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Indian Startups InCred and Revfin Secure $90 Mn Funding in the Past Week

A Slight Dip in Funding: What the Numbers Say

In the final days leading up to the close of 2023, the Indian startup ecosystem experienced a notable shift. Between December 25 and 30, startups collectively amassed $90 Mn, marking a significant 63% decline from the previous week’s $349 Mn across 25 deals. This comes after three consecutive weeks of blockbuster funding.

Unicorns and Major Deals: The Highlights

While there wasn’t a standout mega deal this week, fintech was the star of the show. Notably, InCred, a fintech startup, clinched a remarkable $60 Mn, propelling its valuation beyond the billion-dollar mark.

Funding Galore: Key Deals of the Week

DateNameSectorFunding Round SizeLead Investor
25 Dec 2023InCredFintech$60 MnRanjan Pai
26 Dec 2023RevfinFintech$14 MnOmidyar Network


The Fintech Surge: A Closer Look

In the wake of InCred’s success, the fintech domain shone brightly. Not only did it secure $74.4 Mn in total funding, but it also dominated the week with three significant deals. Furthermore, EvolveX by We Founder Circle stood out as the most active investor, having a stake in three deals.

Other Noteworthy Events

  • Drone Innovations: DroneAcharya Aerial Innovations made waves by acquiring a 51% stake in PYI Technologies Pvt Ltd, a Pune-based startup specializing in diverse drone technologies.
  • Marketplace Moves: FirstCry’s parent company, BrainBees Solutions Limited, is gearing up to raise INR 1,816 Cr through fresh share issues, as indicated by their draft red herring prospectus (DRHP).
  • Financial Talks: Discussions are underway between DMI Finance, Aditya Birla Finance, and Bengaluru-based fintech startup ZestMoney, hinting at potential collaborations.
  • Edtech Aspirations: BYJU’S, a prominent edtech startup, is on the lookout for a substantial $300 Mn investment.


As 2023 winds down, the Indian startup landscape continues to display resilience and adaptability. While the funding figures may fluctuate, the spirit of innovation remains unwavering.



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