TRACXN MONTHLY REPORT

INDIA TECH

JANUARY 2023
 Contents
India Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 14
Top Funded Business Models - last 1 year 16
New Analyst Picks 17
Acquisitions 24
Recent News 26

2 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 India Tech: Snapshot – January 2023

India Tech Snapshot – January 2023

Overall Geo Stats
84 $962M 80 20 Market Size
Analyst Picks New Investors Companies Covered 106,434
Funding Rounds $ Invested
Kettleborough VC Funded Companies 11,704
Log9 Materials
Upgraded to Piper Serica Total Funding $153B
SOONICORN Funding in last 12 months $23.1B
Top Exits

31 141 14 IPOs
Acquisitions
192
1,397
Series A+ rounds Active Investors IPOs Acquisitions Company Stage
Orowealth Unicorns 88
Drip Project Soonicorns 300
Minicorns 1,005
Monthly Leader Board Editor Picks 6,891
Top Markets Top Investors Series A+ 2,019
Top Funding Rounds Top Cities
Series C+ 457
$350M - Series D Payments Accel Bengaluru Acqui-Hires 117
PhonePe (2015, Bengaluru, $700M) PhonePe (5 Investments) (40 Rounds, $681M)
Deadpooled 19,018
$120M - Series D Alternative Lending Sequoia Capital Delhi NCR
Top Cities
KreditBee (2018, Bengaluru, $404M) KreditBee (3 Investments) (13 Rounds, $75.5M)
Bengaluru (6,733 Rounds, $68.0B)
$96.8M - Series C Higher Education Tech Y Combinator Delhi
Avanse (2013, Mumbai, $175M) Avanse (2 Investments) (8 Rounds, $27.8M) Delhi NCR (5,164 Rounds, $42.3B)
$40M - Series B Top Investors
Electric Vehicles LetsVenture Hyderabad
Log9 Materials (2015, Bengaluru, $81.1M) Log9 Materials (2 Investments) (7 Rounds, $8.1M) AngelList (358 Investments)
LetsVenture (355 Investments)
Note : "Investors" refers to "Institutional Investors" only

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 India Tech: Investment Snapshot

Investment Snapshot
Investment Snapshot of India Tech as of January 2023
Investment Trend Top Investments (January 2023)*
PhonePe $350M - Series D General Atlantic
(2015, Bengaluru, $700M)
KreditBee $120M - Series D Advent International
(2018, Bengaluru, $404M)
Avanse $96.8M - Series C Kedaara Capital
(2013, Mumbai, $175M)
Log9 Materials $51.2M - Series B Amara Raja Batteries
(2015, Bengaluru, $81.1M)
InsuranceDekho $36.3M - Series C TVS Capital Funds
(2009, Haryana, $136M)
Mad Street Den $30.0M - Series C Sequoia Capital
(2016, Redwood City, $35.7M)
Ecozen Solutions $25.0M - Series C Nuveen
(2009, Pune, $58.6M)
Beaconstac $25.0M - Series A Telescope Partners
(2009, Bengaluru, $25.0M)
Sirion $25.0M - Series D Brookfield Asset Management
(2012, Seattle, $182M)
Bounce Infinity $20.0M - Series B Sequoia Capital
(2021, Gurgaon, $20.0M)

$ Funding # Rounds Fuel Buddy $20.0M - Series A RJ Corp

(2016, Delhi, $24.0M)
*Shows only the lead Investors

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 India Tech: List of Funding Rounds

List of Funding Rounds (1/9)

List of Funding Rounds in India Tech in January 2023
LATE STAGE LATE STAGE EARLY
LATE STAGE
STAGE
$5.0M - Series D $30.0M - Series C $120.0M - Series D
Darwinbox (2015, Hyderabad, $122.6M) Mad Street Den (2016, Redwood City, $35.7M) KreditBee (2018, Bengaluru, $404.2M)
Cloud-based platform for HRMS suite Provider of computer vision and AI-based visual search Online marketplace for personal loans
solutions
State Bank of India Advent International, MUFG, Premji Invest, Mirae Asset
Avatar Growth Capital, Alpha Wave Global, Sequoia Venture Investments
$25.0M - Series D Capital
Sirion (2012, Seattle, $182.0M) $350.0M - Series D
Platform offering AI enabled cloud-based contract $36.3M - Series C PhonePe (2015, Bengaluru, $700.1M)
management solutions InsuranceDekho (2009, Haryana, $136.3M) App-based card-linked wallet for consumers
Online comparison platform for life and P&C insurance
Brookfield Asset Management General Atlantic
TVS Capital Funds, Investcorp, Avataar Ventures, West
$25.0M - Series C Street Global, Alstroemeria Investments, and 1 more Series D
Ecozen Solutions (2009, Pune, $58.6M) Darwinbox (2015, Hyderabad, $122.6M)
Manufactures and supplies solar-powered irrigation Cloud-based platform for HRMS suite
pump controllers
Microsoft
Nuveen, Dare Venture Group, Exim Bank, Caspian,
$96.8M - Series C
Samunnati, and 1 more Avanse (2013, Mumbai, $174.7M) $932.9K - Series A
Developer of a secured education loans platform Strata (2019, Bengaluru, $8.5M)
Real estate investment platform
Kedaara Capital

