The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like semiconductor design, fintech, technology, and machine monitoring system wins for the startup revenue by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Series A, QIP, and Seed Funding.

Sector: Semiconductor

Funding Round: Series A

Startup: Mindgrove Technologies

Established Year: 2021

Funding News: Semiconductor Designing startup 'Mindgrove Technologies' wins $8 million in Series A

The fabless semiconductor design startup Mindgrove Technologies announced that it has completed a Series A funding round raising $8 million.

Investors: Rocketship.vc and Speciale Invest

The company plans to improve internal engineering capabilities and grow its workforce with the help of this capital investment. Additionally, the investment will quicken the first chip's production and sales.

The business introduced ‘Secure IoT’ earlier in May 2024, which is India's first high-performance, commercial-grade microcontroller System-on-Chip (SoC) taped out at 28 nm. It is intended to power devices like printers and point-of-sale (PoS) machines in addition to electronic gadgets that are evolving into ‘smart’ connected devices such as watches, meters, locks, and access control units. The chip is on schedule to reach the market by mid-2025.

Moreover, Mindgrove Technologies CEO Shashwath T R stated, "The recent investment and the DLI scheme reaffirms confidence in our thesis and capabilities."

Sector: Fintech

Funding Round: QIP

Startup: Zaggle Prepaid

Established Year: 2011

Funding News: Fintech firm 'Zaggle Prepaid' surges after raising 595 crores via QIP

The company has raised 594.84 crore through qualified institutional placement (QIP) at 523.20 per share, Zaggle Prepaid Ocean Services saw a jump of 3.32% to 547.80.

Investors: ELSS Tax Saver and Societe Generale ODI

On December 18, 2024, the issue was first opened, and it ended on December 23, 2024. The floor price of 550.73 per equity share is represented by a 5% discount in the issue price.

A total of 6.72% was allocated to the Nuvama Enhanced Dynamic Growth Equity (Edge) fund and 6.72% to the ICICI Prudential Technology Fund. In Q2 FY25 compared to Q2 FY24, the company's consolidated net profit increased by 167.3% to 20.29 crore, driven by a 64.2% increase in net sales to 302.56 crore.

In addition to offering prepaid cards, Zaggle Prepaid Ocean Services also offers financial technology (fintech) products and services. Its portfolio of software as a service (SaaS) includes payroll and tax software, and it has a wide range of touchpoints.

Sector: IT

Funding Round: Series A

Startup: Proxgy

Established Year: 2020

Funding News: Cricketer Ajinkya Rahane invests $3 million in tech startup 'Proxgy'

Ajinkya Rahane, an Indian cricket player, has contributed $3 million to Proxgy's current Series A funding round.

Investors: Manish Patel, Vinod Duggar, Suniel Shetty, and Nikhil Kamath

In October of last year, the Gurugram-based business raised 16 crore ($2 million) in a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and other investors.

Proxgy plans to utilize the additional funds for expanding its operations, diversifying its product offerings, and fortifying its global footprint. With an order book of 50 crores, the company claims to have reported an 800% revenue growth in FY24.

The company is utilizing artificial intelligence and the Internet of Things (IoT) to enable intelligent device communication. Among its innovations are cameras, 4G and WiFi connectivity protocols, health monitoring systems, and safety helmets like the SmartHat, which has the smallest gas detection sensor available.

Additionally, Ajinkya Rahane stated, "Proxgy's products have the potential to redefine safety and productivity in industrial environments."

Sector: Manufacturing

Funding Round: Seed Funding

Startup: Leanworx

Established Year: 2017

Funding News: Bengaluru-based Startup 'Leanworx' raises 8.3 crore in seed funding round

In its seed funding round, Bengaluru-based startup Leanworx, which provides real-time data to manufacturing plant, has raised 8.3 crore, or roughly $1 million. With 6.5 crore from YourNest Venture Capital and 1.5 crore from an angel investment group, YourNest Venture Capital led the round.

Investors: YourNest Venture Capital and Angel Investment Group

Leanworx wants to enable manufacturing facilities to use Industry 4.0 cloud-based SaaS solutions and Internet of Things (IoT) devices to obtain real-time data from machines. Using AI and analytics, the company's Industry 4.0 machine monitoring system provides decision-makers with machine data in just one minute. The present data chain, which is based on people and paper, takes a day.

Based on market research, India's Industry 4.0 shop floor monitoring market comprises more than 3 lakh metalworking machines and 9 lakh FMCG manufacturing machines, with a global market that is 60 times larger.