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Indian startups raise $972 Mn in November, powered by Zepto and Healthkart
Entrackr
·
8m ago
Medial
Indian startups nearly reached $1 billion in funding in November, boosted by major deals in e-commerce, healthtech, and fintech. While funding was slightly lower than in October, big investments in companies like Zepto and HealthKart showed strong investor interest. According to data compiled by TheKredible, Indian startups raised $972 million across 90 deals, with growth and late-stage funding dominating at $708.12 million from 14 deals. Early-stage funding contributed $263.5 million through 67 deals, while 9 deals remained undisclosed. On a monthly basis, November saw a 19% decline in funding from $1.2 billion in October to $971.61 million. However, total funding during the first 11 months of 2024 reached approximately $13.2 billion and surpassed 2023’s total of $11 billion. The November funding trend shows sharp fluctuations over four years. Startups raised $4.33 billion across 153 deals in 2021, dropping to $1.3 billion (130 deals) in 2022 and $437.5 million (89 deals) in 2023. In 2024, funding rebounded to $971.61 million across 90 deals. Growth-stage startups dominated the funding landscape in November. With $350 million funding, Zepto led the list followed by HealthKart with $153 million in Series I funding. Sarvagram also made a notable impact with $67 million in a Series D round, while Easy Home Finance and Zopper raised $35 million and $25 million, respectively. Other significant deals included Bhanzu's $16.5 million Series B round and MODIFI's $15 million for its B2B BNPL solutions. The ePlane Co., Locad, and ShopDeck rounded out the list with funding rounds that showcased innovation across diverse sectors like aerospace, logistics, and e-commerce. UnifyApps, a SaaS enterprise integration platform, led the chart of early-stage startups with $20 million in a Series A round, followed by OneCell Diagnostics, a cancer diagnostics startup, with $16 million. RetailTech platform Wheelocity raised $15 million, while SM Toys secured $13.22 million for its global manufacturing operations. BoldFit, a D2C fitness startup, and Guardians, a proptech company, raised $13 million and $12 million, respectively. November saw 13 merger and acquisition deals across diverse sectors. Nykaa acquired a 100% stake in Earth Rhythm in the e-commerce space, while Nodwin Gaming secured Trinity Gaming for $2.84 million. Moglix expanded into manufacturing by acquiring Khatema Fibres for $9.4 million, and The Good Glamm Group also acquired a 100% stake in The Moms Co. MakeMyTrip announced plans to acquire fintech platform Happay, and Unicommerce strengthened its SaaS offerings by acquiring Shipway. Check TheKredible for more information. In terms of city-wise funding, Mumbai-based startups led with $420.63 million raised across 14 deals, contributing 43.29% of the total funding. Delhi-NCR followed with $260.8 million from 26 deals, accounting for 26.84% of the funding. Bengaluru came next with $119.088 million raised through 28 deals, capturing 12.26%. Segment-wise, e-commerce startups dominated in terms of the amount raised, with 11 deals securing $535.79 million. This contributed 55.14% to the total funding. Fintech was on the second spot with 9 deals worth $155.7 million, accounting for 16.02% of the funding. SaaS startups completed 12 deals worth $53.13 million followed by EV startups which raised $26.47 million from 4 deals. Check TheKredible for more details. Regarding funding stages, 28 startups raised capital in the seed round, 26 in Series A, and 6 in Series B. Series F dominated with $350 million (36.02%), followed by Series I with $153 million (15.75%). Pre-Seed and debt funding contributed less than 1% each. For more details, refer to TheKredible’s report. Layoff activity continued to decline in November, with only two startups laying off 100 employees during the month. This is a drop from October, where layoffs by two startups affected over 110 employees. Throughout the first 11 months of 2024, approximately 4,700 employees were let go, a significant decrease compared to the 24,000 layoffs in 2023 and 20,000 in 2022. In November, the startup ecosystem witnessed notable leadership changes, with 9 senior executives, including CEOs, MD, CPO, and co-founders, stepping down. Simultaneously, 35 key executive roles were filled, marking a period of significant transitions. A detailed list of these changes can be accessed here. The funding landscape for Indian startups in November highlights a mixed bag of signals: a strong recovery from 2023 lows but still far from the peaks of 2021. The surge also reflects investor confidence in scaling businesses and continued interest in nurturing innovation. The notable dip in layoffs and leadership transitions signals a stabilizing ecosystem. With funding surpassing 2023 totals and a few more new-age IPOs on the horizon, the Indian startup ecosystem appears poised for a promising end to 2024, setting the stage for accelerated momentum in 2025.
