The Week that Was: Indian Startup News Overview (9th Jan -13th Jan)

The Week that Was: Indian Startup News Overview (9th Jan -13th Jan)

Indian startups and investors with expertise in numerous industries make up the Indian startup ecosystem. Not everyone has the ability to launch a startup, and not everyone is drawn to Indian companies. However, given that it is booming and that many people are interested in investing in it, understanding the Indian startup ecosystem is now crucial. This is due to the fact that Indian companies have the potential to become very successful globally and that investors can anticipate seeing a sizable return on their investment.

As we are in 2023 certain Indian businesses are already developing and earning recognition on a global scale for their excellent working business concepts. In terms of new launches and acquisitions, this week was relatively quiet. However we saw edtech that it has raised Rs 160 crore in funding, an ApnaKlub has raised a total of $16 million, raise $40 million in funding led by wakefit an Indian startup that helps digital companies acquire end customers.

Here, the top 5 startups this week are listed below...!


Hong Kong-based logistics company Jumppoint has received $6.5 million in a Series A fundraising round that was headed by MindWorks Capital. Philip Kuai, the creator of Dada Nexus, Headline Asia, Chinachem Group, and the Innovation and Technology Venture Fund (ITVF) of the Hong Kong SAR Government all took part in the round.

The government launched the ITVF in 2017 with HK$2 billion ($256 million) to invest in Hong Kong businesses and foster a more thriving innovation and technology environment. MindWorks Capital, based in Hong Kong, has invested in several logistics companies, such as unicorn Lalamove and startup Inteluck. The VC firm also collaborates with ITVF on investments. According to the company's press release, Philip Kaui will also serve as a board adviser for Jumppoint.


Edtech firm Lead announced that it has raised Rs 160 crore in funding via a mix of long-term capital from Alteria Capital and Stride Ventures, and working capital financing from banks, including Standard Chartered Bank, HDFC Bank and ICICI Bank. The edtech unicorn plans to use the fresh capital to finance organic and inorganic growth ambitions.

Sumeet Mehta, cofounder and CEO of Lead, said, “Lead is poised for 2X growth and this latest round of funding will help us fast-track our mission of providing high quality, integrated School Edtech solutions to over 60,000 schools across India by 2026. ”Meanwhile, the company has conducted another round of layoffs after sacking 100 people in August 2022. In a statement, a company spokesperson said: "We have grown 2X this year and are hiring for growth. If projects don't meet success criteria or don't fit our strategic roadmap, teams are either reassigned or asked to seek other opportunities. This is a regular business activity and a normal churn of 1-2% in an organisation of 2,000 people”.


ApnaKlub, the B2B wholesale platform for fast-moving consumer goods, has raised a total of $16 million in a series A round of funding. This comes after ApnaKlub raised $10 million from Tiger Global in late 2022. ApnaKlub has raised $20 million till date.

The additional funding has come from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India’s Surge, Blume Ventures, and Whiteboard Capital. The funds will be used to enhance a digital platform for kirana store owners and wholesalers in tier-2 and tier-3 cities to purchase goods and services. This is a $100 billion consumption market. ApnaKlub is focused on making it easier for small business owners in India to access the products and services they need to run their businesses effectively. With this follow-on funding, the company will be able to continue expanding its platform and offering more products and services to its customers. ApnaKlub addresses the pain points of 40 per cent of this TAM with a radically different model and significantly better unit economics.


Blue Ashva Capital and Capital A have invested $3 million in Entuple E-Mobility, an EV powertrains technology firm. The money raised will be used to improve R&D capabilities for developing advanced telematics and machine learning capabilities into its products, which will include traction motors and drives for mobility applications. The funding will also enable Entuple to enhance its advanced technology offering to its OEM customers

"We are delighted to have Blue Ashva Capital and Capital A as our investors. The current round of funding will significantly boost our capability to develop and deliver next-generation Powertrain technologies to the market. We are substantially enhancing our R&D capabilities through talent acquisition, investment in design and simulation tools, and advance test set-ups. We are focused on bringing in technologically superior powertrains across the complete spectrum of mobility applications. We will also be launching a suite of hub-motor and mid-drive motor powertrains over the next three months. The homologation process for which is underway," said Rakesh Mishra, founder and CEO, Entuple E-Mobility.


Direct-to-consumer (D2C) mattress and furniture manufacturer Wakefit has raised $40 million, with Investcorp as the major investor. The funding round also included participation from current investors Sequoia Capital India, Verlinvest, and SIG. Ankit Garg and Chaitanya Ramalingegowda, the company's co-founders, said it will utilise the capital to expand into tier II and tier III cities as well as upgrade its factory and delivery operations.

In the next 24 months, we believe we want to keep investing in the machinery and develop technology around it, according to Garg. When something needs to be produced under specific conditions and by a specific deadline, the tech will choose which things to prioritise based on the incoming orders. According to Garg, the business will provide clients more control over the product, such as the ability to customise furniture, which will be automatically transmitted to the factory floor.