Will Startups Feast or Freeze? TICE Funding Index Insights

The excitement is palpable as the Union Budget 2024 approaches! Startups across India are eagerly waiting for announcements that could significantly impact their growth trajectory. With the potential to scrap the angel tax and introduce new schemes to fuel domestic investments, the anticipation is electrifying.

Key sectors such as deeptech, gaming, fintech, and mobility are hopeful for substantial budgetary boosts. There are also whispers of a new Fund of Funds scheme, which could be a crucial lifeline during this funding winter. But before we dive into what the budget might hold for startups on July 23rd, let’s take a look at the impressive funding activity this week!

Weekly Funding Highlights

This week has been electrifying, with diverse types of funds raised across multiple sectors. The funding sentiment is dynamic, reflecting the vibrant nature of the startup ecosystem. Let's dive into the most significant funding news from this week.

PhysicsWallah Eyes $150 Million Funding at $2.8 Billion Valuation

Leading the headlines, edtech unicorn PhysicsWallah is in talks to raise $150 million at a valuation of $2.8 billion. Existing shareholders GSV Ventures and WestBridge Capital are expected to participate. Founded by Alakh Pandey and Prateek Maheshwari in 2020, PhysicsWallah previously raised $100 million at a $1.1 billion valuation last year. With a tenfold increase in operating revenue in FY22, PhysicsWallah is set to continue its impressive growth trajectory.

Dezerv Secures $32 Million in Series B Funding

Next up, wealthtech startup Dezerv has secured $32 million in Series B funding, led by Premji Invest, with participation from existing investors Elevation Capital, Matrix Partners, and Accel. With a valuation of $207 million, Dezerv plans to use the funds to expand its investment strategies, enhance its technology platform, and recruit experienced investment professionals. This marks a significant step in their mission to revolutionize wealth management and investment solutions.

Goat Brand Labs Raises $21 Million in Debt and Equity

In the ecommerce space, Goat Brand Labs has raised $21 million in a mix of debt and equity from investors including BlackRock, Mayfield, and NB Ventures. The funding round is expected to close at around $30 million. The funds will fuel the growth of its portfolio brands like Chumbak, TrueBrowns, and The Label Life. Goat Brand Labs, founded in 2021, aims to hit a profitable revenue of over Rs 500 crore ARR in the next 9-12 months.

Immuneel Therapeutics Secures Rs 100 Crore

In biotech news, Immuneel Therapeutics, co-founded by Kiran Mazumdar Shaw, Siddhartha Mukherjee, and Kush Parwar, has raised Rs 100 crore (approximately $12 million) in an expanded Series A round led by Taiba Middle East FZ LLC. This funding will support the development of innovative cell and gene therapies for cancer patients, including CAR-T therapies. With a valuation of Rs 587 crore (around $71 million), Immuneel is set to make significant strides in cancer treatment.

Simplismart Raises $7 Million Led by Accel

Simplismart, a Bengaluru-based generative AI startup, has secured $7 million in funding led by Accel. Valued at $35 million, Simplismart enables businesses to build production-grade AI systems without coding. This investment will advance their technology, expand operations, and boost marketing and sales efforts, marking a milestone in their journey to revolutionize AI development.

Planet Marathi OTT Raises $5 Million

Planet Marathi OTT, a streaming platform for Marathi language content, has raised $5 million from A&MA Capital USA. The funds will enhance their content offerings and technological capabilities through a strategic partnership with media tech company Dcafe. Founded by Akshay Bardapurkar, Planet Marathi OTT offers diverse genres, catering to a wide audience and is poised for further growth in the Indian streaming market.

Watch Your Health Secures $5 Million in Series A

Healthtech startup Watch Your Health raised $5 million in a Series A round led by Cornerstone Ventures and Conquest Global. The funds will be used to scale operations, expand the user base, and enhance their platform capabilities. Operating in the B2B space, Watch Your Health provides personalized health recommendations to insurers and pharmaceutical companies, aiming to improve customer experience and engagement.

Jugyah Raises $1.5 Million Led by White Venture Capital

Jugyah, a proptech startup, raised $1.5 million in a round led by White Venture Capital, QED Investors, and Godrej Properties. The capital will help expand their presence in Mumbai and increase market share. As a real estate brokerage platform, Jugyah connects property buyers and tenants with sellers and landlords, offering additional services like in-house mortgage origination.

Qarmatek Raises $1 Million in Pre-Series A Round

Qarmatek, focused on renewed electronics and sustainability, raised $1 million from investors like Umang Nahata, Rakesh Raman, and Vishal Makwana. This investment will expand their categories of renewed electronics and scale operations. Founded in 2011, Qarmatek aims to reduce e-waste and promote a circular economy through refurbishment and renewal services.

Felicity Games Raises $700K in Pre-Seed Funding

Felicity Games, a casual game developer and publisher, raised $700K in pre-seed funding from investors including DeVC and Visceral Capital. Founded in 2023, Felicity Games plans to test 10 more games by March 2025 and aims to scale revenue by 10x by the end of 2024. Their popular titles like 'Seek & Find' and 'Nova Solitaire' already boast over a million monthly players.

The startup ecosystem continues to thrive with diverse investments and promising growth across various sectors.

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