Substantial funding surge for Indian startups as 36 companies raise $628 million this week

Leading this funding surge is the edtech enterprise Physics Wala (PW), which raised an impressive $210 million during its Series B funding round.

Screenshot 2024 09 24 at 10.34.24 AM
The average funding over the past eight weeks has been approximately $93 million, with a consistent weekly flow of around 28 deals. Photo Credit: My Tech Mag

A total of 36 Indian startups successfully secured $628 million in funding this week, reflecting a remarkable increase of 174.5 per cent compared to the previous week. Leading this funding surge is the edtech enterprise Physics Wala (PW), which raised an impressive $210 million during its Series B funding round. This infusion of capital elevates the company’s valuation to $2.8 billion, with notable contributions from esteemed investors such as Lightspeed Venture Partners, alongside existing backers GSV and Westbridge.

In total, the week featured 14 growth-stage transactions as well as 17 early-stage agreements, signalling a continued positive trend in investments within the country. A report by Entrackr indicated that Whatfix, a provider of digital adoption solutions, garnered $100 million; however, the company has yet to publicly announce this funding event.

Additionally, other significant funding rounds include $50 million received by M2P Fintech, an API infrastructure platform, while Radcliffe, an omnichannel diagnostic service provider, secured $42 million. Digital infrastructure firm IBUS followed suit with $34 million in funding. Furthermore, Everest Fleet, a fleet management company, obtained $30 million aimed at expanding its fleet of clean energy vehicles, which encompasses CNG and electric options.

The funding momentum continued with Vahan.ai, an AI-driven recruitment platform, announcing a funding round of $10 million led by Khosla Ventures, which will be utilised to enhance AI recruitment technology for eight prominent Indian languages.

Bengaluru emerged as a leading hub, housing the majority of the deals with 12 transactions, while Delhi-NCR, Mumbai, Chennai, and Hyderabad contributed significantly to the overall activity.

In contrast to last week, when 24 domestic startups garnered over $229 million—featuring six growth-stage deals worth a cumulative $182.65 million—this week witnessed 13 early-stage agreements amounting to $46.14 million. The average funding over the past eight weeks has been approximately $93 million, with a consistent weekly flow of around 28 deals.

Such substantial investment activity underscores the robust environment for startups in India, highlighting their potential to innovate and drive economic growth.

More from Qonversations

Tech

Screenshot 2025 04 22 at 4.38.05 PM

World’s first: Thailand deploys AI RoboCop for festival security

Tech

ChatGPT Image Apr 16 2025 04 28 19 PM

Did you know? The term ‘hacker’ was once a badge of honour

Tech

ChatGPT Image Apr 4 2025 02 05 03 PM

Have AI Chatbots finally beaten the Turing test?

Tech

DALL·E 2025 03 24 14.40.06 A person sitting alone in a dimly lit room at night illuminated by the glow of a laptop screen. The individual appears deep in thought with an expre

Too much ChatGPT? Study links heavy AI use to loneliness