The Indian government has played a pivotal role in nurturing innovation and development through initiatives such as Start-up India, paving the way for a competitive environment that offers a multitude of advantages and tax incentives to aspiring entrepreneurs. The rise of incubators and accelerators has further bolstered this ecosystem by providing crucial support to budding ventures. Notably, innovation in India spans across diverse sectors, with startups making a significant impact in 56 different industrial domains.

This week, we saw SaaS management startup Zluri has successfully raised $20 million in a Series B funding round led by Lightspeed, with participation from existing investors including MassMutual Ventures, Endiya Partners, and Kalaari Capital; and LUZO, a curated marketplace for premium salons, spas, and beauty clinics, successfully secured $250,000 in a pre-seed funding round. Here is the compilation of top 10 startups that raised million dollar funds this week.

Zluri

SaaS management startup Zluri has successfully raised $20 million in a Series B funding round led by Lightspeed, with participation from existing investors including MassMutual Ventures, Endiya Partners, and Kalaari Capital. This latest funding will be utilized by Zluri to further develop its technology and strengthen its market presence in North America and Europe.

Founded in 2020 and headquartered in San Francisco and Bengaluru, Zluri has now raised a cumulative total of $32 million. Earlier, in January 2022, the startup secured $10 million in a Series A round. Zluri plans to leverage the latest funding to enhance its Generative AI capabilities in the enterprise SaaS operations space. The company has created a custom large language (LLM) model trained on vast amounts of data, encompassing various attributes.

GreenFortune

GreenFortune, a technology-driven window and door systems brand, has successfully raised $1.04 million (approximately Rs 8.5 crore) in a seed funding round. The funding was led by Incubate Fund India, with participation from Titan Capital, Partners Fund Japan, Superb Capital, and Varun Alagh, the founder of MamaEarth.

According to a report from GreenFortune, the newly raised funds will be utilized for geographic expansion, the development of innovative products, and further technological enablement. The company aims to establish a national presence and venture into the export market within the next few years.

Co-founded in 2022 by Dilip Kumar and Pratyusha Kosaraju, GreenFortune leverages its technical expertise and the PartnerGate application to deliver exceptional customer service. The company claims to have experienced rapid growth over the past 12 months.

Onestack

The Gurugram-based digital solutions provider Onestack has raised $2 million in equity funding in a pre-series A round from several venture funds such as early-stage investors GrowX, venture-debt fund Stride Ventures, accelerator vc 9Unicorns, and Venture Catalyst. Found in 2019, Onestack provides digital solutions such as online banking, mobile banking, payment options, investment banking as well as insurance solutions to cooperative banks and credit societies. The company plans to digitise over 1,000 banks and societies this year, with 200 banks and societies already using its technology platform.

The fintech intends to utilise the funds to expand its team, foster innovation within the company and set up new offices across the country. “We are thrilled to have the support of our investors as we embark on this exciting phase of growth….This infusion of funds does more than merely enable us to augment our product suite and broaden our footprint across India; it propels our growth journey at an accelerated pace,” said Amit Kapoor, Founder and CEO, OneStack.

Zepto

Zepto an Indian startup is on track to become the first unicorn of 2023 in the country. Thanks to an expected $150 million Series E funding round. Led by StepStone Group and supported by Nexus Venture Partners. This funding will elevate Zepto’s valuation to $1.3 billion. The swift commerce delivery startup has garnered recognition for its commitment to delivering groceries within 10 minutes.

The Indian startup ecosystem is on the brink of welcoming its very first unicorn of 2023. Zepto, the quick-commerce delivery startup, is currently engaged in advanced discussions to secure a staggering $150 Mn in its forthcoming Series E funding round.

Okulo

Okulo Aerospace, a provider of unmanned aerial vehicles (UAVs), has successfully raised $1 million in a funding round led by Ideaspring Capital. The round also saw participation from Java Capital, Coimbatore Innovation and Business Incubator (Forge Innovation & Ventures), and a group of angels from Rockfort Ventures.