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Indian startup funding climbs 226% to $596 million this week
Inshorts
·
8m ago
Medial
Indian startups raised $596 million in funding this week, 226% more than the $182.62 million raised last week. Quick commerce platform Zepto raised $350 million at a $5 billion valuation, while omnichannel nutrition platform HealthKart secured $153 million in funding. Zopper and Doodhvale Farms were also among the 23 startups that raised funding this week.
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ETtech Deals Digest: Startups raise $2.13 billion in November, up 313% on-year
Economic Times
·
8m ago
Medial
Startups raised a record-breaking $2.13 billion in funding during the month of November, a significant increase of 312.7% compared to the same period last year. The funding came through 87 rounds, surpassing the amount raised in October. The biggest deal was led by Zomato, which secured $1 billion through a qualified institutional placement (QIP) largely from domestic investors. Other notable funding rounds include Zepto raising an additional $350 million, Healthkart securing $153 million, and Nazara Technologies raising $100 million.
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Startup funding rises 774% on-year to $608 million this week
Economic Times
·
8m ago
Medial
Startups raised a total of $607.5 million in funding between November 16 and 22, which is a significant increase of 774% compared to the same period last year. This week, there were 23 funding deals, raising funds from high net-worth individuals, family offices, and financial institutions. Some notable funding rounds include Zepto raising an additional $350 million, Healthkart securing $153 million, Zopper raising $25 million, and OneCell Diagnostics securing $16 million.
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Zepto Looking To Raise $650 Mn Funding At A Valuation Of $3.5 Bn
Inc42
·
1y ago
Medial
Zepto, a fintech startup, is set to raise funds in its upcoming funding round. The round will be led by Nexus Venture Partners and StepStone Group, with participation from Glade Brook Capital, Avenir Growth, Lightspeed Venture Partners, DST Global, and Avra. This follows Zepto's previous funding round in November 2023, where it raised $31.25 million, bringing the total round size to $231.5 million.
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HealthKart raises $153 Mn, completes first ever ESOP buyback
Entrackr
·
8m ago
Medial
Omnichannel nutrition platform HealthKart has raised $153 million led by ChrysCapital and Motilal Oswal Alternates. Existing investor A91 Partners along with Neo Group also participated in the new round. HealthKart owns and operates several nutrition brands including MuscleBlaze, HKVitals and Gritzo. Apart from online presence, the firm has over 200 retail stores across 90 cities. In December 2022, HealthKart raised $135 million led by Temasek with participation from A91 Partners and Kae Capital. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $360 million to date. As per the company’s press release, it crossed 1,000 crore in revenue threshold in FY24, and also achieved full year EBITDA profitability during the said fiscal year. While the firm has yet to file the audited numbers officially, it recorded Rs 832 crore revenue in FY23 with a loss of Rs 76 crore. HealthKart spun off its generic drug search business, HealthKartPlus, in 2015 and rebranded it as 1mg, which now operates under Tata 1mg Technologies Private Limited. Along with the funding, HealthKart has also announced its first ever employee ESOP buyback plan worth Rs 55 crore ($6.5 million). The buyback will benefit both current as well as former employees. According to TheKredible’s data, more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in the ongoing calendar year (2024).
