Mamaearth Parent Honasa Consumer Sees 4.8% Stock Decline

Mamaearth Parent Honasa Consumer

Honasa Consumer is a parent company of Mamaearth that reported a 4.8% drop in its shares this  morning. The drop in shares came after the startup secured a major deal of Rs 291 crore.  Approximately 2 percent stake in the company changed hands in the transaction of Rs 66.2 lakh. The  average price of the block deal was Rs 439 each, with a 4% discount from previous stock and closing  at Rs 457.95 per share.  

Honasa Consumer is a digital-first beauty and personal care brand aiming to meet the various needs  of customers. CNBC-TV18 mentioned that Sofia Ventures and Fireside Ventures are more likely to be  the sellers involved in the transaction of the deal. These two firms were looking to sell around a 2  percent stake in Honasa Consumer through a block deal to raise Rs 273.2 crore. Fireside Ventures  Investment fund holds a 5.28% stake in the parent company of Mamaearth while Sofina Ventures owns  6.16 percent of the company’s stake. 

Image source: honasa.in 

Honasa consumer trading at Rs 440.20 on NSE while the block deal went down in volumes of the  counter. The company reported a net profit of Rs 30.47 crore in its fourth quarter of this financial year.  This was the highest-ever quarterly profit recorded by the company so far. Last year the company had a loss of Rs 161.85 crore for the same duration. The operational revenue for Honasa Consumer  increased by 21.5 percent to Rs 471.09 on a year-on-year basis in the same period.  

After seeing the fourth quarter result of Mamaerath’s parent company, brokerage ICICI Securities increased its earnings estimates. The Indian stock market previously crashed following the general  elections as the BSE Sensex declined by 5.80% followed by the NSE 50 tipping off by 6.22% because the BJP had to depend on allies to form a government this time. This stock market crash added to the  loss of Honasa Consumer Ltd.’s stake.  

Conclusion: 

The parent company of Mamaearth, Honasa Consumers reported a drop in shares of up to 4.8 percent. Approximately 2 percent stake in the company changed hands in the transaction of Rs 66.2 lakh. The drop in shares came just after the firm closed a major deal of Rs 291 crore. Sofia Ventures and Fireside  Ventures are more likely to be the sellers involved in the transaction of the deal. These two firms were  looking to sell around a 2 percent stake in Honasa Consumer through a block deal to raise Rs 273.2  crore. Sofina Ventures owns 6.16 percent of the company’s stake followed by Fireside Ventures  Investment Fund owning a 5.28% stake. Following the fourth quarter result of Mamaerath’s parent  company, brokerage ICICI Securitiesincreased its earnings estimatesfor the same. The decline in Indian  stock market shares also added to the loss of the startup’s shares. The average price of the block deal was Rs 439 each, with a 4% discount from previous stock and closing at Rs 457.95 per share. 

Battery Smart Secures $65M Series B Led by LeapFrog Investments 

Battery Smart

Battery Smart, a Delhi NCR-based EV startup has successfully secured $65 million in its series B funding round led by LeapFrog investments. This equity round had investors including Panasonic, Blume Ventures, British International Fund, British International Investment, MUFG Bank, and The Ecosystem  Integrity Fund. The MUFG bank previously invested Rs 93.56 crore in the seed funding round of the  startup. 

This series B round was a mix of primary and secondary investments. The CEO and co-founder of  Battery Smart, Pulkit Khurana highlighted that the fresh capital raised from this round will be used to  increase its network, enhance technologies, and solidify its position in the market. Blue Ventures is  one of the largest stakeholders of the startup with a 14.44 percent stake followed by Acacia Inclusion  with a 9.83 percent stake. The firm also reported an increase in its valuation from $210 million last  year to $341 million this fiscal year. Battery Smart provides EVs with a swappable battery that can be charged at stations or swapped when damaged in the swapping station. 

