Between September 2 and 7, Indian startups collectively mopped up around $348 Mn in funding across 19 deals. The largest chunk of this funding, $204 Mn, went to the traveltech sector, led by Rapido’s significant raise. Other notable deals included funding for fintech startups like Drip Capital and healthcare startups like Dozee.
Rapido Raises $204 Mn, Dominates Traveltech Funding
Rapido, a ride-hailing platform, secured a significant $204 Mn in funding this week. This round of funding, led by existing investors like SoftBank Vision Fund 2, bolster Rapido’s position in the Indian traveltech market. The company plans to use this capital to expand its operations, enhance its technology, and explore new business opportunities.
Key Services
- Bike Taxis: Rapido’s core service is bike taxis, offering a convenient and affordable way to navigate traffic-congested Indian cities.
- Auto Rickshaws: In addition to bike taxis, Rapido also provides auto rickshaw services, catering to a wider range of customers and travel needs.
- Taxicabs: Rapido has expanded its offerings to include taxicabs, providing a more traditional ride-hailing option for customers.
- Parcel Delivery: Rapido has ventured into the parcel delivery market, leveraging its extensive network of drivers to offer efficient and reliable delivery services.
- Third-Party Logistics: The company also provides third-party logistics services, assisting businesses with their transportation and supply chain needs.
Fintech Startups Secure Significant Funding
The fintech sector also saw significant funding activity this week. Drip Capital, a supply chain finance platform, raised $50 Mn in a Series C funding round led by Sequoia Capital India. This funding will enable Drip Capital to expand its product offerings, reach more customers, and strengthen its market position.
Another fintech startup, BharatPe, raised $100 Mn in a debt funding round from various lenders. This funding will be used to grow BharatPe’s lending business and expand its reach in the Indian market.
Healthcare Startups Attract Investor Interest
Healthcare startups also received a share of the funding pie this week. Dozee, a healthtech startup developing contactless healthcare monitoring devices, raised $10 Mn in a Series A funding round led by BEENEXT. This funding will support Dozee’s product development, market expansion, and team building.
Ather Energy Gears Up for IPO
Ather Energy, an electric scooter manufacturer, is set to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) next week. The company is aiming for an Initial Public Offering (IPO) worth approximately INR 4,500 Cr, which will include a mix of a fresh issue and an offer for sale (OFS).
Other Notable Funding Deals
- Bira 91: The craft beer company raised $50 Mn in a Series D funding round led by Sixth Sense Ventures.This infusion of capital is expected to fuel Bira 91’s expansion plans, including increasing its market presence, launching new products, and investing in research and development. The company’s success has been attributed to its innovative approach to the Indian beer market, offering premium, high-quality craft beers that cater to discerning consumers
- Nu Genes: The genomics startup raised $15 Mn in a Series A funding round led by Matrix Partners India. This investment will enable Nu Genes to accelerate its research and development efforts, expand its product offerings, and strengthen its market position. The company’s focus on genomics has the potential to revolutionize various industries, including healthcare, agriculture, and biotechnology.
- Khatabook: The digital accounting platform raised $10 Mn in a Series C funding round led by Tencent.This investment will support Khatabook’s mission to simplify the financial management process for millions of small business owners in India. By providing easy-to-use tools and features, Khatabook aims to empower small businesses to make informed decisions, improve their efficiency, and achieve sustainable growth.
Overall, the Indian startup ecosystem continues to attract significant investor interest, with a diverse range of sectors receiving funding. The funding raised this week demonstrates the growing maturity and potential of Indian startups.
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