Indian startups have secured more than $348 million in funding week, marking the second consecutive week of significant growth in the sector. A total of 19 deals were finalized, slightly lower than the $466 million raised by 16 startups in the previous week.
Rapido Leads with $200 Million Series E Round
The largest funding deal was led by Rapido, a ride-sharing platform, which raised $200 million in its Series E round. This brought the company’s valuation to over $1.1 billion. The funding, led by WestBridge Capital, will be used to expand Rapido’s operations across India, scaling its technology, and enhancing service delivery across categories such as bike-taxis, three-wheelers, and taxi-cabs.
Drip Capital Secures $113 Million for Trade Finance
Drip Capital, a leading digital trade finance platform, raised $113 million this week. This included $23 million in equity from Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), and $90 million in debt financing from the International Finance Corporation (IFC) and East West Bank. The funds will be used to expand Drip Capital’s product portfolio and growth in key markets.
Moneyview Raises $30 Million in Debt
Another notable deal involved the lending platform Moneyview, which reportedly raised around $30 million through private placements. The platform will use this funding to strengthen its debt portfolio and expand its lending services.
Surge in Funding Rounds Over $100 Million
The Indian startup ecosystem has seen a surge in large funding rounds in 2024. There have been 13 rounds exceeding $100 million this year, including investments in companies like Zepto, Rapido, Lenskart, Flipkart, Meesho, and PharmEasy.
Zepto, a quick e-commerce platform, raised two significant rounds this year, totaling $1 billion ($340 million + $665 million). Its current valuation stands at $5 billion. Additionally, Lenskart, a leading eyewear brand, has raised $200 million so far in 2024, with a similar valuation of $5 billion.
August Funding Overview
In August 2024, Indian startups raised about $1.6 billion across 112 deals. This included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals totaling $267 million. The momentum in funding rounds reflects continued investor confidence and growth potential within India’s startup ecosystem.
