Tracxn - India Tech Monthly Funding Report

TRACXN MONTHLY REPORT
SEPTEMBER 2023
India Tech

India Tech - September 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Contents
2
New Analyst Picks 4
IPOs 12
Acquisitions 13
Recent News 15

India Tech Snapshot – September 2023
India Tech: Snapshot – September 2023
Note : "Investors" refers to "Institutional Investors" only
3
3
Overall Geo Stats
20
17
85
77
Funding Rounds $ Invested Analyst Picks
Doceree Upgraded
to SOONICORN
New Investors
Justin Hamilton
Sanchi Connect
Series A+ rounds Active Investors IPOs
Rishabh
Zaggle
Acquisitions
Barrix Agro Sciences
TenderCuts
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Market Size
Companies Covered
Funded Companies
Total Funding
Funding in last 12 months
Top Exits
IPOs
Acquisitions
Company Stage
Unicorns
Soonicorns
Minicorns
Editor Picks
Series A+
Series C+
Acqui-Hires
Deadpooled
Top Cities

New Analyst Picks (1/8)
Interesting Companies identified by Analysts in India Tech in September 2023
India Tech: Analyst Picks
4
Upgraded to SOONICORN
Doceree (2018, Parsippany, $35.0M, Series B)
Provider of pharmaceutical advertising and healthcare
marketing platform
Creaegis, Eight Roads Ventures, F-Prime Capital and 4
other Investors
Upgraded to MINICORN
Atomicwork (2022, San Francisco, $11.0M, Seed)
AI solution for automating IT workflows and HR
support and employee success
Blume, Matrix Partners India, Storm Ventures and 1
other Investors
Sploot (2019, Delhi, $800K, Seed)
Online social platform for pet owners
RedStart Labs,Akshay Chaturvedi,Yatish Talvadiaand
altM (2022, Bengaluru, $3.5M, Seed)
Manufacturer of biomaterials
Omnivore, Theia Ventures, Thai Wah Ventures and 4
other Investors
Added to Editor's Pick
axio (2013, Bengaluru, $9.9M, Conventional Debt)
App-based platform for money management, pay later,
and personal credit solutions
Ribbit Capital, Creation Investments, Amrish Rau and
33 other Investors
Multipl (2020, Bengaluru, $3.0M, Seed)
Goal-based savings platform for individuals
Blume, GrowX Ventures, Kotak Securities and 44 other
Investors
MarketsMojo (2015, Mumbai, $445K, Angel)
Algorithm-based research platform for publicly traded
stocks
Deepali Chheda, Bhavesh Chheda, Dharmesh Chheda
and 1 other Investors
Augmont (2012, Mumbai, Unfunded)
Online platform to invest in precious metals and gold-
backed loans
Sachin Gheesoolal Kothariand

5
BharatNXT (2022, Mumbai, $1.2M, Seed)
Provider of B2B compliant payment solutions
Spiral Ventures, IPV, Keiretsu Forum and 11 other
Investors
CredRight (2016, Bengaluru, Undisclosed,
Conventional Debt)
Online marketplace for consumer and business loans
Michael & Susan Dell Foundation, YourNest, 9Unicorns
and 51 other Investors
LawSikho (2018, Gurugram, Unfunded)
Online legal tutorials
Shipyaari (2013, Mumbai, Unfunded)
Provider of end-to-end E-commerce logistics solutions
Re’equil (2016, Gurgaon, Undisclosed, Seed)
Internet-first brand offering multi-category beauty
products
Brand Capitaland
Pulse Energy (2020, Mumbai, Unfunded)
App-based platform offering electric-vehicle charge
point locater services
MrMed (2020, Chennai, $500K, Seed)
Online pharmacy that delivers life saving medications
TNIFMC,Beej Network,Startup Tunneland
Accio Robotics (2019, Bengaluru, $13.2K, Angel)
Provides autonomous mobile robots for handling
material in warehouses and shop floors
Uday Sodhi, Anuj Bihani, Jignesh Kenia and 28 other
Investors
Digii (2013, Bengaluru, $2.5M, Series A)
Software for digitization of administrative activities and
campus experience for higher-ed institutions
Prime Venture Partners, Manipal Global, Sprout
Venture Partners and 16 other Investors
ImaginXP (2015, Pune, $8.5K, Seed)
App-based platform offering user-interface design
training
Sat Industries, Balaji Sadanandam Rao, Dhanashree
Girish Shinde Patil and 72 other Investors
Reach Accountant (2009, Chennai, $98.9K, Angel)
Accounting Software for SMBs
Sequoia Capital, Rajan Anandan, Robin Moses and 10
other Investors
Accacia (2022, Gurgaon, $2.5M, Seed)
AI-enabled platform that helps real estate companies
track and reduce carbon emissions from their assets
B Capital Group, Blume, Good Capital and 9 other
Investors

