After weathering a chilly funding winter, the Indian startup scene is heating up again—and August 2024 is bringing the sizzle!

This month was all about big bucks, bold moves, and a major comeback, with venture capital investments skyrocketing to new heights. Indian startups are back with a bang, raising nearly $1.6 billion across 112 deals, making it one of the hottest months of the year.

From a surge in growth-stage funding to a wave of early-stage deals, August had it all—tier II cities making their mark, new unicorns rising, and the total funding tally for 2024 edging closer to the $10 billion mark. If you thought July’s $1 billion was impressive, August just showed up and doubled down!

Key Highlights

  • Indian startups raised close to $1.6 billion across 112 deals in August 2024, a significant increase from the $1 billion raised in July.
  • The $1.6 billion raised in August is the second-highest monthly funding in 2024, following June, and the third-highest in the last 12 months.
  • The month’s funding included:
  • 27 growth-stage deals worth $1.32 billion.
  • 71 early-stage deals totaling $267 million.
  • 14 undisclosed transactions, primarily in the early-stage category.
  • On a year-over-year basis, August 2024 ranked at the top for total funds raised.
  • Indian startups have secured approximately $9.6 billion in the first eight months of 2024.

Notable Deals of August 2024

  1. Zepto: Mumbai-based quick commerce firm Zepto raised $340 million from new investors including General Catalyst, Mars Growth Capital, and Epiq Capital, boosting its valuation to $5 billion.
  2. DMI Finance: Japanese banking giant Mitsubishi UFG Financial Group invested $334 million in the Delhi-based digital lending company DMI Finance through its subsidiary MUFG Bank.
  3. Bluestone: The jewelry retailer raised ₹900 crore in a funding round, doubling its valuation to ₹8,100 crore ahead of its IPO.
  4. Ather Energy: Electric scooter maker Ather Energy secured $71 million from the National Investment and Infrastructure Fund (NIIF), bringing its valuation to $1.3 billion.
  5. Neo Group: Wealth and asset management startup Neo Group raised $47.7 million in a round led by MUFG Bank and Euclidean Capital, with participation from Peak XV Partners.
  6. FirstCry: Pune-based E-commerce brand FirstCry raised $216 million in its growth stage, led by SBI Mutual Fund, HDFC Mutual Fund, and Goldman Sachs.
  7. OYO: Gurugram-based hospitality startup OYO secured $175 million in a Series-G round.
  8. BluePine: Gurugram-based SolarTech startup raised $28.2 million in early-stage funding.
  9. Efficient Capital Labs: Bengaluru-headquartered AgriTech startup secured $11 million in a Series A round.
  10. Fresh Bus: B2C-modeled EV startup raised $10.5 million in early-stage funding.
  11. Agrizy: B2B-focused enterprise Agrizy raised $9.8 million, with funding led by Accion and Omnivore.
  12. InvestorAi: Europe-based SaaS company secured $9.5 million in funding.
  13. Scimplify: Bengaluru-based ChemTech startup Scimplify raised $9.5 million.

Geographic Distribution of Deals

  • Bangalore: 38 deals
  • Mumbai: 22 deals
  • Gurugram: 18 deals
  • Delhi: 12 deals
  • Pune: 7 deals
  • Chennai: 4 deals
  • Hyderabad: 3 deals
  • Noida: 3 deals

Emerging cities like Jaipur, Chandigarh, Kochi, and Ahmedabad also reported notable deals, reflecting the growing startup activity beyond the traditional hubs.

Conclusion

August 2024 has proven to be a pivotal month for the Indian startup ecosystem, indicating a robust recovery and renewed investor confidence. The diversity in funding rounds, the rise of tier II city startups, and the significant capital inflow highlight the potential for continued growth in the coming months. As the Indian startup landscape evolves, platforms like Excluto will continue to play a crucial role in connecting venture capitalists and investors with promising opportunities across the country.

At Excluto, we remain committed to connecting venture capitalists and investors with emerging opportunities in this dynamic ecosystem, helping them navigate and capitalize on the next wave of innovation in India.

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