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. 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 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

Name of Startup

Founding Year

Funding Type

Funding Raised


Dressfolk 2017 Seed 397K All In Capital
Answer Genomics 2018  pre-series A  500K Inflection Point Ventures
YouVah 2021 pre-seed  210K CIIE.CO IIM Ahmedabad and the co-founders of American Chase.
Altitude 2013

pre-Series A

500K 40 investors from institutions and various sectors
FreightFox 2020 Seed 600K led by Aeravti Ventures
Satyamicrocapital 2016 Conventional Debt 60M Japan-Based Sumitomo Mitsui Banking Corporation
Fairdeal Market 2022 Seed 2M Led by WaterBridge Ventures. Also saw participation from Gemba Capital, Growx Ventures, among others
Clinikally 2021 Seed 2.6M Y Combinator, Tribe Capital, Goodwater Capital, Sequoia Scout Fund, and Rebel Fund
DPDzero  2022 Seed 3.25M Blume Ventures and India Quotient
SigNoz 2019 Series A 5.4M led by SignalFire
Roopya 2023 pre-seed round 611K  led by 100X.VC
Cube Club  2020 Seed 1.1M Harsh Jain of Dream11, Salgaocar Family Office, Siddharth Ladsariya of Everest Fleet, and Rajeev Sahney of New Vernon Capital.

2023 Seed 2.3M led by Open AI co-founder Sam Altman, Peak XV and SV Angel.
Bizongo  2015 Series E 50M Led by Schroder Adveq. International Finance Corp, Chiratae Ventures, B Capital and British International Investment also participated in the round.
Clearfeed 2021  Seed 2.7M led by Peak XV’s Surge. The funding round also saw participation from 8VC and other angel investors.
Aampe 2020 pre-Series A 7.5M led by Matrix Partners India and Peak XV Partners.
Bolt.Earth 2017 Series B 20M existing and new investors, including Union Square Ventures, Prime Venture Partners, ITIGO Funds, and others.
Mensa  2021 Debt Funding  40M EvolutionX Debt Capital


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