Weekly Deal Roundup [30 June - 6 July 2025]
Collating the deals announced in the past 7 days
Consumer
Lab-grown diamond jewellery brand Aukera has secured USD 15 Mn (INR 128 Cr.) in Series B funding led by Peak XV Partners.
Agri-consumer brand Eggoz has raised USD 20 Mn (INR 170 Cr.) in Series C funding led by Gaja Capital.
Bambrew has raised ~USD 10 Mn (INR 90 Cr.) in funding led by Ashok Goel with Japanese venture capital firm Enrission India Capital.
Agritech startup Eeki has raised USD 7 Mn (INR 60 Cr.) in Series A2 funding led by Sixth Sense Ventures.
Garaaz has raised USD 531k (INR 4.6 Cr.) in Seed funding from GVFL.
Iora Ecological Solutions (IORA), an enterprise focused on Nature-based Solutions (NbS) for climate action, has raised USD 992k (INR 8.5 Cr.) in Debt funding from Caspian Impact Investments.
Dessert-led cafe chain FES Cafe has raised USD 351k (INR 3 Cr.) in Seed funding led by Aakash Anand and his venture studio, Wolfpack Labs.
Protein-focused nutrition brand FitFeast has raised USD 642k (INR 5.5 Cr.) in Seed funding led by Inflection Point Ventures (IPV).
DARE (Defence, Aerospace, Robotics and Emerging Technology)
Underwater robotics startup Coratia Technologies has raised USD 2 Mn (INR 17.1 Cr.) in Pre-Series A funding led by MGF Kavachh.
Loopworm, a biomanufacturing company developing insect-derived proteins, has raised USD 3.25 Mn (INR 27.8 Cr.) in Pre-Series A funding, led by WaterBridge Ventures, and Enrission India Capital.
Deep-tech space startup Astrophel Aerospace has raised USD 798k (INR 6.8 Cr.) in Pre-Seed funding from a group of angel investors and venture firms.
Deep-tech startup CIMware has raised USD 2.3 Mn (INR 19.7 Cr.) in Pre-Series A funding from Transition VC, an energy transition-focused VC fund.
Deep-tech startup Maieutic Semiconductor has raised USD 4.15 Mn (INR 35 Cr.) in Seed funding, co-led by Endiya Partners and Exfinity Venture Partners.
Financial Services
Blostem has raised USD 467k (INR 4 Cr.) in Seed funding led by AC Ventures.
InCred Finance has raised USD 46 Mn (INR 400 Cr.) in Debt funding from Morgan Stanley, Nippon Life India, among others.
FincFriends, a NBFC, has secured USD 11.5 Mn (INR 98.5 Cr.) in Debt funding to expand its operations and introduce new credit offerings for underserved borrowers in India.
HPL (Healthcare, Pharmaceutical and Lifesciences)
Biopharma startup Lamark Biotech has raised USD 759k (INR 6.5 Cr.) in Pre-Series A funding led by the IAN Group.
Fertility-focused healthtech startup Luma Fertility has raised USD 4 Mn (INR 34.1 Cr.) in Seed funding led by Peak XV’s Surge.
Infrastructure (Real Estate, Hospitality, Logistics and Utilities)
Infra.Market, the construction materials platform, has raised an additional USD 50 Mn (INR 427 crores) in Debt funding from MARS Growth Capital.
TMT (Technology, Media and Telecom)
Jumbotail, a business-to-business marketplace for food and grocery, has raised USD 120 Mn (INR 1,025 Cr.) in Series D funding led by SC Ventures.
Secondary specialist firm TR Capital acquires MoEngage, Shadowfax, Whatfix stakes from Eight Roads for over USD 50 Mn.
AppsForBharat, an Indian startup that runs devotional app Sri Mandir, raised INR 175 Cr. (USD 20.4 Mn) in a Series C round.
Zango AI, a regulatory compliance platform, has raised USD 4.8 Mn (INR 41 Cr.) in Seed funding led by Nexus Venture Partners.
GobbleCube, an AI-powered growth copilot for consumer brands, has raised USD 3.5 Mn (INR 29.9 Cr.) in Pre-Series A led by InfoEdge Ventures.
LogicFlo AI has raised USD 2.7 Mn (INR 23 Cr.) in Seed funding led by Lightspeed, with participation from leading healthcare and enterprise AI investors.
Othor AI, a vertical AI startup has raised USD 50k in follow-up Pre-Seed funding.
Consumer
Le Lavoir has acquired a 64.5% stake in Ghantiram Foods.
MMGY Global announced the acquisition of Think Strawberries (TS), a premier travel representation and marketing brand.
Tractors And Farm Equipment (TAFE) to buy back stake from AGCO for USD 260 Mn, ending 15 months dispute.
DARE (Defence, Aerospace, Robotics and Emerging Technology)
Zoho Corporation has acquired deeptech startup Asimov Robotics for an undisclosed amount.
HPL (Healthcare, Pharmaceutical and Lifesciences)
Torrent has entered into definitive agreements to acquire controlling stake in JB Pharma from KKR at an Equity Valuation of INR 25,689 Cr. (~USD 3 Bn) followed by a merger of the two entities.
