Singularity Growth Funds and existing investors Indian Angel Network, IndiaInfoline, White Venture Capital, among others.
Pilgrim 2019 Series B & Conventional Debt 20M Led by Temasek’s VC arm Vertex Ventures Southeast Asia and India
Algomage 2021 Pre Series A 500K Flipkart Ventures.
Flexifyme 2021 Seed 1M Flipkart Ventures, the investment arm of e-commerce marketplace Flipkart
Raptee 2018 Pre Series A 3M round led by deep-tech VC fund Bluehill Capital
Autocracy Machinery 2020 Seed 1.2M led by Venture Catalysts.
Legistify 2015 Series A 4M existing investors like Indiamart, Titan VC, GSF, among others
abCoffee 2022 Seed 2M Tanglin Venture Partners. 100X .VC, Panthera Peak, OTP Venture Partners and other angel investors
DIAL4242 2016 Seed 120K  round led by investors G Vamshi Raju, Starfish Ventures, and a clutch of angel investors
Serentica Renewables 2022 Conventional Debt 361M Rural Electrification Corporation Ltd & Power Finance Corporation Ltd
StampThePassport 2022 pre-seed round 481K Angel Investors 


2023 Seed 2M funding round led by Lumikai fund along with participation from General Catalyst


2023 pre-seed 250K round from Antler India. 


2022 compulsory convertible debentures (CCD) 1.2M led by Real Time Angel Fund which is a SEBI-registered angel fund.


2022 Seed 250K Adhvith Dhuddu


2022  pre Series A 1.5M  funding round led by Micello Fund along with participation from Capital-A, Java Capital, Anicut Capital and Lead Angels.

Quick Smart Wash 

2013 Series C round. 5.15M Japan-based Elan Corporation


2014 Angel Round Undisclosed Dia Mirza

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