36 Indian startups secure massive $628 mn in funding this week, a 174 pc surge

New Delhi, Sep 21 (IANS) The Indian startup ecosystem saw massive funding flow this week at more than $628.24 million raised by 36 startups -- a whopping 174.5 per cent surge from last week.

The funding momentum was led by edtech company Physics Wallah (PW) which secured $210 billion in its Series B funding round and took the company’s valuation to $2.8 billion. The round was led by Hornbill Capital, with significant participation from Lightspeed Venture Partners, and existing investors GSV and WestBridge.

The week saw 14 growth-stage deals and 17 early-stage deals amid the positive investment environment in the country.

As per an Entrackr report, SaaS-based digital adoption solution provider Whatfix raised $100 million. The company, however, is yet to make the funding public.

While API infrastructure platform M2P Fintech secured $50 million, omnichannel diagnostics service provider Redcliffe raised $42 million and digital infrastructure company iBUS secured $34 million.

Fleet management company Everest Fleet successfully raised $30 million as part of its ongoing $50 million Series C funding round, to enable it to scale operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).

Vahan.ai, an AI-powered recruitment platform, announced its Series B funding of $10 million led by Khosla Ventures. The funds raised will be used to develop AI recruitment technology to support eight major Indian languages.

Bengaluru-based startups led with 12 deals this week, followed by Delhi-NCR, Mumbai, Chennai and Hyderabad.

Last week, 24 domestic startups secured more than $229 million in funding, which included six growth-stage deals worth $182.65 million. The week saw 13 early-stage deals worth $46.14 million.

The average funding in the last eight weeks stands at around $393 million, with 28 deals per week.

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