BENGALURU: Indian startups raised $233.6 million across 16 deals in the week from September 28 to October 2, up 14.9 per cent from $203 million the week before, Inc42 reported on October 3. The number of deals fell 23.8 per cent, and one round accounted for most of the money.
One big round
Bengaluru-based electric two-wheeler maker Simple Energy closed a Series C round of ₹1,750 crore, about $180 million, all of it equity, Autocar Professional reported on September 30. The company called it its largest round to date and the third-largest raised by an Indian electric two-wheeler maker.
The round was led by the family office of Arokiaswamy Velumani. Founder and chief executive Suhas Rajkumar and co-founder and chief financial officer Ankit Gupta also took part, along with Amit Mishra, a high-net-worth investor based in Bengaluru, and the Haran Family Office. The company did not disclose its valuation or how much each investor put in.
Simple Energy said the money will go into a new manufacturing facility, higher production, a wider sales and service network, hiring, marketing, its supply chain, and research and development for its next product cycle. Founded in 2019 by Rajkumar, with Shreshth Mishra as co-founder, the company makes its own chassis, battery, motor and software, and can produce 10,000 units a month. It has more than 80 outlets in over 60 cities and sells two models, the Simple Wave and the Simple Ultra. It has now raised more than ₹2,530 crore in all.
The rest of the week
After Simple Energy, the largest rounds were much smaller, Inc42 reported. Real estate technology company Gravity raised $15 million. Lender Seeds Fincap and agritech company Balwaan Krishi each raised $10.4 million in Series B rounds, and edtech company Arivihan raised $10.2 million in a Series A round.
Clean technology led the week by value. E-commerce startups led by number of deals once again, with four companies raising a combined $3.8 million. Alteria Capital was the most active investor, backing three startups.
Other news in the previous week's report included the Centre considering an anchor investment of ₹15,000 crore to ₹20,000 crore in a National Frontier AI and Compute Fund, a partnership between Nykaa and L'Oréal's BOLD fund to invest in Indian beauty brands, and a confidential draft IPO filing by used-car platform Spinny, according to Inc42.
Among investors, WEH Ventures announced the first close of its third fund, which is targeting ₹250 crore, and Peak XV Partners launched the twelfth cohort of its Surge accelerator, with 18 startups.
Weekly funding in context
The week before, startups raised $203.4 million across 21 deals, led by electric motorcycle maker Ultraviolette Automotive's $85 million Series E round, backed by Yali Capital and TDK Ventures, and artificial intelligence company Ema's $77 million Series B round, led by Creaegis, Inc42 reported on September 26. Five AI startups raised $89.3 million that week, and e-commerce again led by number of deals.
Weekly totals have swung widely in recent weeks. Startups raised about $203 million in the week to September 26, about $59 million the week before, $321.9 million in the week to September 12 and $177 million in the week to September 5, according to Inc42's weekly reports.
The public market is also absorbing new-economy companies. In the same week, lending app Moneyview listed on October 1 at a 64 per cent premium to its issue price, and Snapdeal's parent AceVector listed on October 5, 11.6 per cent below its issue price, according to Inc42.
Simple Energy's round alone was larger than the total raised by all Indian startups in two of the previous four weeks.
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