The Week that Was: Indian Startup News Overview (19th Dec - 23rd Dec)

The Week that Was: Indian Startup News Overview (19th Dec - 23rd Dec)

As the year draws to a close we are entering into a new year on the startup also receiving other millions from other investors in the series round. As in many other regions of the world, startups have attracted more attention recently. Their numbers are growing and are now universally acknowledged as significant generators of growth and employment. They, bring domain expertise, strong leadership experience, and a track record of entrepreneurship to the ventures that they launch. They value business processes and systems, and even at the early stages of running their ventures constantly adapt business plans to keep them real and share entrepreneurship and development sector and a keenness to grow startups' unique impact model.

This week, Indian startups once again awed us, with some raising millions of dollars while also acquiring other companies, with some startups focusing on expanding their presence in several other cities. This week, Tredence, the Data Science and AI Solutions company, announced it has raised USD 175 million in Series B and IIFL said, adding it has already invested 50 percent of the Rs 210 crore corpus of the fund.

Here is a list of the top five startups that performed exceptionally well this week!


Tredence, the Data Science and AI Solutions company, today announced it has raised USD 175 million in Series B funding from Advent International (“Advent”) to accelerate data-fueled growth and AI value realization for industries. Advent is one of the largest and most experienced global private equity investors. The full financial terms of the agreement have not been disclosed.

Advent will acquire a minority stake in Tredence with the $175 million investment. Advent has significant investment experience in the technology services and software sectors. Recent IT and information services investments include Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services. The existing investor Chicago Pacific Founders (“CPF”), a leading private equity firm, will continue to be a meaningful shareholder in Tredence. CPF made its initial investment in Tredence in December 2020.  


Collegedekho has said it raised $9 million (about Rs 74.55 crore) from its existing investor Winter Capital Partners. The startup is a college admissions and higher education services platform. Founded by Ruchir Arora, Saurabh Jain and Rohit Saha, Collegedekho was launched as a student guidance platform in 2015. It connects prospective students with colleges using its proprietary technology and an AI-based chatbot, and has since then has counselled more than 70 lakh students and around 1,500 colleges with their student recruitments.

Arora, co-founder and chief executive of Collegedekho, said the company had raised $35 million in series B round last November, according to a statement. This round was led by Winter Capital, ETS Strategic Capital which is the private equity investment arm of ETS (creator of the TOEFL tests and GRE general test), Calega, Man Capital, Disrupt ADQ and QIC. Prior to that, it had raised over $45 million.


Egg-focused consumer brand Eggoz said it has raised $8.8 million (Rs 66 crore) in Series B funding, led by Mumbai-based IvyCap Ventures. The brand sells premium eggs online and offline through organised trade channels. The funding round a mix of primary investment and secondary share sale – also saw participation from existing investors Nabventures, a venture capital fund anchored by National Bank for Agriculture and Rural Development, Avaana Capital, and Rebright Partners.

Angel investors in the round included Shiprocket cofounder Vishesh Khurana; Dineout founders Ankit Mehrotra, Sahil Jain, Nikhil Bakshi and Vivek Kapoor; and Swiggy vice president for sales Khalid Qazi. Founded in Bihar in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh and Uttam Kumar, Eggoz owns and manages about 10 poultry farms across the country. It claims its eggs are fresher and more nutritiou eggs because of its quality controls and one-day delivery promise.


Soptle, a B2B commerce company, said it expects to generate annual recurring revenue of $10 million by the first quarter next year after scaling up its retail network to two lakh outlets. Launched in May 2022, by 20-year-old engineering school dropout Pravas Chandragiri, Soptle is a micro SaaS-led B2B retail commerce platform that helps consumer goods companies distribute products by using its network. At present, it has an ARR of $2 million and a retail presence of nearly 50,000 stores.

"With more retailers, the manufacturers will start seeing more value to get onboarded for direct access to distribution. This will lead to a higher FMCG selection of products and will eventually lead to making the customer experience better," said Chandragiri."We will re-invest our profits into developing a better network of Soptle distribution partners and enable them with advanced technology and solutions. This leads to lower cost structure and lower prices, as well as offers faster and reliable distribution network, and thus further improves customer experience."


This is IIFL fintech fund's 10th investment and first in the insuretech space, the company said, adding it has already invested 50 per cent of the Rs 210 crore corpus of the fund. The IIFL group launched the fintech fund in August 2021 with a corpus of Rs 210 crore with sponsorships from two group companies IIFL Finance and IIFL Securities. The fund has so far invested Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu and Easyrewardz.Samadhan is an online platform that deals with resolving insurance related complaints such as mis-selling, lapsed policies, policy rejection, fraud or claim rejection in life, health and general insurance.Deepak Bhuvneshwari Uniyal, cofounder and chief executive at Samadhan said, this fund will primarily be used to build further tech and marketing.