The funds raised will be utilized to support Okulo Aerospace’s strategic growth initiatives, including product development, team expansion, and establishing early traction with customers through targeted marketing and sales efforts. The company aims to further enhance its position in the dynamic and transformative UAV industry with the support of its partners, investors, and the favorable regulatory framework in India.

CapFort

Micro-VC fund CapFort Ventures launched a Rs 200 crore India-focused tech fund that plans to invest in more than 40 startups in the next two years. With a focus on pre-Series A stage companies, the fund will invest in startups with a valuation Rs 100 crore, it said in a statement.

The India-focused fund is spearheaded by industry leaders Abhimanyu Bisht, the former CEO of Venture Catalysts, and Kavit Sutariya, the founder of Hiraco Ventures and angel investor. “The introduction of our Rs 200 crore India-focused tech fund is a strategic milestone for CapFort Ventures. We are confident in our ability to identify ground-breaking tech startups and guide them towards sustainable growth,” said Bisht, General Partner, CapFort Ventures. CapFort Ventures, a Category II AIF fund, aims to invest in startups across key technology domains covering deeptech, cleantech, B2B tech, logistics, healthtech and other impact-oriented sectors.

Navi Finserv

Navi Finserv, a subsidiary of Navi Technologies led by Sachin Bansal, plans to raise up to Rs 600 crore by issuing secured and redeemable Non-Convertible Debentures (NCDs), according to a filing by the company. The NCDs will have a face value of Rs 1,000 each, with an aggregate amount of up to Rs 300 crore and an option to retain oversubscription of up to Rs 300 crore.

The NCD issue will open offering tenors of 18 months and 27 months, with yields ranging from 9.57 percent to 9.80 percent. Sachin Bansal, Chairman of Navi Technologies, expressed his enthusiasm about the debt public issue, stating, “This is almost like a record that is being created, that a young company like ours is able to create a debt public issue, something that is usually associated with large mature organizations.”, a subsidiary of Navi Technologies led by Sachin Bansal, plans to raise up to Rs 600 crore by issuing secured and redeemable Non-Convertible Debentures (NCDs), according to a filing by the company. The NCDs will have a face value of Rs 1,000 each, with an aggregate amount of up to Rs 300 crore and an option to retain oversubscription of up to Rs 300 crore.

SmartDukaan

SmartDukaan, the smartphone retail tech platform, has successfully raised USD 10 million in a pre-series A funding round led by Findoc Finvest. Leafberry Ads and angel investors also participated in the funding round, as stated in a company press release.

The fresh investment will be utilized by SmartDukaan to establish franchise partnerships, bolster its technology infrastructure, expand its product portfolio, and recruit top talent. The company aims to strengthen its position as the largest mobile retail network in India and digitize the retail industry, offering profitable opportunities for aspiring entrepreneurs.

AI4Bharat

India-based AI research organization AI4Bharat is set to raise USD 12 million in seed funding for a new artificial intelligence startup, as reported by media sources. The funding round, led by venture capital firms Peak XV and Lightspeed Venture, highlights the growing interest in generative AI following the success of OpenAI’s ChatGPT in engaging in human-like conversations. Unlike typical seed rounds ranging from USD 1 million to USD 2 million, this funding demonstrates the potential and value of AI innovation.

The founders of AI4Bharat, Vivek Raghavan and Pratyush Kumar, who have expertise in developing AI models for speech recognition and translation, are launching a new venture named Sarvam. Sarvam aims to develop custom-made large language models (LLMs) specifically designed for India-centric use cases. LLMs are advanced computer algorithms capable of understanding and generating text in a manner that resembles human language. They power popular virtual assistants found on smartphones and the internet.

LUZO

LUZO, a curated marketplace for premium salons, spas, and beauty clinics, successfully secured $250,000 in a pre-seed funding round. The investment was led by 100X.VC, with participation from angel investors, including Yash Kotak, the Founder of Jumper.ai, and Kabir Kulkarni.

The B2B2C firm, which had previously received funding from 100X.VC as part of the Fund’s Class 08 Portfolio, aims to utilize the newly acquired funds to onboard new premium partners in Mumbai, Delhi, and other major cities. LUZO plans to expand its network of high-quality salon partners to cater to the increasing demand for premium beauty services.

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