India's startup sector has expanded significantly. The Indian government has launched several efforts to encourage innovation and entrepreneurship, creating a better environment for startups to succeed. India has become a robust startup environment as a result of several things. With these foundations, India can attract creative startups and business owners, establishing itself as a global hotspot for innovation and technology-based companies. Startups are innovative, high-risk businesses based on business people looking for quick development and market disruption. They frequently need outside capital, operate according to lean principles, and help revolutionize industries and the economy.

This week, we saw FlexifyMe has secured a $1 million investment from Flipkart Ventures, Flipkart’s venture investing arm. The start-up is a health-tech platform dedicated to chronic pain management; and Aampe, a messaging and user interaction platform powered by artificial intelligence (AI), announced that it has raised $7.5 million as part of new fundraising led by Matrix Partners India and Peak XV Partners. Here is the compilation of top 15 startups that raised million dollar funds this week.

FlexifyMe

FlexifyMe has secured a $1 million investment from Flipkart Ventures, Flipkart’s venture investing arm. The start-up is a health-tech platform dedicated to chronic pain management. This funding round will significantly help the company with fast growth. The company said in a statement that it has grown almost 5X in the last 12 months and the recent capital infusion will help it with fast growth. The investment round was led by Flipkart Ventures, and it was followed by other notable participants like GSF, iHubAnubhuti, Chandigarh Angels (CAN), Venture Catalyst, and OneCapital among other prominent angels.

The funds from this round will be used to further enhance the AI motion coach, making it available in local languages and expanding the platform's reach in the MENA and North American regions. Apart from seed fund investors, the existing backers of FlexifyMe include individuals like Ravi Bhushan, the Founder of BrightChamps, and AmitRatanpal, the Founder of BlincInvest, among several other supporters.

Toonsutra

Webtoon start-up Toonsutra with an emphasis on India, backed by CA Media's Graphic India has raised an undisclosed amount of funding from the Sony Innovation Fund (SIF), a top company official told. "SIF has joined Toonsutra as one of the investors", said SharadDevarajan, CEO of Graphic India, while refusing to share details citing confidentiality.

"The investment further validates the timing and opportunity that Toonsutra represents to have such a prestigious group participate", he added. Graphic India is the country's leading original character entertainment company. Along with Toonsutra, SIF has supported startups like Lokal, GetVantage, Impact Guru, Medfin, MedPay, Slice, WeRize, and Tricog. SIF is entirely funded by Sony and invests in early-stage businesses.

Roopya

Roopya, a lending analytics and infrastructure as a service startup based in Gurugram and Kolkata, has raised Rs 5.09 crore in a pre-seed investment round with 100X.VC as the lead investor. The funding will be deployed to expand Roopya's lending infrastructure, encompassing various products and analytics layers. It will also be directed towards establishing a robust data infrastructure for both lenders and Loan Service Providers (LSPs).

NinadKarpe, Partner at 100X.VC, said, "Roopya is serving both lenders and LSPs seamlessly. The platform is poised to catalyze large-scale financial inclusion in India, and we are delighted to support their growth journey". Launched in April 2023 by Raman Vig and Sudipta K Ghosh, Roopya provides a platform for lenders and LSPs to access on-demand risk scorecards, lending analytics, early warning systems, LoS, CRM, business rules engine (BRE), pre-approval management and mandate execution. The platform, which has onboarded over 25 clients spanning lenders and LSPs, claims to offer lending infrastructure and risk analytics on a Software-as-a-service (SaaS) basis.

DPDzero

The fintech startup DPDzero reported that it had acquired $3.25 million in seed funding from Blume Ventures and IndiaQuotient. Angel investors such as Sunil Gulati and Nikhil Kumar also participated in the funding round. According to the release, the fintech startup plans to utilize the funds for strategic allocation, enhancement of product distribution, product development, and talent acquisition.

Established in 2022 by Ananth Shroff and RanjithRamachandra, DPDzero works towards delayed repayments and risk management by using Artificial Intelligence to solve patterns and predict and prevent defaults. "At 55% of GDP, India’s credit penetration is far below the global average of 148%. With economic growth, credit is set to rise, further driven by initiatives like AA & OCEN. These will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs, necessitating a focus on collection. Blume’s thesis on collection tech saw us investigating this space deeply. DPDzero stood out, and the collection product that Ananth and Ranjith have built impressed us. DPDzero has an exciting roadmap for improving the credit landscape and we’re proud to support their journey", said SajithPai, Partner at Blume Ventures.

