Indian Startups Secure $145 Million in Funding This Week

New Delhi, Nov 30 (NationPress) The domestic startup ecosystem has successfully raised over $145 million, indicating a revival of investor confidence in the country's venture capital funding.

The publicly-listed gaming company Nazara raised $101.3 million through a preferential share issue, with key investors including SBI Mutual Fund, Caratlane founder Mithun Sacheti, and Aamara Capital.

ShopDeck, a direct-to-consumer (D2C) e-commerce enabler, raised $8 million in funding, spearheaded by Bessemer Venture Partners, with contributions from Elevation Capital, Venture Highway, and Chiratae Ventures.

ShopDeck facilitates sellers across various categories such as clothing, jewelry, footwear, and home decor, generating over $150 million in annual sales.

Focusing on MSMEs, digital lender NeoGrowth acquired up to Rs 42 crore (approximately $5 million) in debt funding from UTI International Wealth Creator.

Elchemy, a tech-driven specialist in cross-border chemical distribution, secured $5.6 million in a Series A funding round led by Prime Venture Partners, with participation from existing investor InfoEdge Ventures.

Ukhi, an innovative biomaterials startup, obtained $1.2 million in pre-seed funding to advance its goal of developing new, biodegradable, and compostable biomaterials aimed at revolutionizing the sustainable packaging sector.

A total of 984 venture capital (VC) funding deals were reported in India from January to October 2024, reflecting a year-on-year (YoY) growth of 5.8 percent in deal volume.

The overall disclosed funding value for these deals surged by 44.4 percent YoY to $9.2 billion during the same period, as per GlobalData, a prominent data and analytics firm.

Investor confidence appears to be rekindling as India showcases a notable increase in VC funding activity this year compared to its peer nations, the report noted.

India accounted for 7.1 percent of the total number of VC deals announced worldwide from January to October 2024.