The Weekly Startup Funding in India
Grizmo Labs🌐
We are back with the latest news on startup funding for this week. From fintech to solar financing, and ayurvedic healthcare, this week’s funds highlight diverse startups with unique missions. Let’s dive into the details.
#1.PhonePe raises $200 million from Walmart in ongoing fundraising.
PhonePe, the payment and financial services unicorn has raised an additional $200 million in primary funding from Walmart at a pre-money valuation of $12 billion. It brings the total funds raised to $650 million from several global investors. The company plans to use the fresh funding to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. It will also help PhonePe fuel the next wave of growth for UPI payments in India, including UPI Lite and Credit on UPI. This funding is part of PhonePe’s ongoing fundraising of up to $1 billion following its domicile shift to India last year. With further investments expected to announce in due course, PhonePe’s growth trajectory seems promising.
#2. Solar startup Aerem raises $5 Mn in pre-Series A round.
Mumbai-based Aerem, a solar financing platform, has raised $5 million in a pre-Series A round led by climate-tech investor Avaana Capital. Blume Ventures also participated in the funding round. It includes debt financing of $1.5 million from financial institutions. Aerem plans to use these funds to expand its suite of innovative solar tech and financing solutions to enable end-to-end solutions for rooftop solar projects. The company’s platform provides 360-degree assistance to MSMEs to help them harness the power of solar energy and reduce their electricity costs by up to 70%. With deep domain expertise in both finance and solar, Aerem is well-positioned to enable and scale the sector.
#3. Ayurveda Startup Gynoveda raises $10 Mn in Series A funding.
Gynoveda, a women’s healthcare startup supported by Ayurveda, has raised $10 million in Series A funding, with India Alternatives Fund as the lead investor. Reputable family offices and companies like Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital participated in the round. The company plans to use the funds to raise awareness of menstrual health issues and promote Ayurveda as the leading women’s healthcare system. It includes advancing R&D, developing new ayurvedic products, hiring staff, expanding distribution, and building brand recognition. Gynoveda empowers women through its website and online marketplaces and plans to reach them offline in other parts of India. With a mission to change the lives of one million women, Gynoveda has already improved the health of 300,000 women residing in 20,000 pin codes of India, tripling its revenue year-on-year between FY20 and FY23 to reach ₹100 crores annual revenue run rate within three years of its inception.
#4. Influencer marketing platform One Impression has secured $10 million in a Series A funding round led by South Korean gaming giant KRAFTON. The startup plans to expand its product offerings, quicken the development of new products, and increase its market share abroad, starting in Southeast Asia and the United Arab Emirates.
#5.HealthPlix, a medical records platform for doctors in India, has raised $22 million in a Series C round led by Avataar Venture Partners. SIG Venture Capital, Lightspeed Venture Partners, JSW Ventures, Kalaari Capital, and Chiratae Ventures also participated. The platform aims to democratize access to digital healthcare in remote areas.
#6. Fintech startup Finsire, based in Chennai, has raised $1.3 million in a seed round from a group of investors, including Razorpay and Mars Shot Ventures co-founders Shashank Kumar and Harshil Mathur and Groww CEO Lalit Keshre. The startup plans to use the capital to increase its team size, build more products, and serve numerous integrations in the pipeline.
#7. Online gaming startup BuyStars has raised $5 million in its pre-Series A funding round led by Lumikai, with participation from existing investors Chiratae Ventures and Leo Capital. The startup will use the fresh capital to launch new games on its platform and hire.
#8. @Optimized_Electrotech (@OEPL), a defence technology startup based in Ahmedabad, has raised $1.8 million in a pre-Series A funding round led by Venture Catalysts. There was also participation from OEPL’s existing investor GVFL and other angel investors. OEPL produces indigenously designed, developed, and manufactured surveillance systems for security forces, national assets, and defence and aerospace companies. With over 32 patents, OEPL has served Indian Railways and the Indian Army for perimeter surveillance.
Dr Apoorva Ranjan Sharma, Founder and Managing Director of Venture Catalysts, said, “Our investment vision aligns with that of Prime Minister Narendra Modi’s idea to make India self-reliant or Atmanirbhar in the defence sector. We expect more startups to use technology to strengthen the country’s safety and security amidst growing threats and skirmishes on the borders. Optimized Electrotech has an immense potential to emerge as a major player in the segment.”
9. Luru, a CRM hygiene and sales productivity platform, has raised $1.4 million in a seed funding round from India Quotient and Gemba Capital. Luru was founded in 2022 by Karthik, Sanjeeth, Sid, and Anand, ex-CXOs of Exotel. Luru helps revenue teams implement sales which are adopted to update CRM faster and improve revenue forecasting with better CRM data. According to Karthik, co-founder of Luru, “Luru removes all this clutter and skyrockets CRM adoption results in 2X data hygiene and saving 80% of sales reps’ time working with CRMs. Companies are cautious with spending, so GTM teams must derive maximum value from their CRM. Luru is a great enabler for that.”
10. Super Six Sports Gaming, the parent company of daily fantasy sports brand Fantasy Akhada, has raised $11 million in a fresh round of funding. Nazara Technologies also participated and took a lead gaming company in India. The funds would expand Fantasy Akhada’s user base and offer new and innovative gaming formats.
That’s it for this week’s edition of our startup funding update. Stay tuned for more exciting news from the world of startups.