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (2/9)

List of Funding Rounds in India Tech in January 2023
EARLY STAGE EARLY STAGE EARLY STAGE
$1.0M - Series A $3.0M - Series A $6.0M - Series A
Sid's Farm (2014, Hyderabad, $1.2M) Myelin Foundry (2018, Bengaluru, $6.0M) Apnaklub (2020, Bengaluru, $21.4M)
Online retailer offering multi-category dairy products Provider of AI and cloud-based video distribution App-based procurement and distribution platform for
solutions local wholesale business
Lohit Reddy, Kapil Godani, Kiara Aduhlani, Abhijit Vvr,
Vinit Rai Visteon, Beyond Next Ventures, Endiya Partners, TrueScale Capital, ICMG Partners, Blume Ventures,
Pratithi Investments Flourish, Surge, and 1 more

$1.7M - Series A $4.0M - Series A $6.1M - Series A

BharatAgri (2017, Pune, $12.4M) Fello (2020, Bengaluru, $5.2M) Breathe Well-Being (2016, Delhi, $13.6M)
Provider of farm management solutions to farmers App-based saving and investment platform for Online platform for employee physical wellness
individuals
Capria, India Quotient, Omnivore, Ratnagiri Impex, 3one4 Capital, Accel, General Catalyst Partners,
LetsVenture, and 11 more CourtsideVC, Y Combinator, Upsparks, Acequia Capital, FounderBank Capital, Supermorpheus
Entrepreneur First, and 7 more
$2.0M - Series A $7.0M - Series A
SmartVizX (2014, Noida, $5.2M) $5.5M - Series A Efficient Capital Labs (2022, Bengaluru, $10.5M)
Provider of VR-based solutions for multiple businesses CoverSelf (2020, , $10.3M) Online platform offering revenue-based loans to SaaS
Cloud-based payment management solutions for businesses
World V, Auxano, She Capital, YourNest healthcare sectors

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (3/9)

List of Funding Rounds in India Tech in January 2023
EARLY STAGE EARLY STAGE EARLY STAGE
$10.0M - Series A $12.3M - Series A $20.0M - Series B
Brick&Bolt (2018, Bengaluru, $16.0M) Rigi (2021, Bengaluru, $25.0M) Bounce Infinity (2021, Gurgaon, $20.0M)
Online marketplace for construction professionals App-based monetization platform for content creators Developer of electric scooters and battery swapping
solutions
Accel, Celesta Capital Elevation, Stellaris Venture Partners, Accel, Sequoia
Capital, Mahendra Singh Dhoni, and 3 more Sequoia Capital
$11.2M - Series B
Log9 Materials (2015, Bengaluru, $81.1M) $25.0M - Series A
Developer of graphene nanotechnology and aluminum $18.0M - Series A Beaconstac (2009, Bengaluru, $25.0M)
fuel cell battery packs Vilcart (2017, Bengaluru, $21.4M) iBeacon based in app proximity marketing & analytics
Provider of tech-enabled assistance to rural retailers on customer interaction
SiriusOne, Cornerstone Venture Partners, Anicut
Capital, RTBI Impact Asia, NABVENTURES, Texterity Telescope Partners, Accel

$12.0M - Series A $40.0M - Series B

WorkIndia (2015, Mumbai, $27.6M) $20.0M - Series A
Online job board platform for blue collar jobs Fuel Buddy (2016, Delhi, $24.0M)
App-based platform offering fuel delivery solutions
Insitor Partners, Yamauchi-No.10, SBI Holdings, Persol
JSPL, RJ Corp
Log9 Materials (2015, Bengaluru, $81.1M)
Developer of graphene nanotechnology and aluminum
fuel cell battery packs
Amara Raja Batteries, PETRONAS, Oxyzo, Western
Capital, InCred, and 1 more

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (4/9)

List of Funding Rounds in India Tech in January 2023
EARLY STAGE SEED STAGE SEED STAGE
Series A $15.1K - Seed $90.6K - Seed
Clinikk (2016, Bengaluru, $6.4M) Bore Charger (2018, Pune, $252.0K) Shaka Harry (2020, Bengaluru, $2.1M)
Provider medical care and insurance solutions for Provider of solutions for borewell management Developer of plant-based meat substitute food
individuals products
Villgro
MassMutual Ventures Shaka Harry Angels Trust
$32.5K - Seed
Series A Nomoex (2022, Bengaluru, $32.5K) $120.7K - Seed
FreeUp (2019, Bengaluru) Online exchange platform for digital assets and Hoovu (2019, Bengaluru, $1.2M)
App-based marketplace platform offering cryptocurrencies Internet-first brand offering religious flowers
multi-category second-hand products
Peyush Bansal, Aman Gupta
Accel, Elevation $61.3K - Angel
SEPAL (2017, Hyderabad, $389.6K) $121.2K - Seed
Series B Provider of safety and protection services to Incruiter (2018, Bengaluru, $121.2K)
Disprz (2015, West Orange, $21.5M) two-wheelers Cloud-based platform for interview as a service
Cloud-based LMS platform for the multi industry
Peyush Bansal Recur
Silverneedle Ventures
$122.1K - Seed
NEWSREACH (2018, Ahmedabad, $604.5K)
Marketplace for media professionals

