November 24, 2024: This week between November 18-23 marked a significant rebound for the Indian startup ecosystem as funding levels surged by a staggering 226%, with startups collectively raising around $596 million . The funding spike represents a sharp recovery after last week’s fundraising total of $182.62 million.
This surge was driven by a combination of six growth-stage deals and 15 early-stage deals, signaling renewed investor confidence in India’s vibrant startup landscape.
Among the standout deals, quick-commerce platform Zepto raised a massive $350 million in a funding round led by Motilal Oswal’s private wealth division. This brings the total capital raised by Zepto to over $1.3 billion in just five months, reflecting the increasing investor interest in India’s booming quick-commerce sector. As the demand for faster delivery services grows, Zepto is poised to lead the charge in transforming the e-commerce experience for millions of consumers.
Indian Startups Marks 226% Growth in Funding in 3rd Week of November
HealthKart, an omnichannel nutrition platform, secured $153 million in a funding round led by ChrysCapital and Motilal Oswal Alternates, with participation from Neo Group and existing investor A91 Partners. HealthKart also announced its first-ever employee ESOP buyback plan, valued at ₹55 crore ($6.5 million), showcasing the company’s commitment to rewarding its workforce as it scales.
Meanwhile, Zopper, a leader in the insurtech space, raised $25 million in Series D funding, co-led by Elevation Capital and Dharana Capital. Zopper’s ability to attract top investors, including existing backers Blume Ventures, highlights the growing appetite for innovation in the insurance technology sector in India.
In a more niche but significant development, Doodhvale Farms, an emerging player in the premium dairy market, closed a $3 million funding round led by Atomic Capital, with Singularity Early Opportunities Fund as a major co-investor. This deal underscores the increasing diversification of investment across industries in India’s startup ecosystem.
Geographically, Bengaluru continued to dominate with 10 funding deals, while Delhi-NCR, Mumbai, Chennai, Pune, and Hyderabad also saw significant activity. Over the last eight weeks, the average funding raised per week stood at approximately $266.77 million, with 25 deals taking place on average each week.
With nearly $10 billion already raised by Indian startups in 2024, the ecosystem is on track to surpass the total funding of $10.5 billion achieved last year. This surge highlights India’s startup continued strengths and its potential for high growth, driven by innovation across a variety of sectors.