6
Stupa (2019, Gurugram, $199K, Seed)
Sports data analysis solutions provider
Manipal Media Network, Dipak Gupta, Paresh D
Sukthankar and 15 other Investors
HyperXchange (2016, Kolkata, $496K, Seed)
Online platform offering second-hand multi-category
electronic products
Microsoft,IIMCIPand
Aaritya Technologies (2023, Bengaluru,
Undisclosed, Seed)
Online platform for trading stocks
Accel,Elevationand
mFilterIt (2015, Gurgaon, Undisclosed, Seed)
AI based fraud detection and prevention platform for
businesses
6D Technologiesand
Henry Harvin (2015, Noida, Unfunded)
Online training software for enterprises
Invention Labs (2007, Chennai, $1.0M, Series A)
Developers of mobile applications for users with
speech disorders
IIT Madras Research Park, Inventus Capital Partners,
Mumbai Angels and 1 other Investors
Immersive Labz (2021, Pune, $1.0M, Series A)
Provider of a 3D science laboratory
Hyderabad Angels, Marwari Catalysts, Hem Angels and
77 other Investors
Stockstoearn (2021, Lucknow, Undisclosed, Seed)
Platform empowering people with professional
education and resources for stock market and finance
VideoCX (2015, Pune, Undisclosed, Grant (prize
money))
Video based customer support platform for banking
industry
Maharashtra State Innovation Society, SRI Capital,
Angel List and 36 other Investors
Clientjoy (2014, Ahmedabad, $93.2K, Angel)
Cloud based platform offering CRM software for
businesses
Gujarat Venture Finance, Gaurav Zutshi, Jyotsna
Laxman Bapat and 9 other Investors
HappyMongo (2016, Bengaluru, $18.2K, Angel)
Online platform that enables learning via gamification
Wishtel, Prem Mehta, Deepak Shah and 4 other
Investors
Aurassure (2022, Bhubaneswar, $480K, Seed)
Street Level Pollution Monitoring device
Unicorn India Venturesand

7
13SQFT (2019, Gurgaon, $1.0M, Seed)
Cloud-based B2B platform for warehousing services
IPVand
HyreFox (2018, Jaipur, $64.1K, Angel)
Web-based recruiter marketplace for employers
Nekhel Baidand
Etmedialabs (2013, Delhi, Unfunded)
Provider of online ad technology and digital media
analytics
PepupSales (2010, Gurgaon, Unfunded)
Mobile sales force automation solution
Retigence (2010, Bengaluru, $1.1M, Seed)
Cloud based platform offering demand forecasts
analytics solutions for businesses
Omnivore,A Venkatrama Reddy,Sreekanth Kakuruand
Kite (2017, New Delhi, Unfunded)
Employee expense management solution
Penna & Company,West Quad Venturesand
The Kredible (2021, Haryana, $500K, Seed)
Online private market data of multiple industries and
start ups
Aman Gupta, Harshil Mathur, Shashank Kumar and 12
other Investors
Boson Systems (2012, Mumbai, $180K, Angel)
White-labeled digital payment platform
Girish Kulkarni, Suyash Outsourcing, Aeries India and 9
other Investors
Mynzo Carbon (2022, Gurugram, $1.5M, Seed)
Provider of a platform offering carbon emission
management solutions
FinIQ Consulting (2001, Pune, Unfunded)
Treasury and wealth management solutions
Shodhan Shashikant Shahand
POSibolt Solutions (2009, Bengaluru, Undisclosed,
Angel)
Cloud based ERP and POS solutions for offline
businesses
Peer Thanesh,Kalyan Kumar Banerjee,Ahsan Aliand
Tira (2021, Mumbai, Unfunded)
Online store offering multi-category beauty products