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (5/9)

List of Funding Rounds in India Tech in January 2023
SEED STAGE SEED STAGE SEED STAGE
$122.9K - Seed $175.0K - Seed $190.9K - Seed
Bioheaven 360 (2018, Delhi, $122.9K) OnArrival (2022, Bengaluru, $175.0K) Driffle (2022, Bengaluru, $3.7M)
Provider of AI-powered genomics diagnostics tools for Provider of API solutions to help users to reserve tours Online retailer of gaming products
risk prediction of diseases and activities
Piper Serica, AngelList, Mahesh Kumar Damani
Digital Futurists Angels Antler
$196.1K - Seed
$122.9K - Seed $183.9K - Seed Dchica (2014, Delhi, $904.7K)
Public Next (2018, Hubli, $122.9K) Wholeleaf (2020, Delhi, $244.9K) Internet-first brand offering baby products
Social networking platform for connecting with Provider of cannabis-derived wellness products to
neighbors maintain health Velocity

Google ah! Ventures $240.0K - Seed

SayF (2021, Bengaluru, $416.0K)
$154.1K - Seed $183.9K - Seed App-based savings and investment platform for
Vodex (2022, Bengaluru, $154.1K) Portl (2020, Bengaluru, $1.2M) individuals
Provider of conversational AI based automated calling AI-based smart mirror for personalized fitness training
solution for marketing Titan Capital, Sunn91

100X.VC $243.1K - Seed

Boingg (2018, Gurgaon, $836.1K)
Internet first brand offering furniture for kids

IPV
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (6/9)

List of Funding Rounds in India Tech in January 2023
SEED STAGE SEED STAGE SEED STAGE
$250.0K - Seed $491.6K - Seed $650.0K - Seed
Amama (2016, Delhi, $250.0K) Hobit (2020, Faridabad, $716.0K) Medbikri (2021, Bengaluru, $1.3M)
Internet-first brand of handcrafted fast-fashion jewelry Mobile-based platform providing hobby-related Provider of pharma inventory management, medication
for women learning solutions reminder and billing solutions

She Capital Stoffer Anko Norden, Doug Penny
$368.8K - Seed $500.0K - Seed
Surgeup Technologies (2022, Delhi, $368.8K) Mindpeers (2020, Delhi, $755.8K)
Online platform providing financial literacy for kids Provider of teleconsultation services for mental health
conditions
JCBL
Venture Catalysts, Goodwater Capital, Magic Fund,
Ministry of Electronics & Information Technology
$404.9K - Seed
Greenikk (2020, Thiruvananthapuram, $642.7K)
Provider of an online marketplace platform for banana $613.1K - Seed
farmers meratractor (2015, Pune, $889.0K)
Online auction marketplace for the sale and purchase
9Unicorns, SmartSparks, Manish Modi, Saurabh of used tractors
Agarwal, Mayank Tiwari, and 1 more
Digital Futurists Angels, Vibhor Sahare
3one4 Capital, Sanjeev Barnwal, Amit Damani, Rahul
Sharma, Manish Jethani, and 1 more
$980.6K - Seed
PrivaSapien (2021, Bengaluru, $980.6K)
Provider of a platform offering integrated risk
assessment solutions
Omidyar Network India
$1.0M - Seed
Bull Spree (2020, Ahmedabad, $1.4M)
Online fantasy sports-based stock market platform
Desai Family Office, IVY Growth Associates, Pai
Ventures

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (7/9)

List of Funding Rounds in India Tech in January 2023
SEED STAGE SEED STAGE SEED STAGE
$1.0M - Seed $2.0M - Seed $2.4M - Seed
EFeed (2021, Pune, $1.5M) MProfit (2007, Mumbai, $2.0M) DataTrained (2012, Bengaluru, $4.7M)
Provider of an AI and app-based platform for animal Portfolio Management and Accounting Software Provider of online courses on data science
feed consulting
Enam Holdings, Gruhas, Auxano, Rainmatter Hindustan Media Ventures
Omnivore Technology, Samarthya Investment Advisors
$3.0M - Seed
$1.5M - Seed $2.0M - Seed Gullak (2021, Bengaluru, $4.4M)
Zlade (2015, Pune, $1.5M) NourishYou (2015, Hyderabad, $2.0M) App-based platform for savings
Internet fist brand for personal hygiene products Private label brand for superfoods such as Quinoa and
Chia Seeds Rebel Fund, Better Capital, Goodwater Capital, GMO
Shivanssh, Amit Kalyani Venture Partners, TRTL, and 5 more
Nikhil Kamath, Abhinay Bollineni
$1.5M - Seed $3.7M - Seed
Analyttica (2012, Bengaluru, $6.6M) $2.4M - Seed Saarthi Pedagogy (2018, Ahmedabad, $6.8M)
AI based data science analytical platform Giga Fun Studios (2022, Bengaluru, $2.4M) Online learning resource provider for teachers
Developer of mobile-based casual video games
Gujarat Venture Finance, Pinnacle Investment
Lumikai, Fireside Ventures, Riverwalk Holdings, Management
Kettleborough VC, All In Capital

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (8/9)

