TICE Startup Funding Index: Unlocking Funding for Indian Startups (2024)

The funding data ofIndian startups from September 8 to September 14, 2023, provides valuable insights into the funding landscape. In this period, several startups secured funding across variousfundingtypes, including Seed, Series A, Series B, Series E, and Conventional Debt. Let's delve into the key findings and highlight the significant aspects of the report.

As per thedata compiled by TICE Startup Funding Index, a total of 21 startupsraisedfunding(including undisclosed funding rounds) between September 8 to September 14, 2023. The total funding amount raised by Indian startups comes close to $727.2M (excluding undisclosed funding rounds).

Top Startups with the Highest Funding Raised:

Juniper Green Energy - Singapore's AT Capital Group and Dutch commodities trading firm Vitol have injected an additional $350 million into Juniper Green Energy, an independent renewable energy producer based in Delhi. This follows their initial investment of $200 million almost two years ago. With this funding, Juniper Green Energy aims to expand its operational capacity to 2.5 GW by 2026, having started operations in 2018.

Perfios - Bengaluru fintech startup Perfios has secured $229 million in its Series D funding round through a mix of primary and secondary sales, marking its latest funding round in nearly 19 months since it raised $70 million at a $400 million valuation. Perfios plans to utilize these funds to drive its global expansion efforts in North America and Europe, as well as make strategic investments in technology. Founded in 2008, Perfios operates in both B2B and B2C segments, specializing in credit decisions and analytics.

Leads Connect - Leads Connect, a full-stack agritech startup founded in 2009 by Navneet Ravikar, has secured INR 500 Cr ($62.5 Mn) in funding from BL Agro Industries, a prominent FMCG company. This investment will be used to strengthen its technology infrastructure, expand research in deep tech and AI/ML, and create synergies between the two firms. BL Agro's financial support, spanning three years, is set to lead to its eventual acquisition of a controlling interest in Leads Connect, enabling BL Agro to enhance its agritech offerings in the country.

Major Developments of the Week:

• Deepika Padukone invests in Blue Tokai. It raised a Series B round, following Blue Tokai's $30 million Series B funding led by A91 Partners this year. Blue Tokai, with 4 roasteries and 80+ outlets, is a coffee roasting company in India and Japan.

• Tech giants like Meta and Google may face a shorter compliance deadline, while startups and small businesses could get more time to adapt to the Digital Personal Data Protection Law, as the government plans a phased enforcement timeline.

• All Indian smartphones must incorporate NavIC support by December 2025, with 5G devices required to do so by January 2025. Apple recently adopted NavIC, while brands like Xiaomi, POCO, OPPO, Vivo, and OnePlus already use it in some models. The government may incentivize the use of NavIC-supporting chips made or designed in India in future PLI schemes.

• Private equity firm Florintree has acquired a significant stake in Videonetics, a video computing platform founded in 2008, with existing backers GenNext Ventures Fund and an undisclosed US-based global investor exiting their shareholding.

• Bengaluru's Agilitas Sports, backed by $52 million in funding, has acquired India's top domestic sports footwear manufacturer, Mochiko Shoes, in an undisclosed deal.

• Multiple EV startups, such as Ather Energy, Altigreen Propulsion Labs, Ultraviolette Automotive, and Simple Energy, have obtained certificates for recycling EV battery waste, as confirmed by the Central Pollution Control Board's portal.

• Flipkart's Big Billion Days sale is approaching its 10th edition, and the platform now boasts over 1.4 million sellers, marking a 27% growth since 2022.

• Tesla bought $1 billion worth of auto components from Indian companies last year, and they plan to increase that to $1.7 billion to $1.9 billion this year. Additionally, Tesla is in discussions with the Indian government about establishing a manufacturing plant in the country.
  

• Zerodha CEO Nithin Kamath credits Indian startup growth to net neutrality, emphasizing the importance of a neutral internet. Indian startups oppose telecom operators' call for OTT platforms to pay network costs, fearing discriminatory consequences for the startup ecosystem.

• Hyderabad is emerging as India's next startup hub, gaining favor among investors.

TICE Startup Funding Index

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AI ML Funding fintech agritech startup Juniper Green Energy Perfios Leads Connect