September 28th 2024.
The Indian startup community has been on a steady growth path, securing a total of $461 million in funding this week. This impressive figure includes 10 deals for businesses in the growth stage, with 29 startups receiving investments overall. Among these, 18 were early-stage deals, while one startup chose not to disclose their financial details.
One of the biggest investments this week was made in Whatfix, a leading digital adoption platform. The company received $125 million in a Series E funding round, which was led by Warburg Pincus and also saw participation from existing investor SoftBank Vision Fund 2. With this injection of funds, Whatfix can further cement its position as a category leader and expand its product offerings through both organic growth and strategic acquisitions.
Another notable investment was made in M2P Fintech, an API infrastructure platform, which raised $101.8 million. Healthtech startup Qure.ai also secured a significant amount of $65 million. Additionally, HomeLane, an omnichannel home interior and renovation platform, received $27 million in funding this week.
In other news, SCOPE, an exclusive networking platform for startups, has launched a new venture capital fund under its investment banking arm, SCOPE VC. This $50 million fund will focus on early-stage companies that show exceptional innovation and disruptive potential. It aims to provide investments ranging from $500,000 to $2 million per startup.
Optimistic Capital also made headlines by launching a Rs 200 crore fund specifically aimed at microbreweries. Meanwhile, Tribe Capital and Oister Global announced a joint secondary fund with a target of $500 million in investments over the next two years.
Bengaluru-based startups led the way this week with 17 deals, followed by Delhi-NCR and Mumbai. This comes on the back of a highly successful previous week, where 36 startups raised a total of $628.24 million, marking a staggering 174.5% increase from the previous week. In fact, in the first nine months of this year, India's tech startup ecosystem has secured a total of $7.6 billion in funding and seen the emergence of six new unicorns.
According to Tracxn, a market intelligence platform, the number of initial public offerings in the tech industry has also seen a sharp rise. In 2024, 29 tech companies have gone public, compared to just 15 during the same period in 2023. This further highlights the strength and growth potential of the Indian startup ecosystem.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