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HealthKart’s FY23 Sales Surge 70% To Cross INR 800 Cr Mark, Loss Halves
Inc42
·
1y ago
Medial
HealthKart, an online health marketplace, saw a 70% increase in sales to INR 832.4 Cr ($111.7 million) in FY23. The company also managed to reduce its net loss by half to INR 164.7 Cr ($22 million). HealthKart primarily generates revenue through its website, ecommerce platforms, and offline stores. The startup's biggest expense was procurement cost, followed by employee benefits and advertising expenses. HealthKart is now in talks to raise $100 Mn-$150 Mn from ChrysCapital in a secondary transaction. It counts Sofina Ventures, Peak XV Partners, and Intel Capital among its investors.
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Zepto to raise $500 Mn at $7 Bn valuation: Report
Entrackr
·
27d ago
Medial
Zepto to raise $500 Mn at $7 Bn valuation: Report Quick commerce firm Zepto is in advanced talks to raise $500 million in a new funding round led by existing backers General Catalyst, Avenir, and others, according to a Moneycontrol report. The round is expected to value the Mumbai-based startup at around $7 billion, a significant jump from its previous valuation of $5 billion when it raised $350 million in November 2024. In total, the Aadit Palicha-led company raised $1.35 billion in 2024. This development comes shortly after Zepto postponed its planned initial public offering (IPO) to 2026. The company had already completed its reverse flip to India in January this year. Zepto is currently prioritizing lower cash burn and stronger profitability ahead of its public listing. In response to rising operational costs, the company has temporarily shut down its food service arm, Zepto Cafe, in several smaller North Indian cities such as Agra, Chandigarh, Meerut, Mohali, and Amritsar. Zepto is also facing strong competition from rivals including Blinkit and Swiggy. According to an ICICI Securities report, Blinkit and Swiggy Instamart surged ahead in Q1 FY26, expanding gross order value by over 25% and 22%, respectively. The duo outperformed the overall quick-commerce sector’s sub-20% growth. In April, Palicha said the company is approaching an annualized Gross Order Value (GOV) of $4 billion. According to him, Zepto scaled from $1 billion to $3 billion in GOV within eight months, reflecting around 300% year-on-year growth and a 30% increase since January 2025. Recently, Palicha added that a majority of Zepto's dark stores are expected to become fully EBITDA-positive in the next quarter. Earlier this year, it closed a $665 million Series F round followed by a $340 million top-up, raising over $1 billion in 2024 alone. Zepto claims a majority of its dark stores have turned EBITDA positive, with deeper expansion planned across metros and Tier II/III cities. The upcoming funding is likely to support operational scale, enhance its tech stack, and sharpen its supply chain efficiencies. While earlier reports suggested a delayed IPO timeline, Zepto has clarified it is targeting a late-2025 to early-2026 window, contingent on market conditions. The company is also said to be aligning its cap table to include more domestic investors in preparation for a potential India listing. Founded in 2021, Zepto competes with Blinkit, Swiggy Instamart, and BigBasket in India’s fast-evolving quick commerce space.
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ChrysCapital, MO Alts lead $153 mn round in HealthKart
VCCircle
·
8m ago
Medial
Private equity firms ChrysCapital and MO Alts have led a $153 million investment round in HealthKart, operated by Bright Lifecare. The nutrition platform aims to use the funds for expansion and acquisitions. This investment follows a $135 million funding round led by Temasek in 2020. HealthKart has a range of digital nutrition brands and operates over 200 stores across India. In the fiscal year 2024, the company achieved full year EBITDA profitability and revenue of over INR 1,000 crore.
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Funding momentum picks up this week due to two large deals
VCCircle
·
8m ago
Medial
Startups saw an increase in capital raised in the week ended 22 November, driven by two major deals. Quick commerce unicorn Zepto secured a large funding round, with a $350 million investment led by undisclosed investors. This funding momentum indicates continued investor confidence in the startup ecosystem.
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From Zepto To Blue Tokai — Indian Startups Raised $466 Mn This Week
Inc42
·
11m ago
Medial
Indian startups raised a total of $466.1 million through 22 deals, seeing a substantial increase of 75% compared to the previous week. Zepto, a quick commerce platform, secured $340 million in a follow-on financing round. VC firm Antler emerged as the most active investor, providing funding to two startups.
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