8
ChatMan (2022, Delhi, Unfunded)
AI based conversations solution for sales and customer
support
First Cheque,Eximius Venturesand
Unsweetened Beauty (2021, Hyderabad, $99.7K,
Angel)
Online platform offering community-based skincare
product recommendation
Somanna Raghunatha Reddy,Rebalanceand
Decentrium (2022, , $1.5M, Seed)
A peer-to-peer network that will store and share the
database on multiple nodes
Huobi Ventures, Tech Ventures, Base Ventures and 2
other Investors
Incremint (2016, Delhi, $45.2K, Angel)
Product aggregation, insurance planning, and branding
solutions for the insurance industry
Ankur Arora, Nandita Rao, Village Capital and 1 other
Investors
OneBoard (2021, Panjim, $12.0K, Seed)
App-based platform for booking outdoor tourist
activities
AIC-GIM Foundation,build3and
QPe (2022, Delhi, Unfunded)
Provider of SaaS-based storefront solutions for e-
commerce businesses
Salt Oral Care (2022, Mumbai, Undisclosed, Seed)
Internet first brand of oral care products
Viraj Doshiand
Lemonade (2022, Gurgaon, $124K, Seed)
Internet first brand offering multi-category eco-friendly
products
Angel List,Accelerating Asia,Eaglewings Venturesand
HotelYaari (2022, Noida, $2.2M, Seed)
Marketplace for hotel rooms and holiday homes
Aloisand
Omnee (2023, Bengaluru, Unfunded)
Provider of omnichannel solutions for retail brands
First Chequeand
BharatGo (2023, Pune, $8.5K, Grant (prize money))
SaaS-based platform to create online stores for
businesses
IIIT Kottayam,MIT WPU TBI,IIIT Bangaloreand
Seedlings India (2014, Delhi, Unfunded)
Online retailer offering ornamental plants and
accessories

9
Agreefy (2016, Austin, Unfunded)
Wifi-based RTLS marketing solutions for retail
businesses
Seek Rewards (2021, Bengaluru, Unfunded)
Online platform offering personalized rewards and
discovery for multi-category products
FairAngelsand
Humanify (2022, Mumbai, Undisclosed, Seed)
Remote research platform for consumer insights
Godrejand
Rhym (2021, Bengaluru, Unfunded)
Cloud based gamified marketing solutions for
businesses
Upsparks Capitaland
Seminarroom (2021, Bengaluru, Unfunded)
Online platform for curating sessions and guest
lectures from industries
Turbostartand
Bunny Corset (2020, Gurgaon, Unfunded)
Online platform for shopping corsets and shapewear
Meanbuy (2017, Hyderabad, Unfunded)
Online cross-border marketplace platform offering
multi-category products
Goldmine (1994, Ahmedabad, Unfunded)
Technical analysis and charting tool for stock market
investors
Zipdial (2022, Indore, Unfunded)
Platform offering interactive voice response systems
for call centers
Playbookand
Storeily (2022, Bengaluru, Unfunded)
Social commerce platform providing multi-category
products
TagID Solutions (2017, Thane, Unfunded)
Provider of operation management solutions for retail
businesses
SuperBolter (2017, Bengaluru, Unfunded)
Online platform offering designing solutions

