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Indian startups raised over $170 million from June 24 to June 29, 2024; upGrad tops the list

ISN Team
New Update
Indian startups funding fusion june

Between June 24 and June 29, 2024, as many as 20 startups from diverse sectors raised over $170 million in funding from investors.

These sectors include Jewellery, Sportstech, Manufacturing, Cleantech, D2C, Fintech, AI, Fashion, and Edtech.

Between June 3 and June 24, around 91 Indian startups raised over $1.5 billion in funding, with Mumbai-based Zepto raising $665 million alone. This was followed by Fibe, Ummeed, Battery Smart, Sabine Hospitals, and Candi Solar, which raised $90 million, $76 million, $65 million, $50 million, and $38 million, respectively.

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 quick commerce leading the pack. Leading this sector was Mumbai-based edtech unicorn upGrad, which raised $35 million in debt from EvolutionX.

SaaS startup Rocketlane raised in a Series B funding round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.

The list was followed by Flexible workspace provider Smartworks, B2B fashion platform Zyod, and fashion startup Rare Rabbit, which collectively raised $56.24 million in funding. Smartworks =raised $20.24 million, Zyod raised $18 million, and Rare Rabbit raised $18 million.

Emerging startups

AI startup DataChamps raised the smallest amount in funding, securing $500,000 in a seed round. This was followed by sportstech startup Machaxi, which raised $570,000 in a pre-Series A funding round. Manufacturing startup Autocracy Machinery secured $600,000 in a pre-Series A round. 

Cleantech startup Neo San raised $1.5 million in a seed funding round. Women-focused fintech startup LXME and fintech startup Plus Gold each raised $1.2 million in funding. Social network startup O hi garnered $1 million in a pre-Series A round. 

Fashiontech startup LetsDressUp raised $1.31 million in a pre-Series A round. Revenue-as-a-service startup Nitro Commerce secured $1.8 million. Semiconductor startup Morphing Machines raised $2.76 million in a seed round.

Consulting startup Novavente raised $3 million. D2C startup Two Brothers Organic Farms raised $6.99 million in a Series A round.

D2C startup Sid's Farm and AI healthcare startup CloudPhysician garnered $10 million and $10.5 million in Series A funding rounds, respectively. Jewellery firm Bluestone raised $11.9 million in debt.

Merger and acquisition highlights

The period also featured strategic mergers and acquisitions. Nodwin Gaming, an esports subsidiary of Mumbai-based Nazara Technologies, has signed definitive agreements to acquire a 100% stake in Freaks 4U Gaming, a Berlin-based gaming and esports agency.

London-based private equity firm Finnest has acquired a majority stake in Bengaluru-based cloud kitchen startup Kitchens@.