Indian Startup Funding — Startups Raised $232 Mn This Week

SUMMARY

Between May 19 and 24, Indian startups cumulatively raised $231.7 Mn across 16 deals, marking a 53% uptick from the $151.6 Mn raised across 24 deals in the preceding week

While cleantech emerged as the investor favourite sector this week with three startups raising $89 Mn, fintech and ecommerce sectors also three deals materialise this week

UK's British International Investment emerged as the most active investor this week, backing Euler Motors and CureBay

Investment activity across the Indian startup ecosystem rebounded after a major slump over the past week.

With fresh capital influx and multiple fund launches taking the front seat, startups cumulatively bagged $231.7 Mn across 16 deals between May 19 and 24, marking a 53% uptick from the $151.6 Mn raised across 24 deals in the preceding week.

Besides, startup IPO was among key developments hogging the limelight in the week under the review. With that said, let’s sail through this week’s major developments in the Indian startup ecosystem.

Funding Galore: Indian Startup Funding Of The Week [ May 19 – 23 ]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
19 May 2025	Euler Motors	Cleantech	Electric Vehicles	B2B	$75 Mn	Series D	Hero MotoCorp, British International Investment	Hero MotoCorp
22 May 2025	Oxyzo	Fintech	Lending Tech	B2B	$62.4 Mn	Debt	Neo Group	Neo Group
20 May 2025	CureBay	Healthtech	Telemedicine	B2C	$21 Mn	Series B	Bertelsmann India Investments, Elevar Equity, British International Investment	Bertelsmann India Investments
20 May 2025	CloudSEK	Enterprise Tech	Horizontal SaaS	B2B	$19 Mn	Series A2	MassMutual Ventures, Inflexor Ventures, Prana Ventures, Tenacity Ventures, Commvault, Meeran Family, StartupXSeed, Neon Fund, Exfinity Ventures	–
21 May 2025	Mythik	Media & Entertainment	Digital Media	B2C	$15 Mn	Seed	Sakal Media Group, BITKRAFT, VC Grid, Visceral Capital, Shah Rukh Khan Family Office, Patni Family Office	–
22 May 2025	Alt Carbon	Cleantech	Climate Tech	B2B	$12 Mn	Seed	Lachy Groom, Jason Zhao, Amrendra Singh, Tanmay Bhat, Arjun Soin, Nakuul Mehta, Arjun Ramani, Advaith Vishwanath, Rahul Seth	Lachy Groom
22 May 2025	Data Sutram	Enterprise Tech	Horizontal SaaS	B2B	$9 Mn***	Series A	Lightspeed Venture Partners, B Capital	Lightspeed Venture Partners, B Capital
20 May 2025	Miraggio	Ecommerce	D2C	B2C	$6.5 Mn	Series A	RPSG Capital Ventures, Client Associates Alternate Fund, Prath Ventures	RPSG Capital Ventures, Client Associates Alternate Fund
22 May 2025	Shuru	Consumer Services	Hyperlocal Services	B2C	$3.4 Mn	–	KRAFTON, Omidyar Network India, Eximius Ventures	KRAFTON
20 May 2025	Tan90 Thermal Solutions	Logistics	Storage Services	B2B	$2.3 Mn	Series A	NABVENTURES, Blue Ashva Capital, Capital-A, 3i Partners	NABVENTURES
23 May 2025	Borderless	Fintech	Investment Tech	B2C	$2.3 Mn*	–	Equirus, Credence Family Office, July Ventures	Equirus Credence Family Office
22 May 2025	Promethean Energy	Cleantech	Climate Tech	B2B	$2 Mn	Pre-Series A	Transition VC, Sangam Venture, Sagana Capital, Fondation Botnar	Transition VC
20 May 2025	PaySprint	Fintech	Fintech SaaS	B2B	$1.2 Mn*	Series A	–	–
20 May 2025	Misfits	Consumer Services	Hyperlocal Services	B2C	$586K	Seed	Info Edge Ventures, Better Capital	Info Edge Ventures, Better Capital
22 May 2025	BlackCarrot	Ecommerce	D2C	B2C	–	Pre-Seed	Venture Catalysts, We Founder Circle, EvolveX Accelerator, GX Ventures, Suraj Nalin, Neha Dhupia, Agnello Dias	Venture Catalyst
21 May 2025	The Sock Street	Ecommerce	D2C	B2C	–	–	Knit World Inc	Knit World Inc
	Source: Inc42 Part of a larger round Included this week as it was skipped last week ** Includes both primary and secondary deal Note: Only disclosed funding rounds have been included

Key Startup Funding Highlights Of The Week

EV manufacturer Euler Motors pocketed the biggest cheque of $75 Mn this week. On the back of this large-ticket deal, cleantech clinched the top slot in the most funded startup segment this week. Besides, two other startups in the space – Alt Carbon and Promethean Energy – also raised $12 Mn and $2 Mn, respectively.
At a sectoral level, fintech and ecommerce witnessed a similar number of deals as cleantech this week. While fintech raked in $65.9 Mn across three deals, three ecommerce startups managed to scoop up $6.5 Mn.
UK’s British International Investment emerged as the most active investor this week, backing Euler Motors and CureBay.
At the seed stage, although four startups secured $27.6 Mn this week but it was a 7% decline from the previous week.

Fund Updates Of The Week

Former 100X.VC partners Shashank Randev and Yagnesh Sanghrajka launched their new VC firm 247VC with a maiden fund of $30 Mn to back seed stage startups across consumption, deeptech, enterprise tech, and ‘industry 5’ sectors.
360 ONE Asset launched a $60 Mn early stage venture capital fund to back startups operating in consumer technology, fintech infrastructure, generative AI, spacetech, defence and precision manufacturing.
Former Brightcove country head Viniit Mehta floated his fund Pressplay Capital. He targets $10 Mn for its maiden fund to back startups in gaming, adtech, media tech and sports tech sectors.

Startup IPO Developments This Week

Logistics unicorn Shiprocket has taken the confidential route to file its draft red herring prospectus (DRHP) for an INR 2,500 Cr IPO.
Fintech major Pine Labs took the first step towards its anticipated IPO this week by converting into a public company. Besides, contract manufacturer Aequs also converted into a public company this week.
Defence tech Tonbo Imaging will be filing its DRHP for an INR 1,000 Cr IPO by August, Inc42 has learnt.

Other Developments Of The Week

Continuing its acquisition spree, Nazara has bought London-based Curve Games for INR 248 Cr in an all-cash deal.
EV major Ola Electric will be raising INR 1,700 Cr debt via non-convertible debentures (NCDs), term loans, working capital facilities, or any other eligible debt securities.
Fintech Stable Money will soon be raising $20 Mn in a fresh funding round to be led by The Fundamentum Partnership Fund, with participation from existing investors Lightspeed India, Matrix Partners and RTP Global.