Indian Startups Monthly Funding Report - February
                     Indian Startups Monthly 
Funding Report - February
Funding Highlights
Indian startups raised up nearly $900 mn across 121 deals in February, as per data 
compiled by TheKredible. This included 25 growth-stage deals worth $585 million and 
83 early-stage deals amounting to $313.5 million. There were 13 undisclosed rounds.
Month-on-Month trend
February registered a modest jump in funding from $732.7 million in January. Even on 
a year-on-year basis, February 2024 surpassed the February 2023 funding mark of 
$845 million.
Top Growth Stage Deals
Flipkart-backed Shadowfax topped the charts with $100 mn in a Series E funding. SaaS firm 
Capillary Technologies saw $95 mn in funding in 2nd round.  Other funding rounds in the growth 
stage were below $50 mn which included EV startup River, Kushal’s & Captain Fresh.
Stage-Wise Deals
Series-wise, Seed and Series A startup funding deals co-led the list with 33 deals each during 
February. Pre-Seed and Pre-Series A deals stood at 12 and 10, respectively. Among growth stage 
deals, Series B, Series C, Series D, and Series F are next on the list while as many as 10 startups 
raised debt funding during the month.
Mergers and Acquisitions
February witnessed 12 mergers and acquisitions deals. Acquisition of investing platform Kuvera 
by CRED, LotusPay by Juspay, cybersecurity startup Difenz by Signzy, gaming firm Ninja Global 
FZCO by Nodwin, and seafood platform CenSea by Captain Fresh were some of the notable deals 
during the period. In comparison, January saw nine mergers and acquisitions deals. 
Conclusion
It might be early signs, but we would venture to say that the situation is actually improving 
steadily, as over a year of relatively tough market conditions have ensured a higher focus on 
resilience in startups.
A booming stock market has also meant that amidst all the gloom of a shrinking job market, 
investible funds do exist for the right idea, and newer segments like Proptech that are riding the 
real estate boom are set to make a splash with a few big deals sooner than later.  
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