/tice-news-prod/media/media_files/7bpAIFnA17YEfYZUZ20f.png)
As the Union Budget 2024 approaches, excitement is building. Startups across India are eagerly waiting for announcements that could have a major impact on their growth trajectory. With the possibility of abolishing angel tax and introducing new schemes to promote domestic investments, expectations are running high.
Key sectors such as deep tech, gaming, fintech and mobility are expected to see significant budget increases, and there are also rumors of a new fund of funds regime that could provide a vital lifeline during this fundraising winter. But before we take a closer look at how the 23 July Budget will affect startups, let’s take a look at some of the impressive fundraising activity this week.
Weekly Funding Highlights
It’s been an exciting week with a diverse range of funding raised across a range of sectors. Funding sentiment is dynamic, reflecting the vibrant nature of the startup ecosystem. Let’s take a closer look at the most significant funding news of the week.
PhysicsWallah seeks $150M funding at $2.8B valuation
In a notable move, edtech unicorn PhysicsWallah is in talks to raise $150 million at a valuation of $2.8 billion. Existing shareholders GSV Ventures and WestBridge Capital are also set to participate. Founded in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah raised $100 million last year at a valuation of $1.1 billion. With a 10x increase in operating revenue in FY22, PhysicsWallah is set to continue its impressive growth trajectory.
Dezerv secures $32M in Series B funding
Next, wealthtech startup Dezerv secured $32 million in Series B funding led by Premji Invest with participation from existing investors Elevation Capital, Matrix Partners, and Accel. Valued at $207 million, Dezerv plans to use the funds to expand its investment strategy, strengthen its technology platform, and hire experienced investment professionals, marking an important step in the company’s mission to revolutionize wealth management and investment solutions.
GOAT Brand Labs raises $21 million in debt and equity
In the e-commerce space, Goat Brand Labs has raised $21 million in a combination of debt and equity from investors including BlackRock, Mayfield and NB Ventures. The funding round is expected to close at around $30 million. The funds will fuel the growth of its portfolio brands, including Chumbak, TrueBrowns and The Label Life. Founded in 2021, Goat Brand Labs aims to achieve ARR profitability of over Rs 500 crore in the next 9-12 months.
Immuneer Therapeutics secures Rs 100 crore
In biotech news, Immunir Therapeutics, co-founded by Kiran Mazumdar-Shaw, Siddhartha Mukherjee and Kush Palwal, has raised Rs 100 crore (~$12 million) in an expanded Series A round led by Taiba Middle East FZ LLC. The funds will support the development of innovative cell and gene therapies, including CAR-T therapy, for cancer patients. Valued at Rs 5.87 billion (~$71 million), Immunir is poised to make significant progress in cancer treatment.
Simplismart raises $7 million led by Accel
Bengaluru-based generative AI startup Simplismart has secured $7 million in funding led by Accel. Valued at $35 million, Simplismart enables businesses to build production-ready AI systems without coding. The investment will advance the company’s technology, expand operations, and accelerate marketing and sales efforts, marking a milestone in its efforts to revolutionize AI development.
Planet Marathi OTT Raises $5 Million
Planet Marathi OTT, a streaming platform for Marathi content, has raised $5 million from A&MA Capital USA. The funds will be used to strengthen its content offering and technological capabilities through a strategic partnership with media technology company Dcafe. Founded by Akshay Bardapurkar, Planet Marathi OTT offers a diverse range of genres that cater to a wide audience and is set to grow further in the Indian streaming market.
Watch Your Health secures $5M Series A
Healthtech startup Watch Your Health has raised $5 million in a Series A round led by Cornerstone Ventures and Conquest Global. The funds will be used to scale operations, grow its user base, and enhance platform capabilities. Operating in the B2B space, Watch Your Health provides personalized health recommendations to insurance and pharmaceutical companies, aiming to improve customer experience and engagement.
Jugyah Raises $1.5 Million Led by White Venture Capital
Proptech startup Jugyah has raised $1.5 million in a round led by White Venture Capital, QED Investors, and Godrej Properties. The funds will help it expand its presence and grow its market share in Mumbai. As a real estate brokerage platform, Jugyah connects property buyers and tenants with sellers and landlords and offers additional services such as in-house mortgage origination.
Qarmatek raises $1 million in pre-series A funding round
Focused on refurbished electronics and sustainability, Qarmatek has raised $1 million from investors including Umang Nahata, Rakesh Raman and Vishal Makwana. The investment will help the company grow the refurbished electronics category and scale its operations. Founded in 2011, Qarmatek aims to reduce e-waste and promote a circular economy through its refurbishment and renewal services.
Felicity Games raises $700,000 in pre-seed funding
Felicity Games, a casual game developer and publisher, has raised $700,000 in pre-seed funding from investors including DeVC and Visceral Capital. Founded in 2023, Felicity Games aims to test 10 more games by March 2025 and scale revenue tenfold by the end of 2024. Popular titles such as “Seek & Find” and “Nova Solitaire” already have over 1 million monthly players.
The startup ecosystem continues to thrive with diverse investments and promising growth across various sectors.
Join our vibrant community of entrepreneurs
/tice-news-prod/media/post_attachments/d6f49974b14cdb8e5b093792b19c3a395cb6b0c8667220693ab46b88f9e89ea2.png)
Follow TICE News on social media and help build a stronger community of talent, ideas, capital and entrepreneurship. to follow X (Twitter) | Facebook | Newsletter