The startup plans to use these fresh proceeds on market expansion, enhancing its technology, and  meeting market needs. The series B round came after the startup raised $33 million in its pre-series  round. The firm has scaled up and expanded across 30 cities with 1,000 swapping stations and has done over 35 million battery swaps since its inception. The partner of LeapFrog Investments, Nakul  Zaveri mentioned that the investment aligns with their investment strategy.  

The company is aiming to invest around $500 million in innovative companies to scale new low-cost  technologies, and low-carbon technologies and grow them in the EV market across Asia and Africa.  Battery Smarts claims to offer EV users zero waiting time if they are within a 1 km radius of the EV  station. This firm competes with other EV and battery tech startups including RACEnergy, Sun Mobility,  and Lithium Power, among others. 

Conclusion: 

Delhi NCR-based EV startup, Battery Smart has successfully secured $65 million in the series B funding round led by LeadFrog investments. Battery Smart was previously said to have raised a valuation of $341 million. This equity round had investors including Panasonic, Blume Ventures, British  International Fund, British International Investment, MUFG Bank, and The Ecosystem Integrity Fund. Pulkit Khurana highlighted that the fresh capital raised from this round will be used to increase its  network, enhance technologies, and solidify its position in the market. Battery Smart providesits users  with an advanced swappable Lithium-ion battery for 2 and 3-wheeler EVs. The batteries can be  swapped at the swapping station after drainage of existing batteries. The series B round came after the  startup raised $33 million in its pre-series round. The firm has scaled up and expanded across 30 cities  with 1,000 swapping stations and has done over 35 million battery swaps since its inception. This  equity round was a mix of primary and secondary investments

Logistics Leader Delhivery Boosts Employee Ownership with 75K ESOPs

delhivery

Delhivery is a logistic startup based in Gurugram that reported an allotment of 75k stock options under  its ESOP. The company mentioned that the board approved granting 75k stock options to those under  the Delhivery employee stock option plan. The stock options will be available for vesting in three years  from the granted date. 

The company stated that 20 percent of newly granted ESOPs will be vested in 12 months followed by  30% within 24 months and the remaining 50 percent will have a visiting duration of 36 months from  the date of grant. The stock options under the ESOP 2012 scheme had an exercise price set at Rs 1 per  share. This new announcement was made after the startup reported its financial results. Delhivery  faced a net loss of Rs 69 crore in its fourth quarter for this fiscal year. The company previously had a  loss of Rs 159 crore however the overall income of the firm saw growth from Rs 1,934.2 to Rs 2,194.5  crore. 

Image source: KNN India 

This unicorn also had operational revenue decreased by 5 percent to Rs 2.076 crore in the Quarter for  March 2024. The startup also mentioned setting up its own wholly-owned subsidiary, Delhivery  Robotics India. This arm of Delhivery will focus on manufacturing drones and will target the global  market rather than only the domestic market. Delhivery mentioned that this new vertical will provide  Drones as a service option for shipment and remote sensing.  

The CEO of Delhivery, Sahil Baura highlighted that this year was very crucial for the team. The company  faced loss but they delivered consistent service levels, completed more than half of the planned long term capital investments, and improved profitability. This logistic unicorn has clients including Softbank  Group International, OYO, IndusInd Bank, Bharti Airtel Ltd., and more. 

Conclusion: 

Last month, the logistic startup Delhivery reported a net loss of Rs 68 crore. This Gurugram-based  reported an allotment of 75,000 stock options under its ESOP. The company stated that 20 percent of  newly granted ESOPs will be vested in 12 monthsfollowed by 30% within 24 months and the remaining  50 percent will have a visiting duration of 36 months from the date of grant. The stock options under  the ESOP 2012 scheme had an exercise price set at Rs 1 per share. The startup also mentioned setting  up its own wholly-owned subsidiary, Delhivery Robotics India. This arm of Delhivery will focus on  manufacturing drones and will target the global market rather than only the domestic market. Delhivery mentioned that this new vertical will provide Drones as a service option for shipment and  remote sensing. The startup mentioned that it will be focusing on expanding its services. The startup  provides analytic solutions and is focused on enhancing services to track their package across India. The company previously had a loss of Rs 159 crore however the overall income of the firm saw growth from Rs 1,934.2 to Rs 2,194.5 crore.