List of Funding Rounds in India Tech in January 2023
SEED STAGE SEED STAGE SEED STAGE
$4.0M - Seed $6.0M - Seed Seed
BankSathi (2020, Bengaluru, $5.5M) Peepul Tree (2022, Mumbai, $6.0M) A Toddler Thing (2017, Coimbatore)
Developer of an app-based comparison platform Online retailer offering handcrafted products from local Private label brand of cloth diapers for babies
artisans
Kotak Securities, LetsVenture, Hem Securities, IPV, The Chennai Angels
Recur, and 11 more Elevar Equity
Seed
$4.1M - Seed $7.0M - Seed Plus (2022, Udaipur)
Vitraya Technologies (2019, Sahibzada Ajit Singh actyv.ai (2019, Bengaluru, $12.5M) Online platform offering reward points for buying
Nagar, $6.8M) Provider of SaaS-AI-based suite solutions for digital jewellery
Provider of blockchain-based health insurance claim transaction management
management solutions JITO Incubation & Innovation Foundation
1Digi Investment Management
Startupxseed Ventures Seed
$15.0M - Angel GHM (2018, Hyderabad, $724.5K)
$5.0M - Seed Snitch (2018, Bengaluru, $15.0M) Manufacturer of electric bicycles
ElectricPe (2021, Bengaluru, $8.8M) Internet first brand offering apparel for men
App-based platform for locating EV charging points Aman Gupta, Peyush Bansal
Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta
Singh, Peyush Bansal Seed
Green Frontier Capital, Blume Ventures, Micelio, NB
Ventures, Anchorage Capital Partners, and 2 more Awaz (2022, Bengaluru)
Online job board platform for multi-industry

Lalit Keshre, Harsh Jain

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

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 India Tech: List of Funding Rounds

List of Funding Rounds (9/9)

List of Funding Rounds in India Tech in January 2023
SEED STAGE SEED STAGE SEED STAGE
Seed Seed Seed
Digio (2016, Bengaluru, $388.5K) XYMA Analytics (2019, Chennai, $1.1M) Moat School (2022, Bengaluru)
Document management with e-signature Provider of process monitoring solution Online platform providing courses for professionals

Groww Venture Catalysts, GAIL, Chirag Gupta, Vish Anurag Verma

Sahasranamam
Seed
Badhaan (2021, Hyderabad) Seed
Provider of financial management services FALCA (2018, Bengaluru, $3.2M)
Online marketplace offering farm produce
iAngels
Mumbai Angels
Seed
Str8bat (2017, Bengaluru, $516.8K) Angel
Developer of sensor based wearables for cricket Bowled (2021, Mumbai)
Provider of play-to-earn social gaming platform
SucSEED Indovation, Dholakia Ventures
Harsha Bhogle
Seed
Fitholic (2021, Meham)
Developer of dietary supplements for multiple ailments

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE

13 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 India Tech: List of New Investors

New Investors (1/2)

List of New Investors in India Tech in January 2023
Investor Company Info Round Amount Round Name
Kettleborough VC
Giga Fun Studios $2.40M Seed
5 portfolio companies | Venture capital fund investing in early stage tech
Developer of mobile-based casual video games
startups
Piper Serica
Driffle $191K Seed
2 portfolio companies | Provider of investment management services and
Online retailer of gaming products
private equity fund focused on multiple sectors
SBI Holdings WorkIndia
$12.00M Series A
2 portfolio companies | Private equity investment fund Online job board platform for blue collar jobs
Persol WorkIndia $12.00M Series A
2 portfolio companies | Eyewear brand Online job board platform for blue collar jobs
JSPL
Fuel Buddy $20.00M Series A
1 portfolio companies | Manufacturer of coal-based sponge irons & steel
App-based platform offering fuel delivery solutions
products
KUBE Ventures Fello $4.00M Series A
2 portfolio companies | Provider of hotel management services App-based saving and investment platform for individuals
Recur
Incruiter $121K Seed
5 portfolio companies | Provider of the online marketplace offering
Cloud-based platform for interview as a service
revenue-based loans for businesses
Sunn91
SayF $240K Seed
2 portfolio companies | Venture capital firm focused on pre-seed and seed stage
App-based savings and investment platform for individuals
investments
Silverneedle Ventures Disprz Undisclosed Series B
3 portfolio companies | Venture capital fund investment in tech startups Cloud-based LMS platform for the multi industry
Hem Securities BankSathi $4.00M Seed
1 portfolio companies | Stock brokerage and investment banking firm Developer of an app-based comparison platform

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 India Tech: List of New Investors

New Investors (2/2)

