PMI Electro, Ecofy, Atlys, WayCool Among Key Funded Startups in Active Funding Week

India’s startup ecosystem witnessed a dynamic week between March 14 and March 20, marked by significant funding inflows across mobility, climate finance, travel tech, agritech, and enterprise SaaS. Investors continued backing scalable, tech-driven models solving real-world challenges. Alongside funding momentum, the week also saw notable mergers and acquisitions, IPO developments, and fresh fund announcements, reflecting sustained confidence in India’s innovation-led growth story.

Top Funding Deals

PMI Electro Mobility Solutions (Electric Mobility)
PMI Electro Mobility Solutions is a leading electric commercial vehicle manufacturer focused on sustainable urban transportation. The company produces electric buses in multiple configurations and has deployed over 3,000 units across 33+ cities. Through its subsidiary Allfleet India, it offers end-to-end electric fleet operations and management services.

. Inception: 2017 (Allfleet India: 2022)
. Headquartered: Delhi
. Founders: Satish Kumar Jain, Anurag Aggarwal
. Funding Amount: USD 310 Million
. Investors: KKR

Ecofy (Climate Fintech / NBFC)
Ecofy is a climate-focused non-banking financial company enabling access to green financing solutions. It offers loans for electric vehicles, rooftop solar systems, and energy-efficient equipment, particularly targeting MSMEs. Its fully digital lending platform simplifies credit access for sustainable adoption.

. Inception: 2022
. Headquartered: Mumbai
. Founders: Rajashree Nambiar, Govind Sankaranarayanan
. Funding Amount: USD 42 Million
. Investors: British International Investment (BII), Finnfund Digital Access Impact Fund I LP (DAIF), Eversource Capital, FMO

Atlys (Travel Tech)
Atlys is a travel technology startup simplifying global visa applications through a digital-first platform. It enables users to apply for visas across 120+ countries with features like AI-driven document verification, approval probability insights, and real-time tracking, catering to both individuals and travel businesses.

. Inception: 2021
. Headquartered: California (strong India presence)
. Founder: Mohak Nahta
. Funding Amount: USD 36 Million
. Investors: Susquehanna Asia Venture Capital, Elevation Capital, Long Journey Ventures, Peak XV Partners, MakeMyTrip

WayCool (Agritech)
WayCool is a full-stack agritech platform streamlining the farm-to-fork supply chain. It connects farmers with retailers and institutional buyers while offering services like procurement, logistics, and food processing. Its AI-driven systems improve demand forecasting and distribution efficiency across fresh produce and staples.

. Inception: 2015
. Headquartered: Chennai
. Founders: Karthik Jayaraman, Sanjay Dasari
. Funding Amount: USD 22.7 Million
. Investors: Lightrock India

Aerchain (Enterprise SaaS / Procurement Tech)
Aerchain provides an AI-powered procurement automation platform designed to streamline the entire intake-to-pay lifecycle. Its “Spend Operating System” enables businesses to manage sourcing, vendor onboarding, contracts, and payments efficiently, reducing manual processes and improving operational transparency.

. Inception: 2021
. Headquartered: Bengaluru
. Founders: Harsha Kadimisetty, Himavanth Jasti
. Funding Amount: USD 13 Million
. Investors: Pavestone VC, IndiaMART and other investors

Mergers and Acquisitions (M&A)

The week saw notable consolidation moves across sectors. upGrad signed a term sheet to acquire Unacademy in an all-stock deal, signaling increasing consolidation in the edtech space amid profitability pressures. Meanwhile, Bajaj Electricals announced the acquisition of Morphy Richards for INR 141.4 crore, strengthening its position in the premium home appliances segment.

IPO Activities

IPO momentum remained mixed during the week. FabHotels received approval from SEBI to proceed with its public listing, indicating continued interest in asset-light hospitality platforms. However, PhonePe decided to put its IPO plans on hold, citing prevailing market volatility and uncertain investor sentiment.

Funds and Investments Landscape

On the funds front, BlackSoil Capital secured USD 22 million in debt from Impact Fund Denmark to expand its credit offerings. Former Peak XV Partners executives announced plans to launch a USD 250 million fund under Ambition Capital, targeting early-stage startups. Additionally, global venture firm General Catalyst outlined an ambitious USD 10 billion fundraising push, underscoring sustained global investor appetite for high-growth technology ventures.