Deepika Padukone’s D2C Brand 82°E to Raise $6M in Extended Seed Funding

82°E to Raise $6M in Extended Seed Funding

Deepika Padukone-led startup 82°E is a personal care D2C startup that is planning to raise around $6 million in its extended seed funding round. This was the first round of investment for the startup and  had the participation of new and existing investors. The company plans to use these fresh proceeds to  enhance its platform, expand its network and product development. 

The board members at 82°E approved a special resolution to allot 50,00,000 series seed 2 CCPS at an  issue price of Rs 100 each to raise $6 million as primary capital. KA Enterprises LLP is reported to  participate in the round and new investors may join them. This funding amount will be used to expand,  meet market needs, grow, and in general corporate purposes. Previously the startup also raised $7.5  million in its seed funding round which was led by IDEO Ventures and DSG Partners along with  Deepika’s family office in 2022.  

This D2C personal care 82°E startup offers skin and body care products for both men and women. The  company offers a wide range of solutions and products including face masks, cleansers, moisturizers, and more. The company claims to offer clinically tested and expert-formulated skincare products. The  startup aims to develop an Indian self-care brand that is Indian in its ethos and global in outlook. The  82°E focuses on a multi-channel mode of marketing. The startup claims to provide a personalized and  secure collection of skincare and body care products to its clients and customers worldwide.  

The company has shown growth in its first nine months of FY24. The firm collected Rs 11 crore in its  operating income during FY23 and reached operational revenue of Rs 22.82 crore from March to  December 2023. However, it remained in red with Rs 25.2 crore EBITDA in the same duration. The  brand competes with other personal and skincare D2C brands including Mcaffeine, WOW Skin Science,  Plum, and Mamaearth. 

Conclusion: 

82°E, a skin and personal care brand led by Deepika Padukone will be raising $6 million in its extended seed funding. The firm is planning to secure funding for a new round from its new and existing  investors. This D2C Skincare startup is planning to use the fund to expand in the global market, enhance  its platform, and expand its network and product development. The startup faces competition with  known brands including Plum, WOW Skin Science, Plum, and Mamaearth. The brand provides various  e-commerce platforms including a website, offline stores, and an app to connect with its customers. 

Previously the startup also raised $7.5 million in its seed funding round which was led by IDEO Ventures  and DSG Partners along with Deepika’s family office in 2022. The 82°E focuses on a multi-channel mode  of marketing. The startup claims to provide a personalized and secure collection of skincare and body care products to its clients and customers worldwide. The firm collected Rs 11 crore in its operating  income during FY23 and reached operational revenue of Rs 22.82 crore from March to December 2023.

OpenAI and Microsoft Launch $2M Fund to Combat Election Deepfakes

OpenAI and Microsoft Launch $2M Fund to Combat Election Deepfakes

Microsoft and OpenAI joined hands to raise a $2 million fund to remove the growing risk of AI and  deep fakes used for election purposes by deceiving voters. This is a global concern as more than 2  billion people will head to the election booths in over 50 countries, and AI can influence many of these  voters. 

As time goes by, these deepfakes are looking more and more real. The fast development of generative  AI including ChatGPT is becoming a threat involving AI-generated deepfakes to spread misinformation.  These new tools are available widely and are being used by people to create fake audio, video, or  photos of high-profile celebrities and political entities. Recently, India’s Election Commission issued an  order to political parties to avoid using AI, Deepfakes, or other similar tools in their online campaigns  during elections. Following this concern, all major tech giants including OpenAI and Microsoft signed  voluntary pledges to counter such risks. 

