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Indian startups raised over $224 million from May 27th to June 1st, 2024; Infra.Market tops the list

ISN Team
New Update
Funding Fusion May 27th to June 1st 2024

Between May 27 and June 1, As many as 23 startups from diverse sectors raised nearly $225 million in funding from investors. 

These sectors include EV, fintech, drones, agritech, deeptech, fashion, insurtech, e-commerce, sportstech, AI, and robotics.

Between April 29 and May 25, around 109 Indian startups raised over $985 million in funding, with Pharmeasy raising $216 million alone. This was followed by Nephroplus, Battery Smart, and Ather Energy, which raised $102 million, $45 million, and $34.2 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 B2B and EV leading the pack. Leading these sectors were Infra.Market and electric vehicles maker Ather Energy, raising $50 million and $34.2 million, respectively.

Another EV startup Euler Motors also raised $23.9 million in an extended Series C funding round. 

The list was followed by Performance wear brand TechnoSport and fashion brand Libas, which collectively raised $39 million in funding. TechnoSport raised $21 million and Libas raised $19 million.

Emerging startups

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

New-age ecommerce startup Logistiex raised the smallest amount, securing $250,000 in a bridge round. This was followed by fintech startup CirclePe, which raised nearly $1 million in a pre-seed round. AI-driven credit underwriting startup AbleCredit raised $1.25 million in a seed round. 

Banking tech startup GRAVITY, AI startup Inspeq AI, and insurtech startup CoverSure raised $1 million, $1.1 million, and $4 million, respectively, in their pre-Series A rounds. Mixed-reality startup Flam also raised $4.55 million in a pre-Series funding A round. 

Two agritech startups, FarMart and Fyllo, raised $2.87 million and $4 million, respectively. Robotics and automation startup DiFACTO raised $4.85 million in a Series A round. 

EV startup Turno and B2B-focused fintech startup Vegapay each secured $5.5 million in their respective funding rounds.

Fashion brand High Street Essentials raised $6 million in debt and equity, and deeptech startup SEDEMAC secured $9 million. EV startup Zypp Electric raised $15 million in a Series C round, while cloud kitchen brand Rebel Foods raised $13 million in debt.

Meanwhile, On-demand drone delivery and logistics startup TechEagle, Drone startup Yali Aerospace, and power tools manufacturer Karuvi kept the funding figure under wraps.

Merger and acquisition highlights

The period also featured strategic mergers and acquisitions. Honasa Consumer Ltd., the parent company of well-known personal care brands like Mamaearth, The Derma Co., Aqualogica, and Dr Sheth's, acquired CosmoGenesis Labs' assets for Rs 4 crore.

Y-Combinator-backed BNPL fintech startup BharatX acquired Zenifi, a healthcare finance startup providing zero-cost and low-cost EMI solutions.

Times Network, India's premier broadcast and digital network, acquired Digit.in from 9.9 Group for an undisclosed sum. The acquisition was aimed at bolstering its digital publishing portfolio and expanding its footprint in the technology and gaming sectors.