TICE Startup Funding Index: AI Startups Garner Majority Funding

The funding data of Indian startups from September 29 to October 5, 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 18 startups raised funding (including undisclosed funding rounds) between September 29 to October 5, 2023. The total funding amount raised by Indian startups comes close to $200M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

SATYA MicroCapital - The microloan provider secured $60 million from Sumitomo Mitsui Banking Corporation to enhance operations, develop new credit offerings, and expand its product range. Established in 2016, SATYA is a micro-lending NBFC with Rs 5,000 crore AUM, operating through 500+ branches in 50,000+ villages across 25 states, serving over 1.5 million women entrepreneurs.

Bizongo - The Mumbai-based e-commerce packaging startup secured $50 million in a Series E funding round led by Schroder Adveq, marking its first funding in over a year. Other participants included International Finance Corp, Chiratae Ventures, B Capital, and British International Investment. Established in 2015, Bizongo provides digital vendor management, supply chain automation, and supply chain financing services to 450-500 enterprise customers across various industries.

Mensa - Mensa Brands, an e-commerce roll-up firm based in Bengaluru, secured $40 million in its second debt financing round this year from EvolutionX. The funds will be used for marketing and tech enhancements to improve operations as per the company. 

Major Developments of the Week:

• Everest Fleet, backed by Uber, saw Artha Venture Fund and Rockstud Capital exit shortly after securing funding from Uber and Paragon Ventures.
  
  

• The NCLAT has issued notices to CCI and Uber in a plea by Meru Cabs, a competitor.

• Ola, led by Bhavish Aggarwal, introduced its electric delivery service, Ola Parcel, in Bengaluru to compete with Swiggy Genie and Dunzo's courier offerings.

• MobiKwik, a Delhi NCR-based fintech unicorn, reduced its net loss by 35% in FY23, reporting INR 83.8 Cr compared to INR 128.1 Cr in the prior fiscal year and INR 110 Cr in FY21.

• OYO, a Delhi NCR-based hospitality unicorn, is in discussions with Apollo Management to refinance a $660 million loan obtained during the COVID-19 pandemic due to delays in its IPO.

• Bizongo, a B2B vendor management platform, laid off nearly 50 employees shortly after securing a $50 million funding round, reducing its workforce by over 10% without specifying the affected teams.

• Dream11 acquires Sixer amid GST rate revision issues, faces a reported INR 28,000 Cr GST notice from DGGI Mumbai Zone.

• Despite the 28% GST imposed on real money gaming in the country, WinZO plans to enter the Brazilian market, expanding its presence as per media reports.

• CRED, led by Kunal Shah, saw its total revenue surge to INR 1,484 Cr in FY23, marking a 3.5X increase from the previous fiscal year.

• AJIO, Reliance Retail's fashion e-commerce platform, is preparing to showcase H&M products, possibly signaling changes in H&M's exclusive partnership with Myntra.
  
  

• Karnataka tax authorities have instructed 161 online gaming platforms to deduct 28% GST from bets starting October 1.

• Flipkart, the Indian e-commerce giant, launched a ChatGPT-powered shopping feature ahead of its 2023 Big Billion Days festive season sale on October 4th. 

TICE Startup Funding Index