These two companies came together to build a framework to address deep fakes-related concerns  about spreading misinformation and misleading voters. The companies have already introduced restrictions on their software. Google doesn’t allow the Gemini AI chatbot to answer election-related queries, similarly, Facebook’s parent Meta also limits elected-related responses via its chatbot. To  strengthen information reliability, OpenAI launched a deep fake detector, a tool designed to detect  fake content generated by its DALL-E image generator.  

The startup also joined the steering committee for the industry body the C2PA, which has members  including Microsoft, Abode, Intel, and Google. Microsoft’s corporate VP for technology and corporate  responsibility, Teresa Houston, highlighted in a blog post that they will continue to collaborate with  companies that share the same goal and vision as theirs. He added that this societal Resilience Fund represents the commitment of both parties including Microsoft and OpenAI to address challenges and  needs in AI literacy and educational space.  

Conclusion: 

Microsoft and OpenAI raised $2 million fund collectively, to solve concerns regarding the use of AI generated content to mislead voters during elections. This is a global concern as more than 2 billion  people will head to the election booths in over 50 countries, and AI can influence many of these voters. These new tools are available widely and are being used by people to create fake audio, video, or  photos of high-profile celebrities and political entities.

The rise of generative AI including ChatGPT is  becoming a threat involving AI-generated deepfakes to spread misinformation. Recently, India’s  Election Commission issued an order to political parties to avoid using AI, Deepfakes, or other similar  tools in their online campaigns during elections. Following this concern, all major tech giants including OpenAI and Microsoft signed voluntary pledges to counter such risks. These two tech companies came  together to build a framework to address deep fakes-related concerns about spreading misinformation  and misleading voters. Teresa Houston, highlighted in a blog post that they will continue to collaborate with companies that share the same goal and vision

Cybersecurity Startup Seven AI Secures $36M Seed Funding Led by Greylock

Cybersecurity Startup Seven AI Secures $36M Seed Funding

Seven AI is a cyber security startup that has raised $36 million in its seed funding round led by Greylock  Partners. The round had the participation of other investors including CRV and Spark Capital. The  startup uses Artificial intelligence to help an organization boost its defense against malware or cyber attacks.  

The Venture firm Greylock Partners also invested in a pre-seed funding round for the startup. This  cyber security startup secured a total of $36 million in seed funds. These fresh proceeds will be used  for manufacturing, hiring, and meeting public needs. Everyone is slowly becoming dependent on  Artificial Intelligence leading to a whole new landscape of threats and risks involving AI models  involving data leakage, privacy, and other concerns. In this ever-evolving landscape, the emergence of  Seven AI plays a vital role in defending systems against cyber attacks. 

The startup was founded by Lior Div and Yonatan Striem-Amit in 2023. The co-founder of Seven AI  mentioned that attackers are trying to utilize the power of AI to solve new levels of cyber assaults. The  investment of $36 million shows the confidence of investors in the business model and market  potential of the startup. The startup is already at the valuation mark of $100 million before setting its  foot in the market.  

The startup aims to develop a next-generation Security Operations Center system powered by Gen AI.  This advanced technology will transform the working of security operations and will enable more  precise and accurate responses to cyber attacks. The startup intends to use the funding amount to  make its solutions stronger and reach more people across the Country. This fund will be used to  develop innovative solutions for market expansion and to increase the performance capability of the  platform. 

Conclusion: 

Lior Div and Yonatan Striem Amit-led cyber security startup, Seven AI raised $36 million in its seed  funding round. The round had the participation of investors including CRV and Spark Capital and was  led by Greylock Partners. The startup uses Artificial intelligence to help an organization boost its  defense against malware or cyber-attacks. This cyber security startup raised a total of $36 million in  seed funds and plans to use these fresh proceeds on manufacturing, hiring, and meeting market needs. 

The startup focuses on enhancing appropriate defensive measures. The investment of $36 million  shows the confidence of investors in the business model and market potential of the startup. The  startup is already at the valuation mark of $100 million without launching any tangible product since  its inception in 2023. This advanced technology will transform the working of security operations and  will enable more precise and accurate responses to cyber attacks. In this ever-evolving landscape, the  emergence of Seven AI plays a vital role in defending systems against cyber attacks. This company aims  to develop a next-generation Security Operations Center system powered by Gen AI.

