32 Startups Raise $135M, Deeptech Leads Funding Trends
Oct 15
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The Indian startup ecosystem saw a significant boost this week, with 32 domestic startups collectively securing nearly $135 million in funding. This represents a remarkable 45% increase from the previous week, which had witnessed $93 million raised across 21 deals. This surge comes as a welcome sign of growth, especially following a major dip from the $461 million raised the week prior.
Notably, deeptech startups dominated the funding landscape this week, with Haber, an industrial robotics maker, raising Rs 317.2 crore (approximately $38 million) in a Series C round. This round was led by Creaegis with participation from Accel India and BEENEXT Capital. The investment highlights the growing interest in automation and robotics within industrial sectors.
Another notable funding deal came from Spry Therapeutics, a Software-as-a-Service (SaaS) platform, which secured $15 million in a round led by Flourish Ventures, Together Fund, and Fidelity’s Eight Roads and F-Prime Capital. Meanwhile, cross-border specialty chemical manufacturing platform Mstack raised $40 million in a Series A round co-led by Lightspeed and Alphawave, with additional debt funding from HSBC Innovation Banking. Mstack plans to expand into agrochemicals and pharmaceuticals, with fresh capital going towards R&D and talent acquisition.
In addition to these new funding rounds, Whatfix, a digital adoption platform (DAP), introduced a $58 million liquidity program for employees and investors. This marks the company's fourth buyback of employee stock options (ESOPs), reflecting its continued success and commitment to rewarding its workforce.
Geographically, Bengaluru continues to lead the startup space, accounting for 11 of the 32 deals, followed by startups in Delhi-NCR, Mumbai, and Pune.
Looking back at the third quarter (July-September), Indian startups raised over $4 billion in total. This includes 85 growth and late-stage deals worth $3.3 billion and 207 early-stage deals totaling $754.26 million. The strong momentum of late-stage funding rounds and pre-IPO transactions suggests a healthy pipeline for future public offerings and significant growth in the Indian startup ecosystem.
This upward trend in funding, particularly in sectors like deeptech, SaaS, and chemicals, signals investor confidence and a promising future for Indian startups.
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