List of New Investors in India Tech in January 2023
Investor Company Info Round Amount Round Name
Log9 Materials
Oxyzo $40.00M Series B
Developer of graphene nanotechnology and aluminum fuel cell battery
9 portfolio companies | Online marketplace for business credit lines
packs
LiquiLoans BankSathi
$4.00M Seed
3 portfolio companies | Developer of a consumer loans platform Developer of an app-based comparison platform
Exim Bank Ecozen Solutions
$25.00M Series C
10 portfolio companies | Venture capital firm focused on multiple sectors Manufactures and supplies solar-powered irrigation pump controllers
Samarthya Investment Advisors MProfit
$2.00M Seed
1 portfolio companies | Private equity and boutique advisory firm Portfolio Management and Accounting Software
Ratnagiri Impex BharatAgri $1.74M Series A
1 portfolio companies | Manufacturer of garden tools & forks and spray bottles Provider of farm management solutions to farmers
JCBL
Surgeup Technologies $369K Seed
1 portfolio companies | Diversified conglomerates operated across multiple
Online platform providing financial literacy for kids
industries
Rebel Fund Gullak $3.00M Seed
23 portfolio companies | Venture capital fund focused on tech startups App-based platform for savings
Brookfield Asset Management Sirion
53 portfolio companies | Private equity fund focused on real estate and Platform offering AI enabled cloud-based contract management $25.00M Series D
renewable energy solutions
Log9 Materials
Unity Small Finance Bank $40.00M Series B
Developer of graphene nanotechnology and aluminum fuel cell battery
5 portfolio companies | Digital bank for individuals and businesses
packs
TrueScale Capital Apnaklub
2 portfolio companies | Venture capital firm focused on consumer and tech App-based procurement and distribution platform for local wholesale $6.00M Series A
companies business

15 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 Top Funded Business Models - last 1 year
Rank Business Model $ Funding # Rounds Top Funding Round

1 ▲5 Vernacular Content Sharing Platforms $1.1B 3 VerSe | $805M | Series J

2 ▲3 Online Test Preparation Courses $1.1B 4 BYJU'S | $800M | Series F

3 ▲142 Conversational Intelligence $528M 5 Uniphore | $400M | Series E

4 -- Electric Car Manufacturers $496M 1 Tata Passenge.. | $496M | Series D

5 ▲42 Online Professional Learning Courses $481M 9 upGrad | $225M | Series B

6 ▲8 Own Fleet $460M 7 Delhivery | $304M | Series J

7 ▲11 Conversational AI Platforms $405M 4 Uniphore | $400M | Series E

8 ▲130 Voice based Customer Support $401M 2 Uniphore | $400M | Series E

9 ▲42 Internet First Personal Loans Marketplace $383M 7 KreditBee | $120M | Series D

10 ▲44 B2B Grocery Marketplaces $371M 4 ElasticRun | $330M | Series E

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

16 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.

New Analyst Picks (1/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Upgraded to SOONICORN Upgraded to MINICORN
Log9 Materials (2015, Bengaluru, Undisclosed, Beaconstac (2009, Bengaluru, $25.0M, Series A)
Conventional Debt) iBeacon based in app proximity marketing & analytics
Developer of graphene nanotechnology and aluminum on customer interaction
fuel cell battery packs
Telescope Partners,Acceland
Amara Raja Batteries, PETRONAS, InCred and 40 other
Investors ElectricPe (2021, Bengaluru, $5.0M, Seed)
App-based platform for locating EV charging points
Green Frontier Capital, Blume, Micelio and 64 other
Investors
Analyttica (2012, Bengaluru, $1.5M, Seed)
AI based data science analytical platform
Peepul Tree (2022, Mumbai, $6.0M, Seed)
Online retailer offering handcrafted products from local
artisans
Elevar Equityand
17 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
Geeks (2009, Noida, Unfunded)
Online Computer Science Content
Mindpeers (2020, Delhi, $500K, Seed)
Provider of teleconsultation services for mental health
conditions
Venture Catalysts, Goodwater Capital, Magic Fund and
16 other Investors
Collegedunia (2014, Gurgaon, $444K, Angel)
Search engine for students seeking information for
higher studies
Umang Kumar,3.14 Digital,Umang Kumarand
ADDA (2009, Bengaluru, $253K, Seed)
SaaS-driven community management solution for
property owners & managers
Saarthi Integrated, Zaheer Rattonsey, Bhupen Shah and
6 other Investors

New Analyst Picks (2/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
Rivaara Labs (2019, Mumbai, $6.1M, Series A)
Provider of molecular diagnostic test lab
Amicus Capital Partners, Kotak Mahindra Bank, Jawed
Zia and 1 other Investors
Fabriclore (2016, Jaipur, Undisclosed, Seed)
Online retailer offering fabrics
CDH Investments, Sequoia Capital, Volcanics Venture
and 10 other Investors
Impact (2016, Mumbai, $600K, Seed)
Provider of fitness-based application for fundraising
Ganesh Krishnan, Vaibhav Jain, Ravish Naresh and 3
other Investors
Orahi (2012, Delhi, $10.8K, Angel)
Provide app based solution that helps to Monitor
commute of school buses and locate your child easily
Makavi Ab, SPAR International, Celeste Consultants and
106 other Investors
18 India Tech - January 2023
Added to Editor's Pick
Gravton (2017, Hyderabad, $916K, Seed)
Developer of electric motorcycles
EVBK Foresight, Kiran Beeravelli, Chemudugunta
Venkata Ramanamma and 7 other Investors
Mystifly (2009, Singapore, $3.3M, Series A)
B2B technology solutions for airline ticket booking
agencies.
Recruit Holdingsand
WTI (2009, Gurgaon, Unfunded)
Provider of vehicle transfer and tech enabled solutions
Subinder Khuranaand
HairOriginals (2018, Gurgaon, $279K, Seed)
Online internet first brand offering hair extension
products
Anicut Capital, JITO Incubation & Innovation
Foundation, LetsVenture and 50 other Investors
Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
Wheebox (2011, Gurgaon, $383K, Seed)
Online platform for employability skill assessment
Rooman Technologies,People Strong,Lumis Partnersand
ResellMe (2019, Delhi, $714K, Seed)
App-based reselling platform offering multi-category
products
Blume Ventures, Faad Network, Aditya Chakraborty and
20 other Investors
SayF (2021, Bengaluru, $240K, Seed)
App-based savings and investment platform for
individuals
Titan Capital, Sunn91, Kunal Bahl and 2 other Investors
EduCBA (2008, Mumbai, $23.7K, Angel)
Online platform for professional courses
Mohit Tyagi, Devachal Jha, Neeraj Vaidya and 6 other
Investors
 India Tech: Analyst Picks

