TICE Startup Funding Index: Fintech Startups Lead Funding Round

The funding data of Indian startups from October 6 to October 12, 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 the TICE Startup Funding Index, a total of 20 startups raised funding (including undisclosed funding rounds) between October 6 to October 12, 2023. The total funding amount raised by Indian startups comes close to $298M (excluding undisclosed funding rounds). 

Top Startups with the Highest Funding Raised:

Zolve - Zolve, a cross-border neobanking startup with offices in San Francisco and Bengaluru, secured a $100 million warehouse debt facility from US-based impact investor Community Investment Management (CIM). This funding will enable Zolve to provide credit products to US immigrants, helping them establish a US credit history upon their arrival.

InsuranceDekho - The insurtech startup secured $60 million in a Series B funding round featuring equity and debt. Key participants in the round included Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif, Beams Fintech Fund, TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures. This marks their second funding round in 2023, bringing their total funding to over $200 million. The funds will be used to enhance marketing efforts, expand distribution, advance their tech platform, and explore potential inorganic growth.

OnSurity - Onsurity secured $24 million in Series B funding led by the International Finance Corporation (IFC), with participation from existing investors Nexus Venture Partners and Quona Capital. The insurtech plans to enhance the efficiency and transparency of its claims process by leveraging AI, ensuring a seamless experience for all members.

Major Developments of the Week:

• Dream Sports, the parent company of Dream11, to discontinue its venture capital and merger & acquisition arm, Dream Capital, due to the government's introduction of a 28% GST on online real money games.
  

• Zomato introduced Xtreme, enabling merchants to send and receive small parcels, expanding revenue and leveraging its extensive delivery partner network.

• Bengaluru-based proptech unicorn NoBroker introduces CallZen, a conversational AI platform, expanding their business into new horizons alongside their ventures in apartment management, home services, and beauty.

• Groww has outpaced market leader Zerodha in active users, with 6.63 million compared to Zerodha's 6.48 million as of September 2023, based on NSE data.

• Zomato and McDonald's fined INR 1 Lakh for delivering non-vegetarian food instead of a vegetarian order.

• The National Payments Corporation of India plans to integrate Bhashini, a government-supported AI translation platform, enabling conversational payments in Indian languages.

• Kareena Kapoor Khan partners with SUGAR Cosmetics cofounders to launch Quench Botanics, a Korean skincare brand.

• OYO, a hospitality unicorn, seeks to raise $250 million from investors due to IPO delays.

• As per media reports 8,066 DPIIT-recognized startups have received angel tax exemptions since the 2019 notice.

• Ranjan Pai, Manipal Group Chairman, is considering a substantial investment of up to $300 million in Aakash Educational Services Limited (AESL), the physical education division of BYJU'S.
  

• Sudharshan N, the Head of Finance at Dunzo, has left the troubled quick commerce startup in a significant departure.

TICE Startup Funding Index