The Kredible

The Kredible is a data platform that crunches critical numbers of Indian startups across domains such as e-commerce, fintech, healthcare, edtech among others. Our goal is to provide company insights and data for anyone to filter noise and evaluate startups solely through numbers. For more visit: https://thekredible.com/

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TheKredible: Indian Startups Weekly Funding Highlights

This week, Indian startups collectively raised $187 million across 21 deals. Among these, growth-stage deals accounted for $116 million across 4 transactions, while early-stage funding totaled $70.92 million across 13 deals. Additionally, 4 deals had undisclosed amounts. The ecosystem also witnessed the launch of 5 new funds and saw 2 mergers and acquisitions. Know more at - https://thekredible.com/

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Wealthy.in witnesses 2X hike in revenue in FY24, losses persist

Wealthy.in, a Bangalore-based wealth management platform, doubled its revenue in FY24, increasing from Rs 11.82 crore in FY23 to Rs 25.22 crore. Founded by Aditya Agarwal and Prashant Gupta in 2015, the company offers wealth management tools at no cost to users, earning revenue only when wealth professionals suggest products from its marketplace. Wealthy.in raised Rs 117.27 crore over 10 funding rounds, most recently in April 2024, with Alpha Wave leading the Series B round, boosting the company’s valuation to over Rs 200 crore.

Despite revenue growth, Wealthy.in’s expenses rose by 38% to Rs 49.50 crore, primarily due to employee benefits, which represented over half of total costs, followed by advertising and other operational expenses. The company remains loss-making, with losses increasing slightly from Rs 23.84 crore in FY23 to Rs 24.28 crore in FY24. However, it improved its EBITDA margin to -74.78% and ROCE to -58.14%. Major shareholders include Alpha Wave Incubation (22%) and co-founders Agarwal and Gupta, each holding over 15%, as Wealthy.in continues to compete with firms like Fisdom and Oro Wealth.

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Gemopai, an automotive tech company, witnessed a slight 3.8% drop in its overall revenue from FY22’s Rs 80 crore to FY23’s Rs 77.66 crore.

Gemopai, an Indian electric scooter company based in Noida, experienced a 3.8% decrease in revenue, dropping from Rs 80 crore in FY22 to Rs 77.66 crore in FY23. The company, founded by Amit Raj Singh and Bhanu Kumar, specializes in technology-driven scooters featuring swappable Lithium-ion batteries. Despite a 2% reduction in expenses to Rs 77.15 crore, Gemopai's profitability saw a sharp decline. The company reported a profit of Rs 39.03 lakhs in FY23, an 83% drop from the previous fiscal year's Rs 2.34 crore. Major expenses included material costs, with employee benefits and transportation making up 5.897% and 4.39%, respectively. The EBITDA margin was 2.29, and the ROCE was 37.45%.

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TheKredible - Weekly Startups Funding Highlights (19 Aug - 24 Aug)

According to TheKredible report, this week (19 Aug - 24 Aug), 21 Indian startups raised $144.46 million in funding.

These deals include 5 growth-stage deals raking in $91 million and 13 early-stage deals secured $53.46 million.

Three deals remained undisclosed.

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TheKredible - Week-on-Week Startup Funding Trend

On a weekly basis, startup funding surged 170% to $906.7 million as compared to around $336.45 million raised during the previous week.

The average funding in the last eight weeks stands at around $421 million with 29 deals per week. Visit - TheKredible to get all the latest week-on-week startup funding news.

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Top 10 City and Segment-wise Startups Deals in [January-June] H1 2024

In H1 2024, Bengaluru led with 253 startups raising over $2.83 billion, accounting for 40% of the total funding.

Delhi-NCR followed with 164 deals worth $1.3 billion.

Mumbai, Hyderabad, and Pune also ranked in the top five. Mumbai startups contributed nearly 22% of total funding, while Delhi-NCR accounted for 18.76%. Visit Thekredible reports for complete information on top startup deals and latest news.

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Unlock Startup Insights with TheKredible

Get access to industry and regional startup growth trends & overall insights about the company.

Get accurate acquisitions & funding data along with investor names and round details.

Get the latest financial data, along with revenue and expense breakdown details.

Know the latest shareholding structure of the company.

Get access to a 3-year comparison of startup growth.

Visit TheKredible Startup for financial data and insights.

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Compliance and operation solutions company Trackwizz’s revenue soared to touch Rs 61.3 crore in the fiscal year ending March 2023.

Trackwizz’s revenue rose 45% to Rs 61.3 crore in FY23. The compliance solutions firm, primarily serving financial institutions, saw a significant expense in employee benefits. Despite a 28% rise in overall expenditure, it improved EBITDA and ROCE. Founded in 2007 by Sagar and Sameer Tanna, Trackwizz incurred Rs 22 crore in losses but grew operational revenue by 42%.

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Effortlessly compare your competitors' key data side-by-side using TheKredible platform, and uncover actionable insights to drive well-informed business decisions and gain a competitive edge.

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Foodtech firm Storia’s top scale witnessed a two fold rise to Rs 113.3 crore in FY23 as compared to the preceding fiscal’s Rs 56 crore.

Storia’s top scale grew two fold in FY23, expenses touch Rs 140 Cr

Foodtech firm Storia’s top scale witnessed a two fold rise to Rs 113.3 crore in FY23 as compared to the preceding fiscal’s Rs 56 crore.

The same year saw over Rs 113 crore coming in from operations. Previously, it has generated over Rs 55 crore from operations in FY22.

Based out of Mumbai, the food and beverages firm offers a range of sugar-free shakes, latte, smoothies and coconut water, juice, and booster drinks among others.

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EkAnek's brand Foxy recorded a sharp 3.6X spike in its topline to Rs 38.74 crore in the financial year ending March 2023.

Foxy (EkAnek) registered 3.6X spike in scale in FY23

EkAnek’s brand Foxy recorded a sharp 3.6X spike in its topline to Rs 38.74 crore in the financial year ending March 2023. Previously, the company had recorded a revenue of about Rs 10.7 crore in FY22.

The same fiscal saw an almost four-fold rise in operations to Rs 36.1 crore, contributing over 93% to the overall revenue. Comparatively, its preceding fiscal year generated a little over Rs 9 crore from operations.

Delhi headquarter e-commerce firm EkAnek focuses on building the ecosystem for new age brands in lifestyle categories through creating influencer networks, commerce platforms, and other support infrastructure. It is beauty social commerce app for both men and women.

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TheKredible - Competitor's data analysis platform

Compare the competitors' data side by side and gain actionable insights to make informed business decisions via TheKredible.

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Bengaluru-based video sharing mobile app Chingari recorded 2.3X surge in scale in the last fiscal year.

Chingari records 2.3X spike in scale in FY23, losses shrink 70%

Video sharing mobile app Chingari recorded 2.3X surge in scale in the last fiscal year. The platform saw over Rs 112 crore being contributed by operations the same year. Previously in FY22, it witnessed a revenue of Rs 49 crore.