31 Indian startups raised over $466 million this week, up 75%

At least 31 domestic startups raised more than $466 million across 22 deals this week, up 75 percent from last week.

Quick e-commerce platform Zepto raised $340 million in a follow-on financing round, bringing the company’s valuation to $5 billion. General Catalyst led the round, with Dragon Fund and Epic Capital joining as new investors.

Among other major fundraisers, specialty coffee retailer Blue Tokai Coffee secured $35 million, followed by lending firm UB ($30 million), agri-input platform AGRIM ($17.3 million) and after-sales service firm Servify. ($10 million). Swiggy also raised undisclosed funding from Amitabh Bachchan’s family office this week.

Bengaluru-based startups led the way with eight deals, followed by Mumbai and Delhi-NCR.

According to a latest report by Boston Consulting Group (BCG) and Z47 (FKA Matrix Partners India), the Indian fintech ecosystem is in its “mid-journey”, after generating over $100 billion of value in the last decade. The ecosystem is poised for further rapid growth, as seen with existing incumbents creating value of over $600 billion over the last 3-5 decades.

The number of fintechs in the country has quadrupled in the last four years – with unicorns and soonicorns increasing threefold in the same period.

Meanwhile, the Center approved grants of Rs 50 lakh each to four startups in the field of technical textiles as well as new courses in various applications. The approved startup projects focus on key strategic areas of composites, sustainable textiles and smart textiles.