10
C9LAB (2021, Indore, Unfunded)
Cloud and AI based phishing awareness and training
platform
Happy Trail (2022, New Delhi, Unfunded)
Online store offering vapes and smoke products
Appokart (2021, Gurugram, Unfunded)
Shopify mobile application development platform
QPay (2013, Tirunelveli, Unfunded)
Wallet-enabled payment solution for businesses
MSg24x7 (2021, Gaya, Unfunded)
SMS and WhatsApp business API solutions for
enterprises
CARQI (2019, Jaipur, Unfunded)
Doorstep car cleaning and waterless car washing
services
WA Messages (2022, Sahibzada Ajit Singh Nagar,
Unfunded)
Platform offering tools to generate shortened
WhatsApp links for chat conversions
The Whimsy Beauty (2023, New Delhi, Unfunded)
Internet first brand offering makeup products for kids
Ki Mobility Solutions (2020, Chennai, Unfunded)
Digital automotive marketplace platform
Fynocrat Technologies (2022, Noida, Unfunded)
Online platform providing Al-enabled investing services
and stock ideas
CryptoPlayers (2017, Unfunded)
Cryptocurrency community offering market signals
Teachnook (2021, Bengaluru, Unfunded)
Online platform offering multi-disciplinary courses

11
WBOT (2022, Ahmedabad, Unfunded)
WhatsApp based chatbot solutions for businesses
Oxotel (2022, Mumbai, Unfunded)
App-based platform providing managed co-living
accommodations
Buyzone (2021, New Delhi, Unfunded)
Online platform offering multi-category products
DeCarbonic (2023, Bengaluru, Unfunded)
Provider of carbon credit services
The Future Wall (2019, Chennai, Unfunded)
Cloud based digital signage solution that helps
businesses create, manage, and deliver branding

IPO Date Company IPO Mcap Exchange Ticker
11 Sep 2023
Rishabh (1985, Nashik, $12.0M)
Manufacturer of test & measuring instruments and industrial
control products
$0.2B NSE:RISHABH
22 Sep 2023
Zaggle (2011, Hyderabad, $13.8M)
SaaS based expense management and card solution for businesses
$0.2B NSE:ZAGGLE
28 Sep 2023
Yatra (2006, Gurgaon, $87.5M)
App-based platform to book multiple travel services
$0.3B BSE:543992
IPOs
List of IPOs in India Tech in September 2023
India Tech: IPOs
12

Acquisitions (1/2)
List of Acquisitions in India Tech in September 2023
India Tech: Acquisitions
13
Acq. Date Company Acquirer Deal Size
01 Sep 2023
Barrix Agro Sciences(2011, Bengaluru, $3.6M)
Developer of pheromone-based insect traps for crop farming
Sumitomo Chemical India
02 Sep 2023
TenderCuts(2016, Chennai, $29.1M)
Online app-based retailer for meat and poultry products
Good To Go
05 Sep 2023
Data is Good(2019, Noida)
Online platform providing data science courses
SkillArbitrage $3.0M
05 Sep 2023
Neverskip(2008, Chennai)
Provider of management solutions for schools
PowerSchool
06 Sep 2023
Ed-a-Mamma(2019, Mumbai)
Internet first brand offering eco-friendly apparel for kids
Reliance Retail
06 Sep 2023
Pikkol(2014, Bengaluru, $1.4M)
Online platform for booking relocation services
Hybrid Shifting
07 Sep 2023
Memzo(2021, Jaipur)
AI-based facial recognition and photo sharing solution for events
oneglint
10 Sep 2023
The State Plate(2020, Bengaluru, $0.3M)
Platform offering multi-category grocery supplies
JustMyRoots
12 Sep 2023
CommerceUp(2018, Gurgaon, $0.2M)
Cloud-based software solutions to build online stores for e-tailers
Aspire
12 Sep 2023
BillMe(2015, Navi Mumbai)
Digital platform offering solutions for e-commerce retailers
Razorpay

