New Delhi, Nov 16, 2024
The Indian startup ecosystem raised more than $182 million in funding this week, a substantial gain from last week’s $138 million funding.
At least 24 Indian startups secured nearly $182.62 million, led by three growth-stage deals and 19 early-stage deals.
Rural household-focused platform SarvaGram raised Rs 565 crore (around $67 million) in Series D equity funding led by Peak XV Partners. The round also saw participation from existing shareholders viz. Elevar Equity, Elevation Capital, Temasek and TVS Capital. With this investment, SarvaGram’s total capital raised to date has touched Rs 950 crore. The startup has created assets under management of Rs 1,200 crore of loans, with 70 per cent of the portfolio secured by property as collateral.
Equal, one of India’s leading data-sharing platforms, raised $10 million in its Series-A round led by Prosus Ventures, Tomales Bay Capital and its founder, Keshav Reddy, at a post-money valuation of $ 80 million. The company plans to use the funds to scale operations, forge strategic partnerships, and develop an integrated, secure, and transparent digital framework aimed at enhancing the data-sharing ecosystem in India.
The ePlane Company, an innovative leader in India’s electric vertical takeoff and landing (eVTOL) space, announced the successful closure of a $14 million funding round. This round was co-led by Speciale Invest and Antares Ventures. The funds will primarily support the development and certification of ePlane’s manned aircraft, with flight testing planned for mid-2025.
Vehicle intelligence company Vecmocon raised $10 million led by the Ecosystem Integrity Fund (EIF) along with participation from Blume Ventures, and British International Investment (BII). In its 8 years of existence, Vecmocon has developed one of the deepest capabilities in embedded design, power electronics, IoT, and data science that now powers more than 70,000 vehicles on Indian roads.
Till October this year, Indian startups have raised nearly $10 billion in funding and were on track to surpass the total funding of $10.5 billion raised throughout last year.(Agency)