Arthan Finance Raises $6 Million in Series B Round Led by Incofin India Progress Fund

Arthan Finance Raises $6 Million in Series B Round

Non-Banking Finance Company, Arthan Finance raised $6 million in its Series B round. The funding  round had the participation of various investors including The Michael & Susan Dell and Incofin India  Progress Fund. This angel investor-backed startup has raised 10 million USD to date. Michael & Susan  Dell is an existing investor of the firm and has been investing for a long time. 

The startup highlighted that this investment will also help the startup to grow its Assets Under  Management, expand its network, and invest in more advanced Artificial Intelligence and Machine  Learning-based underwriting systems. The founder and director of Arthan Finance, Kunal Mehta said  that this funding round was the crucial step for future growth of the startup. 

The company is committed to enhancing technical aspects while serving small and micro enterprises.  He added that this partnership with the help of Incofin and the Michale & Susan Dell will help them in  the mission to drive financial inclusion across the country. These fresh proceeds will be used for market  expansion, technological advancement, and R&D Manufacturing. The NBFC also offered a secured and  unsecured loan amount for micro, small, and enterprises in tier-I, and tier-II cities. The startup provides growth capital to small enterprises in backward towns and operates in Telangana, Andhra Pradesh,  Maharashtra, and Odisha.  

The startup claims to have provided a total loan amount of Rs 500 crore to more than 20k borrowers.  The loan amount offered varied from Rs 2,000 to Rs 20 lakh per person. Kunal Mehta said that the  growth capital from Piramal will be used for expanding the network and maintaining its position while  advancing its technical aspects. By sealing this investment, the company will have more advanced  technical skills, scale-up, and more innovative ideas. 

Conclusion: 

Arthan Finance is an NBFC company that has secured a $36 million fund in its series B round. The round  had an investment of $36 million from new and existing investors of the firm including Incofin India  Progress Fund and The Michael & Susan Dell. This Non-banking Finance company mentioned that this  investment will help them grow their AUM. The deal was done to help Arthan Finance grow further in  the market and strengthen its position. This angel investor-backed firm has raised a total of 10 million  USD to date.

The startup highlighted that this investment will also help the startup to grow its Assets  Under Management, expand its network, and invest in more advanced Artificial Intelligence and  Machine Learning-based underwriting systems. Kunal Mehta mentioned that this partnership with the  help of Incofin and the Michale & Susan Dell will help them in the mission to drive financial inclusion  across the country. The startup provides growth capital to small enterprises including tier- I and tier- II  cities. The startup has branches in Andhra Pradesh, Telangana, Maharashtra, and Odisha. This funding  amount will be used for market expansion and technological advancement of the company.

Union Textiles Ministry to Support 150 Technical Textile Startups with Rs 50 Lakh Each

Union Textiles Ministry to Support 150 Technical Textile Startups with Rs 50 Lakh Each

The Union textile ministry is planning to issue an order to provide up to Rs 50 lakh each to technical  textile related 150 startups. A person close to the development team told mint that the startups related to technical textile industry such as Spandex and Nomex will be benefited from this scheme.  In addition to this the ministry won’t take any profit share from the business. 

This funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25. Technical textiles are used in various sectors and plays an important role in sectors  including automobiles, aerospace, defence, construction, agriculture, and healthcare, among others. KPMG reported the Indian textile was worth of $21.95 billion in 2022 with production amount of  $19.49 billion. The Indian technical textile market increased by 8 to 10 percent per annum in past five  years. The government of India is aiming to accelerate this market by 20 percent in next five years.  

The global technical textile market is predicted to increase rapidly and reach $274 billion mark by 2027.  The technical textile sector is predicted to keep growing with a CAGR of 5.2 percent till 2027 due to its  increasing demand and rapid development of new products. National Technical Textile Mission was  launched in 2020 to make India a global leader in technical textile sector by innovating, promoting  research an using the technical textile in various sectors. The Indian government has been trying  different schemes to position India as a leader of technical textile industry. 

