Deal Roundup [23 June 2025]
Collating the deals announced in the past 24 days
Automobiles
Electric vehicle maker EKA Mobility has raised USD 23 Mn (INR 200 Cr.) from private equity firm ENAM Holdings. The startup intends to use the newly raised funds to set up its three manufacturing plants.
Consumer
Homegrown D2C brand Rabitat has raised USD 4.6 Mn (INR 40 Cr.) in Series A funding led by RPSG Capital Ventures and DSG Consumer Partners. The proceeds will be used to deepen its partnerships with Indian manufacturers, launch new products, and strengthen brand trust among modern Indian parents.
Financial Services
Insurtech firm Renewbuy has raised USD 10 Mn (INR 86.62 Cr.) in fresh funding from its existing investors, London-based Apis Partners and 360 One. The proceeds will be used to support Renewbuy’s business operations and expansion.
Indian entrepreneurs Nikhil and Nithin Kamath have bought a minority holding in InCred Holdings, InCred Financial Services’ parent entity, for INR 250 Cr. (USD 28.8 Mn)
HPL (Healthcare, Pharmaceutical and Lifesciences)
Utopia Therapeutics has raised USD 1.5 Mn (INR 13 Cr.) in Seed funding from Whale Tank, a leading early-stage venture firm focused on breakthrough life science innovations. The proceeds will be used to support preclinical studies of UT-009, an immunotherapeutic vaccine aimed at reducing fat accumulation and improving metabolic health.
Infrastructure (Real Estate, Hospitality, Logistics and Utilities)
Kazam, a Bengaluru-based EV energy-tech firm, has secured USD 6.2m in Series B funding led by IFC, with participation from Vertex Ventures and Avaana Capital
Co-living startup Truliv has raised undisclosed funding from Bennett, Coleman and Company Limited. The company will utilize the fresh funds to expand Truliv’s footprint into new cities, strengthen its technology platforms, and build out the next set of alternate asset classes in hospitality, including holiday homes and retirement living.
TMT (Technology, Media and Telecom)
All Home, an Indian startup seeking to modernise the fragmented interior design and architectural product environment in India, has raised funds on a USD 120 Mn valuation in a round that saw participation from Bessemer Ventures.
Zerodha co-founder Nikhil Kamath has invested in One Hand Clap Media, a creative agency. The terms of the deal remain undisclosed.
Consumer
Vaidam Health, a medical tourism platform, has acquired MediJourney, a digital-first healthcare facilitation startup MediJourney to expand Vaidam's global presence and enhance its digital infrastructure for cross-border healthcare services.
DARE (Defence, Aerospace, Robotics and Emerging Technology)
Zen Technologies has acquired majority stake in TISA Aerospace.
HPL (Healthcare, Pharmaceutical and Lifesciences)
Emcure Pharmaceuticals has acquired a 20.42% stake in Zuventus Healthcare for USD 83 Mn (INR 724 Cr.). The proceeds will be used to make Zuventus Healthcare Limited a wholly-owned subsidiary of Emcure, consolidating its control in the pharmaceutical sector.
Manufacturing
India Cements to sell Industrial Chemicals and Monomers unit to Mirai Sensing.
TMT (Technology, Media and Telecom)
AI startup Krutrim has acquired BharatSahAIyak, a company focused on public-sector AI solutions, from technology consulting firm Samagra for an undisclosed amount. The acquisition is aimed at helping the company accelerate deployment of its technology across public infrastructure, including sectors like healthcare, education, and governance.
Progcap, an India-based fintech, plans to raise between USD 100 Mn (INR 866 Cr.) and USD 200 Mn (INR 1,700 Cr.) in a new funding round.
About the writer:
Nihar is an investment banker specializing in fundraising and M&A advisory for mid-market consumer and technology companies. As part of his mission to help promising businesses in India access private capital for their growth, he started this newsletter to raise awareness about startups, private equity and simplify the commonly used business jargon.
Disclaimer - This document presents a summary of deals that have been closed and announced, based on publicly available information. The analysis within the document is based on certain assumptions where necessary. For instance, deals have been categorized by sector and funding stage according to these assumptions. If different assumptions were applied, the results and observations might differ. Therefore, this document should not be used as a substitute for comprehensive and specific advice. Nihar Khandelwal will accept no responsibility for the accuracy of the information, any errors, or any decisions or losses incurred by readers relying on this document. The sources used for coverage includes Economic Times, Entrackr, Livemint, VC Circle, Financial Express, The Arc, Private Circle and Inc42 among other public sources.