Acquisitions (2/2)
List of Acquisitions in India Tech in September 2023
India Tech: Acquisitions
14
Acq. Date Company Acquirer Deal Size
13 Sep 2023
Bridge2capital(2017, Delhi, $1.6M)
Online platform for inventory financing
IIFL Finance
14 Sep 2023
XtracapNeo(2021, Delhi, $0.6M)
App-based platform for invoice financing
IIFL Fintech Fund $3.0M
14 Sep 2023
Cyber Boxer(2017, Delhi)
Simulation & cyber loss database-based risk quantification and
assessment
ReThought
19 Sep 2023
Bewgle(2017, Bengaluru, $1.3M)
Provides AI-based customer review analytics
Acceldata
21 Sep 2023
Fego(2020, Chennai, $1.7M)
Provider of open banking APIs
Perfios
28 Sep 2023
Zymrat(2018, Bengaluru, $0.8M)
Internet First Brands offering performance fabric sports wear
apparels for men
Styched
28 Sep 2023
Pocket Aces(2013, Mumbai, $21.2M)
Digital entertainment video production and social content
publishing
Saregama India $20.9M

Recent News (1/2)
Recent News in India Tech in September 2023
India Tech:News
15
Exit News
.
● Ola Electric said to plan $700 mn IPO by Oct. end in expedited listing planThe
Hindu
.
● CRISIL to acquire Bridge To India Energy Pvt. Ltd.Asian News International
.
● Zaggle IPO day 2: Issue subscribed 47% India Infoline
.
● Etrans Solutions Pvt Ltd Acquires Ranet4u, Charts Growth PathBusinessFortNight
.
● Yatra’s Lackluster Debut: Lists On Bourses With A 10% DiscountInc42
.
● Plaza Wires Announces IPO Launch Date of September 29, Establishes Price
Range of Rs 51-54 Verve times
.
● NewJaisa Technologies Limited IPO Opens on 25th September, 2023Asian News
International
.
● BSE Technologies Private Limited Announces Sale of Class Back ...Devdiscourse
.
Fund News
.
● Vertex Ventures Hits Final Close Of Fifth India, Southeast Asia VC FundEnablers
● Anicut Secures INR 50 Cr From SIDBI’s Fund Of Funds Inc42
.
● Castler Secures USD 6 Million Funding To Build Global Escrow Platform Enablers
.
● Edelweiss Alternatives launches its first climate fund to combat climate
change Moneycontrol
.
● Cervin Ventures Raises $162 Million To Invest In Early-stage Startups,
Launches Portfolio Services Team PRWeb
.
● 9Unicorns Announces DDay 4, Aims to Raise $100 Million for Startups Clayton
County Register
.
People News
.
● Pepperfry elevates co-founder Ashish Shah to CEO, secures $23 million in
fundingFashion Network
.
● Softbank-backed OYO's top executives step down ahead IPO YourStory
.
● Dealshare closes down B2B vertical, lays off 120 employees Business Line
.
● Former SBI Chairman Rajnish Kumar appointed Chairman of Mastercard India
Business Today

Recent News (2/2)
Recent News in India Tech in September 2023
India Tech:News
16
● Swiggy churn continues, SVP Anuj Rathi quitsMoneycontrol
.
● Jupiter Money Welcomes Swiggy Prodigy Anuj Rathi as Chief Product and
Marketing OfficerMarketing In Asia
.
● United Breweries zooms 5%, investors cheer Vivek Gupta as new boss
Moneycontrol
.
● Netcore Cloud expands Martech team with industry veteransAdgully
.
Company News
.
● PhonePe launches stock broking platformDeccan Herald
.
● FDA OKs alveoair Portable, Digital Spirometermpo-mag.com
.
● Safexpay Ventures Into Gcc, Pledges Up To $10m In Digital Payments
Ecosystem YourStory
.
● 88 Pictures announces the opening of its first international office set for
Toronto Prensario
.
● Zaggle makes entry into neo banking with launch of ZikZuk TechCircle
.
● CupShup launches operations in Kolkata media4growth
● byteXL plans to enter Orissa, Tamil Nadu, Karnataka; aims to ramp up hiring
across divisions | The Financial E... Financial Express
.
Regulatory News
.
● Blow For Gameskraft: SC Stays K’taka HC Order Quashing INR 21,000 Cr GST
Notice Inc42
.
● India’s taxman demands $150m from Tiger Global-backed gaming firm
Dream11 Shareandstocks

Explore more on Tracxn
Explore more about India Tech on Tracxn Platform
India Tech: Explore more on Tracxn Platform
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Competitors of Swiggy
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