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Indian Startups Raised Over $81 Million in the Fourth Week of May 2024

ISN Team
Updated On
New Update
Indian Startups Funding May Week Four

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 and the third week didn't surpass the first week's funding milestone.

Similarly, the fourth week also failed to exceed the funding milestones of all the last three weeks. In the previous three weeks, Indian startups collectively raised more than $598 million.

Between May 20 and May 25, 2024, 15 startups from diverse sectors raised over $81 million in funding. These sectors include GenAI, Healthtech, Media, SaaS, Edtech, Fintech, and Lending.

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 lending and accommodation leading the pack. Leading these sectors were Sachin Bansal's lending startup Navi and accommodation startup Stanza Living, raising $18 million and $13 million, respectively.

The fintech sector also witnessed notable funding activity, with Rural financial services startup Save Group raising $13 million in a funding round.

The list was followed by SaaS startup UnifyApps and lending startup Dvara KGFS, who collectively raised $21 million in funding. UnifyApps raised $11 million, and Dvara KGFS raised $10 million in a seed and debt round, respectively.

Emerging startups

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

Ludhiana-based premium tea brand Freshleaf raised the smallest, raising Rs 1 crore or $120,000, followed by healthtech startup Humors Tech, which raised $240,000. Generative AI startup Konproz also bagged $700,000 in funding.

Fintech startup ProsParity and Edtech startup SuperKalam each raised $2 million in pre-seed and seed funding rounds, respectively. Home decor startup Vaaree and NoPo NanoTechnologies secured $2.5 million and $3 million, respectively, in pre-Series A funding rounds.

Healthtech startup Portl also raised $3 million in a funding round. Meanwhile, Varthana, a non-banking financial company (NBFC) specializing in the education sector, raised $3.25 million through non-convertible debentures (NCDs).

Zerodha co-founder Nikhil Kamath also invested an undisclosed amount in the Vijay Subramaniam-led Collective Artists Network.

Merger and acquisition highlights

The period also featured strategic mergers and acquisitions. Boss-backed smartwatch and connected lifestyle brand Noise acquired the AI-powered women’s wellness platform, SocialBoat, for an undisclosed amount.

Additionally, Finance automation and compliance platform CashFlo acquired Logitax, an all-in-one GST and e-invoicing Compliance platform, for an undisclosed amount.