Between December 23 and 28, Indian startups cumulatively raised $25.9 Mn via 6 deals, down 85% from the $171.2 Mn raised via 20 deals last week

Together, Zerodha cofounders Nithin and Nikhil Kamath were the most active investors in the last week of 2024

Despite the heavy cut in weekly funding, two startups filed for IPOs in the week

It’s the final few days of the year 2024! For the world’s third largest startup ecosystem, the final week of December marks the end of a period which was perhaps one of the best years for the ecosystem.

From a high number of listings, controversies, pertinent regulatory developments, the year had it all. After a year-long hustle, investors and startup founders seemingly embraced a break in the past week.

This was reflected in the weekly funding numbers as we witnessed perhaps the lowest number of startup investments in the week between December 23 and 28.

This number adds on to the over $12 Bn raised by Indian startups across 933 in the year till December 21, an increment of 20% from the $10 Bn raised last year.

As we turn the chapter on the year, investors are optimistic of observing a bump in the startup funding numbers in the coming year.

With that said, let’s delve into the funding trends in the final week of 2024.

Funding Galore: Indian Startup Funding Of The Week ( Dec 23 – Dec 28 )

Key Startup Funding Highlights Of The Week

• This week, deeptech emerged as the most investor favourite on the back of semiconductor startup Mindgroves’ $8 Mn fundraise, Proxgy’s Series A round and Naxatra Labs’ seed funding round.
• Fintech startup Univest raised the largest cheque this week worth $10 Mn from Bertelsmann India Investments.
• Together, Zerodha cofounders Nithin and Nikhil Kamath were the most active investors in the last week of 2024. While Nithin backed edtech Sparkl Edventure, Nikhil participated in Proxgy’s $3 Mn funding round. Meanwhile, Zerodha’s Rainmatter participated in Naxatra Labs’s seed funding round.
• With two deals materialising, seed funding plunged to under $1 Mn this week. This marked a 89% cut from the $9.2 Mn raised by startups at this stage last week.

Updates On Indian Startup IPOs

• Office space provider IndiQube filed its draft red herring prospectus (DRHP) for an INR 850 Cr initial public offering (IPO) this week.
• Electric vehicle maker Greaves Electric Mobility (GEML) filed its DRHP for an IPO comprising a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of up to 18.93 Cr shares.

Other Developments Of The Week

• Fintech SaaS Zaggle raised about $70 Mn via its qualified institutional placement (QIP) this week. The company issued 1.13 Cr equity shares to eligible qualified institutional buyers who partook in the round.
• Gaming major Nazara Technologies raised its stake to over 82% in Sportskeeda parent Absolute Sports with an investment of $8.4 Mn on Friday.
• TVS Motors picked up about 40% stake in Narain Karthikeyan’s two-wheeler startup DriveX Mobility for around $11.5 Mn. It now controls 87.38% of the startup.
• Supply chain solutions provider Leap India plans to raise about $63 Mn in a funding round led by KKR. The round is also likely to see participation from Sixth Sense Ventures, FirstBridge India, Madhurima International, among others.
• B2B seafood startup Captain Fresh plans on bagging about $12 Mn in a funding round led by Motilal Oswal Wealth Limited.
• Logistics unicorn Shiprocket will be raising $26 Mn in a funding round led by US-based venture capital firm KDT Ventures. The list of other investors participating in the round will include from Japan-based MUFG Bank, SAI Global, among others.