Weekly Wrap: EV, AI Catapult Funding; Ridedriver Leads with USD 102 Mn Raise

Between July 31 and August 6, India’s startup funding landscape recorded a sharp rise, with a total funding of upto USD 291.8 million across 21 equity rounds compared with USD 58.2 million across 10 rounds in the previous week, according to the latest Tracxn data.

Funding rounds during the week were led by sectors such as electric mobility, AI, insurtech, fintech and industrial technology.  The week also witnessed five acquisitions and one tech IPO.

TOP FUNDING DEALS

1.  Rideriver

Rideriver develops electric scooters for personal and professional use. Founded in 2020 and headquartered in Bengaluru, the company raised USD 102 million in a Series C round, the largest funding deal among the companies listed. The round was led by Elev8 and Claypond Capital, supporting Rideriver’s expansion in India’s growing electric mobility market.

Inception: 2020

Headquartered: Bengaluru

Funding Amount: USD 102 million

Lead Investors: Elev8, Claypond Capital

2. Sarvam AI

Sarvam AI develops artificial intelligence models focused on speech and document processing. Founded in 2023 and headquartered in Bengaluru, the company raised USD 75 million in a Series B round. The funding was backed by Activate, Nvidia, Glade Brook Capital, Gaja Capital and IndiGo Ventures to support its AI development and expansion.

Inception: 2023
Headquartered: Bengaluru
Funding Amount: USD 75 million
Investors: Activate, Nvidia, Glade Brook Capital, Gaja Capital and IndiGo Ventures

3. Inrisk Labs

Inrisk Labs provides parametric insurance solutions for businesses across industries. Founded in 2024 and headquartered in Ahmedabad, the company raised USD 27 million in a Series A round. Bessemer Venture Partners and Northpoint Capital led the funding, which will support the company’s expansion and development of technology-driven insurance products.

Inception: 2024
Headquartered: Ahmedabad
Funding Amount: USD 27 million
Lead Investors: Bessemer Venture Partners and Northpoint Capital

4. Stable Money

Stable Money operates a digital platform that allows users to discover and book fixed deposits from multiple banks. Founded in 2022 and headquartered in Bengaluru, fintech raised USD 14.3 million in a Series C round led by Fundamentum. The funding will support its growth and expansion in India’s digital wealth-management market.

Inception: 2022
Headquartered: Bengaluru
Funding Amount: USD 14.3 million
Lead Investor: Fundamentum

5. Matel

Matel develops electric vehicle powertrains and high-efficiency synchronous motors for automotive and industrial applications. Founded in 2017 and headquartered in Pune, the company raised USD 13.6 million in a Series B round led by UC Impower. The funding will support its technology development and expansion as demand for electrification solutions grows.

Inception: 2017
Headquartered: Pune
Funding Amount: USD 13.6 million
Lead Investor: UC Impower

6. HomeRun

HomeRun operates an e-commerce platform for construction and interior building materials. Founded in 2025 and headquartered in Bengaluru, the company raised USD 12 million in a Series A round led by Nexus Venture Partners. The funding will help HomeRun expand its platform and product offerings in India’s construction and building-materials market.

Inception: 2025
Headquartered: Bengaluru
Funding Amount: USD 12 million
Lead Investor: Nexus Venture Partners

7. Mitti Labs

Mitti Labs provides crop analytics solutions aimed at enabling data-driven agriculture. Founded in 2023 and headquartered in Bengaluru, the agritech startup raised USD 9.5 million in a Series A round led by Aramco Ventures. The funding will support product development and expansion of its agricultural technology solutions.

Inception: 2023
Headquartered: Bengaluru
Funding Amount: USD 9.5 million
Lead Investor: Aramco Ventures

8. Vaaree

Vaaree operates a multi-category digital platform for home improvement products. Founded in 2022 and headquartered in Bengaluru, the company raised USD 6.8 million in a Series A round led by Hero Corp and Cap Alpha Ventures. The funding will support the platform’s expansion, product growth and customer reach.

Inception: 2022
Headquartered: Bengaluru
Funding Amount: USD 6.8 million
Lead Investors: Hero Corp and Cap Alpha Ventures

Merger & Acquisitions

M&A activity remained active during the week, with five acquisitions recorded across automation, beauty, e-commerce, investor-focused social platforms and regional entertainment.

Furrl – Reliance Retail: Online product discovery platform Furrl was acquired by Reliance Retail on August 5. Founded in 2022 and headquartered in Bengaluru, Furrl operates a platform for discovering multi-category products. Financial terms were not disclosed.

HCLTech – HPE: HCLTech completed the acquisition of Hewlett Packard Enterprise’s (HPE) Telco Solutions Business in August 2026. The acquisition, valued at up to USD 160 million, brings HPE’s telecom intellectual property, product engineering talent and customer relationships to HCLTech. The business supports more than 1 billion devices across over 200 deployments and includes solutions for operations support systems, subscriber management and 5G networks

Aminu – Nykaa: Beauty and personal-care platform Aminu was acquired by Nykaa on August 4, 2026, for USD 3.36 million. Aminu, founded in 2019 and headquartered in Mumbai, offers skincare solutions based on individual skin needs.

Reevoly: Bengaluru-based Reevoly, founded in 2023, was acquired on August 3. The company operates a platform for streaming regional entertainment content. The acquirer and transaction value were not disclosed.

XNG Automation Solutions – Agile Robots: Bengaluru-based XNG Automation Solutions was acquired by Agile Robots SE on August 3. Founded in 2009, XNG manufactures heating systems and components. The acquisition price was not disclosed. 

IPO Activity

The IPO market recorded one listing during the week, with MVEPL becoming the only company to go public during the period.

MVEPL: The Palwal-based company, founded in 2009, manufactures rail transportation systems interconnect products and cable assemblies. MVEPL listed on August 6, 2026, with a market capitalization of approximately USD 121.95 million at IPO. 

The week marked a strong increase in startup funding activity, with USD 291.84 million raised across 21 equity rounds, alongside five acquisitions and one tech IPO.

*Equity rounds and tech companies have been considered for the roundup.

*Data source: Tracxn