The PM MITRA parks programme was introduced to offer quality control regulation and developed  500+ standard to promote the sector. This new scheme to offer Rs 50 lakh is another step to strengthen  the Indian textile industry. The interested start-ups may need to deposit 10 percent of total allocated  fund in advance, a person told Mint. Same source mentioned that 10 startups are set to be approved  for next week and remaining startups will be selected in next months. India is already third largest  exporter of textile and now the Indian textile industry is predicted to reach $65 billion by FY26.

Conclusion: 

Union Textile Ministry will grant Rs 50 lakh each to 150 startups working in technical textile industry.  The startup related to technical textile industry such as Spandex and Nomex will be benefited from  this scheme and the ministry won’t take any profit share earned from the business. This step is taken  by the government to advance technical textile sector an strengthen India’s position in world map. This  funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25.

The government of India is aiming to accelerate this market by 20 percent in next  five years. The global technical textile market is predicted to increase rapidly and reach $274 billion  mark by 2027. This step taken by government will encourage many new technical textile startups to  take step and turn their concept into reality. This scheme was introduced after India negotiated free  trade agreements with other countries which will lower the import duties on manufactured goods.

Ixigo Raises $40M from Anchor Investors Ahead of IPO

Ixigo Raises $40M from Anchor Investors Ahead of IPO

Ixigo is a travel booking platform under Le Travenues Technology that has offered $40 million worth of  shares to anchor investors for Initial Public Offerings. The company planned to make its first  appearance on the stock market exchange on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of 161 shares. 

The board at Ixigo has approved a resolution to allot 3,58,11,405 equity shares at an issue price of Rs 93 each to raise $40 million. The shares will be given to Achor Investors. These fresh proceeds will be  used to scale up operations, enhance its platform, and meet market needs. The series E round had the  participation of investors including Trifecta, Eight Road Ventures, Chirate, and Amara partners, and was  led by the Rise Fund with $16 million. The investment was made after the firm announced its pre-IPO  secondary exercise of $21 million. 

The pre-IPO secondary exercise made SAIF partners the biggest stakeholder of the company with a  20.52% stake followed by 13.81% of Peak XV and Micromax with 5.52 percent. The co-founders of Ixigo hold a 16.65% stake in the startup. HDFC, Nomura Fund, SBI, Morgan Stanley, Tata Investments, and  Bajaj Allianz are the key anchor investors in this IPO round. The regulatory filing shows that out of  3,58,11,405 equity shares that are allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds through 7 schemes.  

The startup focuses on becoming the most customer-centric OTA startup in the country by helping Indian travelers with better plans for their travel. The company is expected to open its Initial Public  Offering with a minimum of 161 lots for its retail investors. The startup reported growth in operating  revenue of Rs 491 crore this fiscal year with a sizable profit of Rs 65.7 crore. 

Conclusion: 

This Gurugram-based startup, Ixigo is a subsidiary of Le Travenues Technology. Ixigo provides traveling ease to its users by booking hotels, notifying flight delays, and providing flexible bookings. This travel  booking platform has offered $40 million worth of shares to anchor investors for Initial Public Offerings after closing its pre-IPO secondary exercise at $ 21 million. The series E round had the participation of investors including Eight Road Ventures, Trifecta, Chirate, and Amara partners, and was led by the Rise  

Fund with $16 million. The investment was made after the firm announced its pre-IPO secondary  exercise of $21 million. The regulatory filing shows that out of 3,58,11,405 equity shares that are  allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds  through 7 schemes. The company planned to make its first appearance on the stock market exchange  on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of  161 shares. This funding amount will be used to scale up operations, enhance its platform, and meet  market needs.

