Indian Startups Raise $145 Million in Funding This Week
The domestic startup ecosystem in India is witnessing a renewed surge in investor confidence with more than $145 million raised this week in venture capital funding. This upward trend signifies a promising revitalization in the venture capital landscape of the country.
Among the major highlights this week is the impressive $101.3 million raised by the publicly-listed gaming firm Nazara through a preferential share issue. This funding round saw participation from prominent investors including SBI Mutual Fund, Mithun Sacheti (founder of Caratlane), and Aamara Capital.
ShopDeck, a versatile direct-to-consumer (D2C) e-commerce enabler, successfully garnered $8 million in funding. This round was led by Bessemer Venture Partners with significant contributions from Elevation Capital, Venture Highway, and Chiratae Ventures. ShopDeck specializes in empowering sellers across various categories including clothing, jewelry, footwear, and home decor, and currently drives over $150 million in annual sales.
Another notable development is the $5 million debt funding raised by NeoGrowth, a digital lender focused on the MSME sector. This funding was sourced from UTI International Wealth Creator, further solidifying NeoGrowth’s position in the market.
Elchemy, a tech-driven cross-border specialty chemical distribution platform, secured $5.6 million in a Series A funding round. This endeavor was led by Prime Venture Partners, with additional support from existing investor InfoEdge Ventures. This funding will enable Elchemy to expand its reach and enhance its technological capabilities.
Ukhi, an innovative biomaterials startup, raised $1.2 million in pre-seed funding. The company is on a mission to develop novel, biodegradable, and compostable biomaterials with the potential to revolutionize the sustainable packaging industry.
Looking at the larger picture, a total of 984 venture capital funding deals have been announced in India from January to October 2024. This represents a year-on-year improvement of 5.8 percent in deal volume. Furthermore, the total disclosed funding value of these deals has surged by 44.4 percent year-on-year to $9.2 billion during the same period, showcasing the robust growth trajectory of the Indian startup ecosystem.
The data indicates a noticeable revival of investor confidence, reflecting India’s favorable position in the global startup arena. The country accounted for 7.1 percent of the total number of venture capital deals announced globally during the January-October 2024 timeframe, highlighting its growing influence on the world stage.
With this renewed investor interest, India’s startup ecosystem looks poised to achieve even greater heights, shaping the future of technology and innovation worldwide.
