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Indian Startups Raised Over $161 Million in The Third Week of May 2024

ISN Team
Updated On
New Update
Indian Startups Funding Third Week May 2024

In the first week of May 2024, the Indian startup ecosystem got off to an impressive start, securing over $329 million in funding across 27 deals. However, the second week didn't surpass the first week's funding milestone.

Similarly, the third week also failed to exceed the funding milestones of both the first and second weeks. Over the first two weeks, Indian startups collectively raised more than $517 million.

Between May 13 and May 18, 2024, 23 startups from diverse sectors raised over $161 million in funding. These sectors include healthcare, lending, SaaS, robotics, astrology, B2B, GenAI, logistics, and sportstech.

Unlike merger and acquisition deals, which typically do not disclose financials, these funding rounds provide a glimpse into the sectors attracting growing investor interest.


High-value deals

A diverse range of sectors attracted investments during the week, with Battery tech and lending leading the pack. Leading these sectors were Battery Smart and Propelld, raising $45 million and $25 million, respectively.

The healthcare sector also witnessed notable funding activity, with Red.Health raising $20 million in a Series B funding round.

The list was followed by drone startup Daksha and robotics startup Niqo Robotics, who collectively raised $31 million in funding. Daksha raised $18 million, and Niqo Robotics raised $13 million in a Series B funding round.

Emerging startups

Several startups have emerged as noteworthy for their traction with the funding community.

C2C consulting marketplace Sprect raised the smallest amount, securing $60,000, followed by Raho Hospitalities, which raised $230,000. Madras Mandi gathered $350,000, and B2B startup Beyobo raised $800,000. 

SaaS startup Infurnia and FSSAI-certified Paan startup Betel Leaf raised $1.2 million each. Insurtech startup BimaPay secured $2 million, while astrology startup InstaAstro raised $2.2 million. 

RO water supply startup DrinkPrime gathered $3 million, and sportstech startup Stupa Sports Analytics raised $3.3 million. GenAI startup Highperformr and former BharatPe executives founded OTPless both raised $3.5 million. 

Supply chain startup 3SC secured $4 million, while lending startup Rupeek raised $6 million. All these startups raised these funds in their pre-Series A and seed funding rounds.

Mobility startup Matel and co-working company Stylework raised $4 million and $120,000 respectively in their Series A funding rounds. Meanwhile, Celcius Logistics raised $4.8 million in a Series B round, while cleantech startup Duro Green kept the figures under wraps.

Merger and acquisition highlights

The period also featured strategic mergers and acquisitions. Niyogin Fintech Ltd., a leading player in the MSME-focused fintech space, acquired Superscan, an AI-powered document imaging, automation, and fraud detection platform, from Orbo.ai.