Indian Startups Raised $97M This Week, Led by Fibe

Indian Startups Raised $97M This Week

Indian startups made 10 deals from 3rd June to 8th June. The amount raised from these deals was  nearly $97 million in funding this week. This week’s funding amount decreased by 22.6% compared to  last week’s $217.84 million across 31 deals. The decline in total fundraising came after the stock market  crash due to general elections, however Indian startups raised over $1 billion for the first time this year in May. 

The seed funding round has a decline this week as most early-stage startups had a loss due to a market  crash following the general elections. Traxcn data reported that mostly late-stage Indian startups raised  funds from 16 rounds. Meanwhile, the Pune-based lending startup, Fibe secured the highest funding  of $66 million in a series E funding round led by TPG’s Rise Fund and Kabira Holdings. The Rise fund  led the round with a $16 million investment followed by Kabira Holdings with a $15 million investment.  The startup raised $110 million in August last year for its series D round led by TPG’s The Rise Fund  and Northwest Venture Partners. 

The Eyewear retailer company, Lenskart also secured a total funding amount of $200 million in its  second fundraising round from Fidelity Management & Research Company and Temasek. After the  second fundraising round, this startup is valued at $5 billion. The company mentioned acquiring land  near Bengaluru airport to set up a new branch. Lenskart accounted for 61 percent of the overall  fundraise this week with $200 million. Other notable investment includes Fibe and EV startup, Ather  Energy which secured $34.5 million in a round led by Stride Ventures. 

Avail was also one of the top startups to secure a $43 million deal in its series A round led by Cyber  Fund and Founders Fund. AstroTalk, a B2C Astrotech startup contributed to the funding this week by  securing $9.5 million in its extended series A funding round led by Elev8 and Left Lane Capital. On a  weekly basis, Indian startups had an increment compared to last week’s $218 million. 

Conclusion: 

10 deals were made by Indian startups from 2nd June to 8th June securing over $97 million in funding.  Eyewear retailer startup Lenskart raised the second fundraising amount of $200 million from Fidelity  Management & Research Company and Temasek. Other notable investments include Ather Energy  which secured $34.5 million in a round led by Stride Ventures this week. Fibe is another e-commerce  startup that secured the highest fundraising with $66 million in a series E funding round led by TPG’s  Rise Fund and Kabira Holdings.

The decline in total fundraising came after the general elections, where  Indian startups raised over $1 billion for the first time this year. Primary fundraising had a decline but  the week had a gain in secondary fundraising. Fundraising of $200 million by Lenskart had a huge  contribution to the total secondary fundraising as it accounted for 61 percent of the overall fundraising  this week. Avail was also one of the top startups to secure a $43 million deal in its series A round led  by Cyber Fund and Founders Fund followed by Astrotalk with $9.5 million from Elev8 and Left Lane.

Indian Startup Ecosystem Sees Stability as Markets Gain 3% Post Political Clarity

Indian Startup Ecosystem Sees Stability as Markets Gain 3%

The Indian stock markets crashed on Tuesday following the general elections leading to a price crash  in the Indian startup ecosystem. The BSE Sensex dropped by 5.80% after the general election results  showed that the BJP had to depend on allies to form a government. But the stock market is now back  with a gain of 3 percent followed by the news of PM Narendra Modi’s return for a third term. 

Indian startups saw gains on Friday after the stock market gained a 3.36 percent increase. The BSE  Sensex increased and reached 76,795.31. The Sensex increased by 3.69 percent on Friday and closed  at 76,693.36 while Nifty increased by 3.37 percent. The losses faced in the stock market were almost  recovered in three trading sessions, at Rs 28 lakh crore. Delhivery, a platform that helps an individual  connect over services to track their package across India reported a loss of 6.26 percent last week  following the elections. This is the largest fully integrated logistic provider in India that offers top-class services to its clients and customers.  

The stock prices for all the Indian startups fell into the negative zone last week, they are said to be  recovering following this gain in the market on Friday. The future and impact of the Indian startup  ecosystem will again change following the new government. Many Indian startups got accessto various  government policies to help startups and went unicorn this year. Awis is one of those startups that  went public this year and recorded a gain in the stock market.  