Krypton

Krypton Solutions is planning to invest $100 million (Rs 832 crore) to establish a Printed Circuit Board (PCB) fabrication facility in Karnataka. The decision to invest was announced during a meeting between the company's representatives and an official delegation led by Karnataka's Minister of Large & Medium Industries, MB Patil, in the United States.

Krypton Solutions intends to set up its new PCB facility in Bommasandra, Bengaluru, and has already engaged in preliminary discussions with the government". During the meeting, the company also explored potential investment opportunities in Mysuru and Chamarajanagara within the state. Furthermore, Krypton expressed interest in forming local partnerships and support in identifying suitable entry and growth partners in the Indian market".

Bizongo

Business-to-business vendor-digitization platform Bizongo raised about $50 million from its existing investors in a Series-E funding round led by Schroder Adveq, a Zurich-based private equity firm. The money was secured at a valuation of $980 million, 63% higher compared with the previous round of funding in August 2022, Co-Founder and chief executive SachinAgrawal. Other participating investors included International Finance Corp, Chiratae Ventures, B Capital, and British International Investment, he stated.

The company, he said, is aiming to post a profit before tax in the fiscal year ending March 2024. It is currently in advanced discussions on an acquisition, said Agrawal, without sharing specific details. In 2022, Bizongo had acquired two companies Hexa and Clean Slate Technologies.

ClearFeed

An Enterprise conversational support platform ClearFeed announced the raise of $2.7 million in a seed investment round managed by Peak XV Partners' (formerly Sequoia Capital India & SEA) accelerator programme Surge.

8VC was one of the additional investors who took part in the deal. The business stated that it would use the additional capital for both product development and expansion of its go-to-market teams. Chat platforms like Slack and Microsoft Team, which require users to copy and paste information between different tools and cannot close the loop with stakeholders on chat, lack the structure, tracking systems, and metrics required by larger teams in enterprises.

Mensa Brands

Ananth Narayanan, the former CEO of Myntra, now heads Bengaluru-based Mensa Brands, which has received $40 million in growth funding from EvolutionX Debt Capital. The transaction combines a debt facility and a convertible investment. Mensa Brands stated that it intends to continue investing in brand development with this new capital, powered by strong skills across technology, operations, and marketing.

Including Pebble (smart devices and audio), MyFitness (peanut butter), Dennis Lingo (men's lifestyle and apparel), and Villain (perfume and personal care), Mensa Brands owns and manages more than 20 consumer brands in the fashion, beauty, and home categories. Ananth Narayanan, the founder and CEO of Mensa Brands stated, In the previous two years, we have profitably scaled more than 20 brands across FMCG, fashion, home, and consumer electronics. With this additional capital, we intend to continue creating well-liked brands in India for the coming generation.

Answer Genomics

Wellness platform Answer Genomics has announced the successful raise of $500,000 in a pre-series A funding round, with leading funding from venture capital firm Inflection Point Ventures. The company intends to allocate these funds towards scaling its sales and marketing operations, talent acquisition, and furthering research and development in the field of genomics. Over the next 12 months, Answer Genomics plans to sequence more than 10,000 genomes as part of its aim to enhance health and wellness.

Vikram Ramasubramanian, Partner at Inflection Point Ventures, commented on the importance of genomics in healthcare. "Research and development in healthcare have always been of critical importance, with Genomics being at the cutting edge", says Vikram. "Answer Genomics not only addresses an individual's need for better health but also offers data for large organizations to create better products", he further adds.

Aampe

Aampe, a messaging and user interaction platform powered by artificial intelligence (AI), announced that it has raised $7.5 million as part of new fundraising led by Matrix Partners India and Peak XV Partners (formerly Sequoia Capital India).

The company stated that it will use the funds for product development and growth. Aampe, an AI-native customer relationship management (CRM) platform, was founded in 2020. It assists consumer apps and enterprises with conversion and retention by letting them automate and tailor the content experience. Aampe has now raised $9.3 million in total since its founding with this round.