New Analyst Picks (3/7)

Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
Kodo (2019, Mumbai, $150K, Seed)
Platform providing employee cards for corporate
expenses
Brex, Goat Capital, Pioneer Fund and 3 other Investors
MProfit (2007, Mumbai, $2.0M, Seed)
Portfolio Management and Accounting Software
Enam Holdings, Gruhas, Auxano and 2 other Investors
SapphireIMS (2007, Bengaluru, $12.0K, Seed)
Provider of Unified IT operations solution
Capitar Ventures Management LLP, Wilfred Chi Ho
Wong, Uma Vejendla and 27 other Investors
Studio Sirah (2020, Bengaluru, $2.6M, Seed)
Video game developer focusing on core games
Kalaari Capital, Lumikai, Akshat Rathee and 5 other
Investors
Added to Editor's Pick
Super Cluster (2021, Coimbatore, $2.0M, Seed)
Brand of hair & skin care, fitness, and wellness
products
Bobby Balachandran, IPV, Hyderabad Angels and 85
other Investors
Reverse Logistics (2008, Delhi, $9.9M, Series B)
Provider of technology-enabled reverse supply chain
solutions
Lightbox, Vertex Ventures, Murugan Capital and 20
other Investors
SkinKraft (2016, Hyderabad, Undisclosed, Series A)
Internet first brand offering multi-category customized
beauty products
RPSG Capital Venturesand
iTriangle (2009, Bengaluru, Unfunded)
Vehicle tracking & monitoring system provider
Added to Editor's Pick
GHM (2018, Hyderabad, Undisclosed, Seed)
Manufacturer of electric bicycles
Aman Gupta, Peyush Bansal, Hemin Shah and 2 other
Investors
AdYogi (2015, Delhi, $35.3K, Angel)
Marketing automation solution
Preeti Balachandran, Deepika Das, Shipra Gupta and 3
other Investors
ByteXL (2019, Madhapur, $1.0M, Seed)
Online platform offering tools and training to learn
coding
Joy Investment,Joseph Joyand
CustomerSuccessBox (2017, Gurgaon, Undisclosed,
Seed)
Customer success platform to improve LTV
Pi Ventures,Axilor Venturesand

Ajay Ananth Kamathand

19 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.

New Analyst Picks (4/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
Aadhan (2012, Hyderabad, Unfunded)
Online platform offering curated news
Springtek (2010, Bareilly, $442K, Seed)
Internet first brand offering mattresses
Vindus Holding, Baba Commercial and Finvest, Mohit
Dealers and 55 other Investors
Uxarmy (2012, Jaipur, Unfunded)
Services related to the research and development of
UX/UI in enterprises
TRIVEand
Tripjack (2012, Mumbai, Unfunded)
Distribution solution for the travel businesses
Afzal Pateland
20 India Tech - January 2023
Added to Editor's Pick
Greenvironment India (2012, Chennai, $419K,
Series A)
Cloud-based sensor solution for water quality
monitoring
Ecotech Engineering, Altuva, Makkuni Mohan Raj and
21 other Investors
Vehant Technologies (2005, Noida, Unfunded)
AI-enabled security and traffic enforcement solutions
Solverminds (2003, Chennai, Unfunded)
Enterprise solutions for maritime transport
BusIndia (2006, Bengaluru, Unfunded)
Online-platform for booking bus tickets, hotels and
more
Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
AAS Vidyalaya (2017, Mumbai, Undisclosed, Grant
(prize money))
Virtual school for children
Peyush Bansal, Namita Vikas Thapar, Ashneer Grover
and 2 other Investors
Stepathlon (2012, Mumbai, Undisclosed, Angel)
Provider of solutions for mass participation and
pedometer tracker
Mark Adams,Josh Libermanand
AAJ Enterprises (2006, Sonipat, Unfunded)
Provider of tech-enabled 3PL services
Dalmia Polypro Industries (2006, Mumbai, $5.1M,
Series A)
Provider of plastic waste recycling services
Circulate Capital,Mindmaps Technologiesand

