Indian startups raise $145 mn in funding this week

New Delhi (The Uttam Hindu): The domestic startup ecosystem raised more than $145 million, as investor confidence is reviving in the country when it comes to VC funding. Publicly-listed gaming firm Nazara raised $101.3 million via a preferential share issue, led by investors like SBI Mutual Fund, Caratlane founder Mithun Sacheti, and Aamara Capital.

ShopDeck, a direct-to-consumer (D2C) e-commerce enabler, raised $8 million in funding led by Bessemer Venture Partners, with participation from Elevation Capital, Venture Highway, and Chiratae Ventures. ShopDeck empowers sellers across categories, including clothing, jewellery, footwear, and home decor, driving over $150 million in annual sales. MSME-focused digital lender NeoGrowth raised up to Rs 42 crore (nearly $5 million) in debt funding from UTI International Wealth Creator.

Elchemy, a tech-driven cross-border speciality chemical distribution platform, secured a $5.6 million Series A funding round. The round was led by Prime Venture Partners, along with participation from existing investor InfoEdge Ventures. Ukhi, a pioneering biomaterials startup, secured $1.2 million in pre-seed funding to accelerate its mission to develop novel, biodegradable, and compostable biomaterials aimed at transforming the sustainable packaging industry. A total of 984 venture capital (VC) funding deals were announced in India during January-October 2024, which was a year-on-year (YoY) improvement of 5.8 per cent in deal volume.

The total disclosed funding value of these deals jumped by 44.4 per cent YoY to $9.2 billion during the same period, according to GlobalData, a leading data and analytics company. Investor confidence seems to be reviving as India demonstrates significant improvement in VC funding activity during the year compared to peer countries, the report mentioned. India accounted for 7.1 per cent share of the total number of VC deals announced globally during January-October 2024.