Indian Startups Raise Over $138 Million with Fintech and Deeptech Leading the Way
The Indian startup ecosystem saw a vibrant funding week, raising over $138 million across various sectors. Twenty-five domestic startups secured capital, with significant contributions from fintech and deeptech firms. Notable deals included Series B funding for Easy Home Finance, a fintech startup aiming to simplify digital home financing. The $35 million funding round was led by Claypond Capital and the Asia Rising Fund of Sumitomo Mitsui Banking Corporation (SMBC). Easy Home Finance intends to use this infusion to streamline the loan process through advanced data insights, aiming to make homeownership more accessible by enhancing its digital infrastructure. “This funding will propel our efforts to make home financing truly digital, efficient, and accessible,” shared Rohit Chokhani, MD of Easy Home Finance Ltd, emphasizing the technology-driven transformation their platform is set to undergo.
In the B2B finance sector, MODIFI, a Buy Now Pay Later (BNPL) platform, raised $15 million led by SMBC Asia Rising Fund, with contributions from Maersk, Intesa Sanpaolo, and Heliad. MODIFI focuses on providing financing solutions for global supply chains, catering to businesses looking for flexible payment options to improve cash flow and support cross-border trade.
Deeptech also made strides, with CynLr, a robotics startup, raising $10 million in its Series A round. Backed by Pavestone and Athera Venture Partners, CynLr specializes in AI-driven robotics solutions aimed at automating complex industrial tasks. This round brings CynLr’s total funding to $15.2 million, positioning it to advance the technology stack for smart manufacturing. Spacetech company GalaxEye also completed a Series A round, securing $10 million, with MountTech Growth Fund–Kavachh as a strategic investor. GalaxEye is focused on developing multisensory satellites designed to enhance imaging capabilities for a variety of sectors, including environmental monitoring and disaster management.
On the IPO front, logistics unicorn BlackBuck took a significant step by filing its red herring prospectus (RHP) with the Registrar of Companies (RoC). This move aims to raise Rs 1,114.72 crore through a public listing, further indicating the maturity of India’s logistics tech sector.
The Indian startup ecosystem remains resilient, even amid global economic challenges. Data for the first ten months of this year reveal that homegrown startups have raised over $12.2 billion, already exceeding last year’s total of $11 billion with two months still to go. October alone saw over $1 billion raised across 119 deals, showcasing the strength and investor confidence in India’s startup landscape.
While sectors like fintech and deeptech are seeing increased traction, overall market growth is bolstered by robust domestic demand and supportive policies, which have kept India’s public markets on an upward trend. The recent funding surge indicates a promising trajectory for Indian startups, as they continue to attract substantial capital and explore opportunities in advanced tech, finance, and emerging industries.