New Analyst Picks (5/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
Wiselap (2013, Mumbai, Unfunded)
Provider of app-based point of sale and billing solutions
for restaurants
Medify (2019, Mumbai, $1.0M, Seed)
Provider of practice management software for
pharmacies and patients
Authum Investment & Infrastructure, Global Media
Ventures, Bakulesh Shah Private Trust and 6 other
Investors
eZee Absolute (2004, Surat, Unfunded)
Web-based management suite for hotels & vacation
rentals
Wonderslate (2015, Bengaluru, $387K, Angel)
Crowd sourced platform for educational content
Prasanna Hanumanthu Pran, Anil G Veerabhadrappa,
Shyamala Shyam Sunder Reddy and 1 other Investors
21 India Tech - January 2023
Added to Editor's Pick
Deliforce (2018, Bengaluru, Unfunded)
Field force & web-based last-mile delivery management
software
Aqualens (2019, Gurgaon, Unfunded)
Internet first brand offering subscription based contact
lens
ZAAMO (2021, Delhi, $735K, Seed)
Online platform offering products recommended by
influencers
3one4 Capital, FounderBank Capital, Ankita Jaisinghani
and 16 other Investors
Dapps (2022, New Delhi, Undisclosed, Seed)
Decentralized app store for web3 applications
Nischal Shetty,Anshul Dhirand
Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
BatBall11 (2018, Ahmedabad, Unfunded)
Provider of rewards-based eSports gaming platform
The Carlyle Group, TPG, Venrock and 1 other Investors
Mykare Health (2021, Ernakulam, Unfunded)
Provider of online appointment booking platform for
remote consultation with doctors
Joash Kunju Philipose,Huddleand
Rythmic Apps (2012, Delhi, Unfunded)
Developer of music player, PDF reader, fonts changer
and app lock apps
Tactive Soft (2003, Erode, Unfunded)
ERP management solutions for construction industry

New Analyst Picks (6/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
Pilk (2020, Mumbai, $88.0K, Seed)
Internet first brand offering plant-based milk
Riidl, Alok Jitendra Jariwala, Mannan Manoj Dhoot and
3 other Investors
MAKSPay (2020, Hyderabad, $324K, Angel)
AI-enabled platform for consumer & business loans
Sridhar Kotagiri, K Mohan Das Karamchand Gandhi, V N
Ranga Raju G and 13 other Investors
QuickMove (2003, Bengaluru, $299K, Seed)
Solutions for moving and storage industry
MS Shoes East, Tomorrowland Technologies Exports,
Suresh Janardhanan and 3 other Investors
HUMhain (2012, Ludhiana, Unfunded)
App-based platform for on-demand hyperlocal
deliveries
Huddleand
22 India Tech - January 2023
Added to Editor's Pick
Meteoric Biopharmaceuticals (2006, Ahmedabad,
Unfunded)
Manufacturer of enzymes for research purpose and
probiotics for supplements
Frigate (2021, Chennai, $182K, Seed)
Cloud-based on-demand manufacturing solutions
Vel Kanniappan, Srinath Ramakkrushnan, Abhishek Raj
Pandey and 12 other Investors
Findyourkicks (2006, Ludhiana, $67.6K, Angel)
Online platform offering second hand sneakers
Ashneer Grover, Peyush Bansal, Namita Thapar and 3
other Investors
GOBIOM Biomarker (2008, Hyderabad, Unfunded)
Provider of biomarker database
Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
Hubler (2016, Bengaluru, Unfunded)
Platform offering low code application development
software
Venture Handleand
Padhai Help (2015, Jaipur, Unfunded)
App-based platform for the discovery of tutors
Ciron (1992, Mumbai, Unfunded)
CDMO focused on manufacturing ampoules, vials,
drops & lyophilized injections for the biopharma sector
Synchronized (2007, Gurgaon, Unfunded)
Tech-enabled 3PL service provider

New Analyst Picks (7/7)
Interesting Companies identified by Analysts in India Tech in January 2023
Added to Editor's Pick
WisdmLabs (2012, Thane, Unfunded)
Provider of web solutions with open source
LOUOJ (2021, Bhubaneswar, Unfunded)
Online B2B bespoke marketplace for finished fashion
products
IIM Lucknow Enterprise Incubation Centerand
In4velocity (2004, Bengaluru, Unfunded)
ERP software for real estate
Global Velocity Venturesand
NESSBOT (2020, Gurugram, Unfunded)
Developer of hybrid sanitizing solutions for baggage,
material, equipment & goods
23 India Tech - January 2023
Added to Editor's Pick
Procurit (2020, Delhi, Unfunded)
Online listing platform offering manufacturing services
CloudGenee (2018, Noida, Unfunded)
Platform offering cloud spend management solution
Essenzaa Nutrition (2010, Mumbai, Unfunded)
Manufacturing and developing a wide range of
nutritional products and formulations
Manichandra (2021, Hyderabad, Unfunded)
Provider of integrated smart devices for commercial
facilities
Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
India Tech: Analyst Picks
Added to Editor's Pick
Staart (2021, Hyderabad, Unfunded)
Provider of SaaS-driven budget management software
for the construction industry
ANY-maze (2000, Delhi, Unfunded)
Provider of software tools to create neurobehavioural
experiments for behavioral analysis in animals
Bombay Logistics (2022, Bengaluru, Unfunded)
Provider of end-to-end employee transportation
management solutions to corporate through an electric
fleet of cars
 India Tech: Acquisitions