Rainbow Children’s Medicare, a pediatric multispecialty and perinatal care hospital chain, signed a definitive agreement to acquire a 76% stake in Prashanthi Medicare.
Infrastructure (Real Estate, Hospitality, Logistics and Utilities)
CLN Energy has acquired a 40.1% equity stake in Electrovault Power.
IL JIN Electronics India, a material subsidiary of Amber Group, has entered into definitive agreements for taking a majority stake in PowerOne Micro Systems.
ORIX to sell 17.5% stake in Greenko Energy to AM Green Power. Greenko Energy founders have secured a USD 650 Mn private credit deal to repurchase most of Orix’s stake in the firm.
Inox Neo Energies, a subsidiary of Inox Clean Energy, has acquired Skypower Solar India at an INR 265 Cr. (~USD 30.9 Mn) enterprise value (EV).
Manufacturing
Lloyds Metals and Energy has completed the acquisition of 79.82% equity stake in Thriveni Earthmovers and Infra for INR 70 Cr..
Megasoft board approves sale of 36.52% stake in Extrovis to Refex Life Sciences for USD 15 Mn.
FRIWO sells 49.9% in Indian joint venture to partner UNO Minda.
Lloyds Enterprises announced that it is acquiring a 31.58% stake in Geomysore Services, a Company developing the first Gold Mine started in Independent India – the Jonnagiri Gold Mine Project, owned & operated by GMSI.
TMT (Technology, Media and Telecom)
Lesaka sells stake in Mobikwik for about USD 16.4 Mn.
Veefin Solutions has, through its subsidiary Infini Systems, acquired a 26.55% stake in White Rivers Media for a cash consideration of INR 87 Cr. (USD 10.2 Mn).
IRIS Business Services entered into a definitive agreement to divest its Tax Technology (GST) ASP business to Sovos.
WEH Ventures, an India-based seed-stage venture capital fund, has exited its investment in Smallcase.
Eyewear brand Lenskart has invested in Ajna Lens.
Arkade Developers to acquire Filmistan for INR 182.9 Cr.
Indian conglomerate Reliance Industries is in early-stage discussions to acquire Russian state oil producer Rosneft’s 49.13% stake in India-based oil refiner Nayara Energy.
Zydus Wellness is eying at strategic acquisitions to achieve medium to long term goals and accelerate further growth.
Private-equity firm Lighthouse Funds has restarted a process to sell its minority stake in Indian medical equipment manufacturer Tynor Orthotics.
India-based Shivalik Small Finance Bank (Shivalik SFB) is poised to raise INR 102 Cr. (~USD 12 Mn) in an SMBC Asia Rising Fund-led funding round.
India-based NeoGrowth Credit is poised to receive a pre-Series E equity funding of INR 64.3 Cr. (USD 7.5 Mn) from Netherlands-based development lender FMO.
Huhtamaki India, a unit of Finland-based packaging company Huhtamaki Group, is looking at M&A deals in India.
Melting Pot Concepts, an India-based health and nutrition supplements maker, is targeting a maiden funding round of INR 200 Cr. - INR 250 Cr. (USD 23.3 Mn - USD 29.2 Mn).
SpeakX is planning to raise up to USD 15 Mn in a new funding round. The proceeds will be used to build AI and technology.
Dorf-Ketal Chemicals is engaged in discussions to secure private credit of about USD 500 Mn to finance the planned acquisition of a private-equity-owned European peer.
Namdev Finvest, an India-based non-banking financial company, is planning a Series C equity capital raise of USD 30 Mn - USD 40 Mn.
Private equity firm Delos Capital is preparing to exit Gluhend India, its sole portfolio company in India.
Indian Overseas Bank shareholders approve INR 4,000 Cr. fundraising plan
RattanIndia Enterprises has informed the BSE that its board of directors has approved the formation of a fundraising committee to evaluate and recommend various fundraising options.
Private equity (PE) firm Actis is evaluating a potential sale of up to a 100% stake in India-based renewables platform BluPine Energy.
Electrodrive Powertrain Solutions (Electra EV) is in talks with prospective suitors to raise its Series C round.
iD Fresh Food, a packaged ready-to-cook food company, may raise up to USD 150 Mn in a new round of fundraising.
Even Healthcare, an India-based managed healthcare provider, is seeking to raise fresh funding of between INR 400 Cr. and INR 500 Cr..
Libas, an India-based apparel brand, said it could consider raising another round of funding ahead of its plans to go public.
Infomerics Valuation and Rating, an India-based credit rating agency, is seeking to bring in a strategic investor to help bring in technical expertise and domain knowledge to scale up the business.
US-based Yum! Brands Inc. is in negotiations to facilitate a merger of its franchisee partners in India, Sapphire Foods India and Devyani International.
Renault SA, the French automobile company, is eyeing an Indian joint venture with JSW Group.
Wingreens Farms, an India-based dips and sauces maker, is planning a fresh fundraise of INR 150 Cr. - INR 200 Cr.
Poly Medicure, an India-based maker of medical devices and consumables, is actively chasing opportunities for M&A.
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.