128 deals were made last month generating the highest funding influx for this year so far. This year  many startups including Ola Electric, Mobikwok, and FirstCry are planning to debut on the stock market  exchange. Indian startups had the highest investment for 2024 in May, with the highest total funding this year of $1 billion. 

Conclusion: 

Following the election results Indian startup ecosystem saw a huge decline in its stock but the market  is now recovering after political stability as the stock market saw a 3.36 percent increase. Indian stock markets crashed on Tuesday following the general elections and gained momentum on Friday. On  Tuesday, Delhivery, a platform that allows you to track your package across India reported a 6.26%  decline in its stock. Indian startups saw gains on Friday after the stock market gained a 3.36 percent  increase, the BSE Sensex increased.

The losses faced in the stock market were almost recovered in  three trading sessions, at Rs 28 lakh crore. Many Indian startups got access to various government  policies to help startups and went unicorn this year. Awis is one of those startups that went public this  year and recorded a gain in the stock market. The future and impact of the Indian startup ecosystem  will again change following the new government. The stock prices for all the Indian startups fell into  the negative zone last week, they are said to be recovering following this gain in the market on Friday.

IIT Kanpur Launches UDAAN Programme to Boost Indian Drone Startups

IIT Kanpur Launches UDAAN Programme to Boost Indian Drone Startups

UDAAN programme was launched by the collaboration of Startup Incubation and Innovation Center at  Indian Institute of Technology Kanpur today. The programme is a step toward boosting and strengthing  the drone startups in India. UAV/UAS/Drone Acceleration and Networking programme is an initiative taken by the Government of Uttar Pradesh, and the Drone Federation of India. 

This step was taken by Indian Government to accelerate drone startups and provide them with  expertise help, resources and scaling up their business. This scheme will select 20 drone startups a year in two cohorts and help them in scaling their business while meeting market demands. These  startups will be settling at SIIC, IIT Kanpur and gain access to technical support, mentorship, financing,  and cutting-edge R&D facilities. The professor in charge of SIIC, Ankush Sharma mentioned that  UDAAN will help drone startups to access world-class mentorship and resources which will help in  growth of Indian UAV industry. 

This scheme will also help these startups to enhance their programming and technical advancements to become market ready. The strategic product, business development assistance, market analysis,  alliance building, and growth plan development will be included in the programme. This collaboration between SIIC and IIT Kanpur will allow Indian startups to have access to best-in-class testing facilities  at drone CoE including the Helicopter and VTOL lab, and the National Wind Tunnel Facility. 

The top six startups in each cohort will get fellowship support of Rs 3 lakh per year for innovation and  growth of the company. The interested startups need to register as startup with DPIIT working in drone  industry and focus on design, testing, and technical consultancy. Only those drone startups can register whose annual turnover is less than Rs 3 crore. The form to register for the UDAAN programme is said  to be opened until June 20. The drone market in India is expected to grow in size and reach the $13  billion by 2030.

Conclusion: 

The Startup Incubation and Innovation center at Indian Institute of Technology Kanpur today launched  a drone startup focused programme UDAAN. This collaboration of SIIC and IIT Kanpur with UP  government will change the landscape of Drone industry in India. UAV/UAS/Drone Acceleration and  Networking programme is an initiative taken by the Government of Uttar Pradesh, and the Drone  Federation of India. This scheme will select 20 drone startups a year in two cohorts and help them in  scaling their business while meeting market demands.

These startups will be settling at SIIC, IIT Kanpur  and gain access to technical support, mentorship, financing, and cutting-edge R&D facilities. This  collaboration between SIIC and IIT Kanpur will allow Indian startups to have access to best-in-class  testing facilities at drone CoE including the Helicopter and VTOL labs. The top six startups in each  cohort will get fellowship support of Rs 3 lakh per yearfor innovation and growth of the company. Only  those drone startups whose annual turnover is less than Rs 3 crore can register till June 20th.