Top 5 Funding Mega Deals from the Indian Startup Ecosystem A total of 984 venture capital (VC) funding deals were announced in India during January-October 2024 recording a year-on-year (YoY) improvement of 5.8 per cent in deal volume.
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In 2024, the Indian startup ecosystem witnessed a wave of substantial funding rounds, indicating continued investor confidence in the country's booming entrepreneurial landscape. Beyond the headlines of billion-dollar valuations and mega deals lies the critical question of fund utilization and how effectively startups translated investments into tangible growth and innovation.
A total of 984 venture capital (VC) funding deals were announced in India during January-October 2024 recording a year-on-year (YoY) improvement of 5.8 per cent in deal volume. Meanwhile, the total funding value of these deals jumped by 44.4 per cent YoY to USD 9.2 billion during the same period, according to GlobalData.
Here we take a look at 5 big deals from the startup ecosystem in 2024:
Zepto
Zepto, one of the startups in the quick-commerce race made all the news by raising over USD 1 billion across three rounds of funding. In June, it secured USD 665 million at a USD 3.6 billion valuation, followed by USD 340 million in August, elevating its valuation to USD 5 billion.
Post-funding, Zepto focused on expanding its existing delivery network, enhancing its supply-chain efficiency, and investing in technology. The capital infusion also helped the startup penetrate tier-2 and tier-3 cities, aiming to capture a broader market share.
Lenskart
Lenskart, the eyewear retailer, raised USD 200 million in a secondary investment led by Temasek and Fidelity Management in June 2024, bringing its valuation to USD 5 billion.
According to the company, the funds were directed towards scaling operations, and expanding retail presence both globally and domestically. Lenskart also introduced augmented reality (AR) for virtual try-one, while strengthening its supply chain and exploring new product lines.
Meesho
E-commerce platform Meesho secured USD 275 million in a Series F round led by tiger Global Management and Peak XV Partners in May 2024.
Post funding, Meesho utilized the capital to expand its product categories, onboard more sellers, and enhance its logistics network. A significant portion was allocated to improving the platform's technology infrastructure, aiming to provide a seamless shopping experience for users and support for small and medium-sized businesses (SMBs) across India.
PharmEasy
API Holdings, health-tech startup PharmEasy's parent company, raised USD 216 million in a Series F round in April 2024, with participation from Manipal Group and Temasek.
According to the company, the investment was channeled into expanding PharmEasy's diagnostics and teleconsultation services, strengthening its distribution network, and enhancing its technology platform to provide a comprehensive healthcare ecosystem. The company also focused on strategic acquisitions to broaden its service offerings and market reach.
Rapido
Ride-hailing platform Rapido secured USD 200 million in a Series E round led by Westbridge Capital and Nexus Venture Partners in September 2023, achieving a valuation of USD 1.1 billion.
Rapido said it deployed the funds to expand its services to new cities, enhance driver-partner benefits, and invest in safety features for riders and drivers. Additionally, the company focused on marketing initiatives to increase brand awareness and customer acquisition, aiming to solidify its position in the competitive ride-hailing market.
