Indian Startups Secure $228M Funding Amidst Uncertainty

Indian startups demonstrated funding stability, raising $228.4 million across 21 deals between March 16 and 20, marking an 11% increase from the previous week’s $206.5 million across 22 deals, according to Inc42. The deals occurred amid heightened geopolitical uncertainties impacting global markets.

Key funding rounds included:

Neo Group: $53.4 million (Fintech) led by TVS Capital
Ecofy: $42 million (Fintech) with participation from British International Investment and Finnfund
Atlys: $36 million (Travel Tech Series C) led by Susquehanna Asia VC

Other significant deals:

Assiduus: $25 million (Enterprise Tech Pre Series B) led by Bajaj FinServ
Aerchain: $13 million (Logistics Series A) led by Pavestone
Burger Singh: $8.8 million (Foodtech Series B) led by Artal Asia

Fintech surpassed e-commerce in sectoral funding, driven by Neo Group and Ecofy’s substantial raises. E-commerce saw the highest deal volume with four transactions totaling $3.9 million. Seed funding increased to $12.9 million, a 12% rise from the previous week. Peak XV Partners was the most active investor, backing Atlys, BambooBox, and Grapevine.

Other key developments:

MakeMyTrip is planning an IPO in the Indian equities market after 16 years on Nasdaq.
SEBI approved the IPO of Fabhotels’ parent, Travelstack Tech.
PhonePe paused its IPO amid market volatility, potentially delaying until June 2026.

Fund updates:

Celesta Capital plans to launch a ₹2,000 Cr India-focused deeptech fund.
Former Peak XV Partners MDs launched Ambition Capital with a $250 Mn fund.

Additional highlights:

Nazara will acquire a 50% stake in Bluetile Games and BestPlay Systems for $100.3 Mn.
L’Oreal is in talks to acquire a majority stake in Innovist, valuing the startup at $350-450 Mn.
TIDCO plans to invest ₹25 Cr each in Agnikuand Raptee.
KKR will invest $310 Mn in PMI Electro Mobility and Allfleet.
upGrad signed a term sheet to acquire 100% stake in Unacademy.