TICE Funding Report: Zyber 365 Becomes India's 1st Unicorn of 2023

The funding data of Indian startups from  July 22 to July 28, 2023, provides valuable insights into the funding landscape. In this period, several startups secured funding across various funding types, 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 the data compiled by TICE News, a total of 19 startups raised funding (including undisclosed funding rounds) between July 14 - July 21. The total funding amount raised by Indian startups comes to $226.77M (excluding undisclosed funding rounds). 

Top 3 Startups with the Highest Funding Raised:

Zyber 365, a Web3 cybersecurity startup, achieved a major milestone by securing USD 100 million in its Series A funding round from SRAM & MRAM Group, a UK-based investor. With this investment, Zyber 365's valuation has soared to USD 1.2 billion, making it India's first unicorn startup in 2023. Founded in May 2023 by Indian-origin entrepreneurs Pearl Kapur and Sunny Vaghela, Zyber 365 has quickly gained recognition in the cybersecurity sector for its decentralized and cyber-secured operating system. Additionally, the company's dedication to environmental sustainability in its offerings has earned praise.

Auxilo, an education-focused non-banking finance company, Auxilo Finserve Pvt. Ltd recently secured Rs 470 crore (approximately $57.4 million) in its latest funding round. Leading the round were Tata Capital Growth Fund II, Trifecta Leaders Fund - I, and Xponentia Opportunities Fund - II. Notably, Xponentia has pledged to invest Rs 110 crore in the company as part of this funding initiative.. 

Wiom, the Delhi-based telecom startup successfully raised Rs 140 crore (approximately $17 million) in a Series A funding round led by RTP Global, marking its first investment in 2023. Other investors who participated in the round include YourNest, Omidyar Network India, Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One, and 9 Unicorns. With this funding, Wiom aims to expand its presence across various cities in India and intends to invest in top-notch talent and distributed delivery architecture. Wiom, founded by Satyam Darmora, Nishit Aggarwal, Ashutosh Mishra, and Maanas Dwivedi, operates on a platform-led distribution model, offering affordable unlimited internet to middle and lower-middle-income households.

Startup Acquisitions of the Week:

• Pantomath Financial Services Group has acquired a 75% stake in global deal-making marketplace fundgini.com for an undisclosed amount.

• FMCG major Marico has signed a definitive agreement to acquire a majority stake (58%) in D2C nutrition brand Plix for INR 369.01 Cr.

Major Developments of the Week:

• Zyber 365, a Web3 cybersecurity startup, became the first Indian Unicorn of 2023 by securing USD 100 million in its Series A funding round. 

• Girish Mathrubootham-led Together Fund announced the first close of its $150 Mn second early-stage fund, Together Fund II, with a focus on SaaS and AI startups.

• GreenCell Mobility secured a debt funding of INR 3,000 Cr from state-owned REC Ltd (formerly Rural Electrification Corporation Limited).

• Troubled edtech decacorn BYJU’S lenders have reached a consensus to restructure its $1.2 Bn term loan B.

• Food delivery giant Swiggy initiated the second tranche of its ESOP liquidity program worth $50 Mn, benefiting around 2,000 employees.

• EV startup Zypp Electric announced an ESOP buyback program worth INR 1.5 Cr, benefiting 15 employees.