Indian Startup Funding this Week: Surges to $136 Million, Featuring Wow! Momo and Impact Battery Company

In the third week of January 2024, Indian startups secured a total funding of $136 million across 21 deals, reflecting a slight 6% decrease compared to the preceding week’s $145 million raised by 25 startups.


This week, we witnessed diverse developments, including acquisitions, major funding rounds, and potential investments.

Funding Landscape:

  • The week’s most significant funding round was orchestrated by the famous Quick Service Restaurant (QSR) chain Wow! Momo raised $42 million from Malaysian sovereign fund Khazanah Nasional Berhad.
  • Cleantech emerged as a prominent sector, garnering $45 million across three deals, buoyed by Impact Battery Company’s (IBC) funding.
  • Fintech, with six deals, secured $20.7 million in funding. Meanwhile, seed funding experienced a dip, totalling $4.3 million across four deals.

Startup Acquisitions:

  • Delhi NCR-based DMI Group acquired ZestMoney, a Buy Now Pay Later (BNPL) startup, in a distressed sale.
  • Deeptech company Qlik acquired crucial intellectual property (patents and technology) from Kyndi, specializing in natural language processing, search, and generative AI.
  • US-based Synup completed the acquisition of Ahmedabad-based SaaS platform Clientjoy for an undisclosed amount. Clientjoy offers Customer Relationship Management (CRM) software.

Other Significant Developments:

  • Ronnie Screwvala-led ed-tech unicorn upgrade is reportedly in advanced discussions to acquire Udacity and is seeking fundraising of up to $100 million for the deal.
  • Online ticketing platform BookMyShow is in talks to secure funding from $250 million to $300 million from KKR, valuing the company at INR 7,500 crore.
  • Venture debt fund Alteria Capital is contemplating raising approximately $80 million to $100 million in the early quarter of FY25.
  • General Catalyst is in preliminary discussions to acquire Venture Highway, an Indian seed-focused venture capital firm.
  • Nazara Technologies’ board approved preferential allotment of equity shares to Kamath Brothers, aiming to raise INR 250 crore as part of the previously announced INR 750 crore fundraising.