Acquisitions (1/2)
List of Acquisitions in India Tech in January 2023
Acq. Date Company Acquirer Deal Size
Orowealth(2015, Mumbai, $2.4M)
02 Jan 2023 InCred Capital
Platform to invest in direct mutual fund schemes
Drip Project(2021, Mumbai)
03 Jan 2023 Metaman $1.0M
internet first brand offering jewelry
Tekie(2017, Gurgaon, $1.6M)
04 Jan 2023 Uolo
Provider of digital learning solutions for students
Alcove(2018, Kolkata)
05 Jan 2023 Rendever
Virtual reality platform connecting family members
Jubi(2015, Mumbai, $0.2M)
05 Jan 2023 Servify
Develops a chatbot for multiple use cases
SMEcorner(2014, Mumbai, $48.4M)
05 Jan 2023 Ambit Finvest
Developer of an online marketplace for business loans
Rive(2022, Bengaluru)
12 Jan 2023 Xare
Provider of point-of-sale instalment financing platform
BungalowSpecials(2005, Chennai)
12 Jan 2023 Online platform for discovering and booking accommodations for Campings.com
travelers
Yoga Bar(2014, Bengaluru, $12.0M)
17 Jan 2023 ITC
Online platform that provides healthy bars
SecurTime(2012, Bengaluru, $1.0M)
18 Jan 2023 ADP
Attendance and workforce management solution provider

24 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 India Tech: Acquisitions

Acquisitions (2/2)
List of Acquisitions in India Tech in January 2023
Acq. Date Company Acquirer Deal Size
Gramophone(2016, Indore, $23.1M)
24 Jan 2023 Online platform providing farm input products and information to $1.1M
the farmers
Zyoga(2020, Bhopal)
27 Jan 2023 Appointy
Mobile app offering yoga courses
Instalogist(2020, Bengaluru)
27 Jan 2023 App-based platform providing long-haul freight transportation Vahak
services
Transerve(2009, Panaji, $1.7M)
31 Jan 2023 Provider of a field data collection software for spatial and Precisely
non-spatial data

25 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 India Tech:News
Recent News (1/2)
Recent News in India Tech in January 2023
Exit News ● LendClub selects six startups for incubator programme Finextra
. .

● PE firm Carlyle Group buys majority stake in India’s VLCC shareandstocks.com People News
. .
● RateGain enters into an agreement to acquire Adara and form the World's ● Swiggy layoffs coming soon, expected to fire nearly 600 employees India Today
Most Comprehensive Travel-Intent and D... PR Newswire .
. ● Sequoia-backed GoMechanic to cut 70% jobs amid 'serious errors' in financial
● TPG to acquire Poonawalla Housing Finance in $417m deal Private Equity Wire reporting The Bharat Express News
. .
● Mamaearth parent files IPO papers; Sofina, Stellaris, Kunal Bahl, Shilpa Shetty ● Indian edtech startup UpGrad’s CEO Mohan quits Financial Post
to sell stake Moneycontrol .
. ● CARS24 Layoffs: Pre-Owned Vehicle Platform Says Will Hire Over 500 After
● Easy Trip acquires 55% stake in cheQin through primary route VCCircle Firing Around 600 Employees Latestly
. .
● Itc To Acquire 100% Of Sproutlife Foods' 'Yoga Bar' Over 3-4 Years Livemint ● IPO-bound BharatPe appoints three top execs amid legal battle with Ashneer
. Business Standard
● CUBE acquires The Hub to extend further its Automated Regulatory .
Intelligence (ARI) technology ACROFAN ● ShareChat Begins Layoffs; Around 500 Full-Time Employees To Be Sacked, CEO
. Ankush Sachdeva Tells Staff Latestly
● JetSynthesys acquires former Twitter India head's creator monetization .
platform Livemint ● ShareChat Co-founders Farid Ahsan, Bhanu Pratap Singh step aside from their
. active roles YourStory Media
.
Fund News ● Nykaa ropes in P Ganesh as Chief Financial Officer Livemint
.
● Advent Raises $25 Billion For Buyout Fund dailyadvent.com
.
● VC firm Z3Partners closes Rs 550 cr fund to invest in early-growth startups
Business Standard
.
● Mt K Kapital raises $43 mn realty fund for Mumbai Metropolitan Region The
Capital Quest

26 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
 India Tech:News
Recent News (2/2)
Recent News in India Tech in January 2023
Company News
.
● Cityfurnish Launches its Offerings in Hyderabad Business Wire
.
● US FDA Grants Breakthrough Designation for Blood Test to Help Diagnose
Inaccessible Brain Tumors Asian News International
.
● Meat & seafood startup TenderCuts sets foot in Bengaluru Nuffoods Spectrum
.
● Meatigo Forays into Chennai Indian Retailer
.
● Hindustan Unilever completes acquisition of 51% stake in Zywie Ventures
Business Standard
.
● Udman Hotels by Ferns N Petals launches 46-key hotel in Haridwar Livemint
.
● Fire-Boltt announces its venture in South East Asia market Fresherslive
.
● Thinkerbell opens in NZ AdNews
.
Regulatory News
.
● The government appoints DRDO to investigate Ola Electric and Okinawa
scooter fires EVO India

27 India Tech - January 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
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