Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: ParkMate

Sector: smart parking

Amount: US$1.2 M

Led by: Cactus Partners

ParkMate, a leader in the smart parking industry, has successfully raised US$1.2 M in a funding round led by Cactus Partners, an early growth-stage venture fund. Existing investors like Venture Catalysts and the Marwah Group Family Office were also part of the funding round. The fresh capital will be used to expand ParkMate’s operations, boosting its business development team, and accelerate innovation in its cutting-edge parking solutions.

“So far, we have been passively building our tech and business to achieve an established and  stable position in the market. With this funding round, we are going to go aggressively in expanding our services to new territories while strengthening our position in the existing markets. With partners like Cactus partners, MeITY, VCats and Amity, Marwah group along with the support of our existing investors like WFC and Bajaj VC we are going to redefine the parking industry soon” mentioned Dhananjaya Bharadwaj, co-founder of ParkMate.

This funding round also marks Cactus Partners’ eighth investment since 2021, reinforcing their dedication to supporting innovative and impactful ventures across industries.

Startup: Ecozen

Sector: Cleantech

Amount: US$23 M

Led by: responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited

Ecozen, a climate-smart technology solutions provider, raised over $23 million in debt funding from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. This funding will help Ecozen drive scale in its current businesses while furthering its position as a leader in sustainable technologies.

Ecozen has recorded an outstanding CAGR of over 83% in revenue growth over the past three years, underscoring its rapid and sustained success.

Devendra Gupta, CEO and Co-Founder of Ecozen, said, “This funding reaffirms the confidence our partners have in Ecozen’s ability to drive impactful change through innovation. We are excited to be on a rapid growth path, driven by the increasing need for sustainable, climate-smart solutions. This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond. Our focus has always been on empowering our customers and providing them with the tools they need to thrive in a changing world. I’m truly grateful for the trust and support from our investors—responsAbility, Northern Arc, Maanaveeya and others, including our existing partners, who share our vision and are helping us create lasting positive change.”

Neha Baid, Team Head, Sustainable Food Debt, APAC, at responsAbility Investments AG, added,”Ecozen’s innovative solutions resonate deeply with our commitment to support sustainable and impactful ventures that are focused on climate mitigation, food loss and waste reduction and fostering overall climate resilience. We are proud to contribute to their journey of empowering rural and industrial stakeholders with advanced climate-smart technologies.”           

Ashish Mehrotra, MD & CEO, Northern Arc Capital said, “Northern Arc is delighted to support Ecozen in their journey of creating a sustainable impact through innovative technologies. This partnership underscores our unwavering commitment to addressing climate change and fostering climate-first businesses. With the launch of our USD 125 million climate fund dedicated to supporting businesses that control and mitigate climate change, we aim to empower enterprises like Ecozen to grow and prosper. Together, we strive to advance climate-sustainable solutions and contribute meaningfully to a greener, more resilient future for all.”

Startup: OrbitAID

Sector: Space Tech

Amount: US$1.5 M

Led by: Unicorn India Ventures

Chennai based Space Tech startup OrbitAID has raised $1.5 Million in a pre-seed round led by Unicorn India Ventures. The round also saw participation from TANSIM (Government of Tamil Nadu). OrbitAID plans to use the funds raised to conduct an in-space demonstration of docking and refuelling operations, expand facilities for on-orbit servicing operations, advance SIDRP (Standard Interface Docking and Refuelling Port) to commercial readiness and scale team capabilities to align with upcoming projects.

In the last 12 months, the company has achieved Technology Readiness Level (TRL) 7 for docking and refuelling tests and secured significant partnerships and collaborations.

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “As a deep tech focused investor, emerging technologies within space tech, drones and IoT are of massive interest to us. We believe highly innovative businesses in space tech will lead India’s journey of global dominance beyond the confines of our planet. OrbitAID has been working tirelessly in that direction to meet the growing demand of a robust refuelling ecosystem in space for the efficient utilisation of spacecraft resources. The funding will help the company in expanding facilities for on-orbit servicing operations and scale the SIDRP product to an advanced stage. Hence, we believe the market opportunity is huge and the company has built the right momentum to not only capitalise on this segment but be the market leader as well.”

OrbitAID plans to expand and establish advanced facilities to further the development of its on-orbit servicing technologies. The company is also looking to grow its team and enhance the product portfolio with new innovations for sustainable space missions.

Sakthikumar R, Founder and CEO, OrbitAID Aerospace, says, “We are excited to have secured funding from Unicorn India Ventures and TANSIM. This milestone not only validates our vision but also reflects the dedication of our team in advancing sustainable space operations. With this funding, we will conduct our in-orbit demonstration in space for docking and refueling, bringing us closer to revolutionizing satellite servicing and ensuring a sustainable future in space.”

Startup: Tata Capital Limited

Sector: NBFC

Amount: US$400 M

Led by: Maiden Issuance from International Bond Markets

One of India’s largest diversified NBFC, Tata Capital Limited, raised USD 400 million Fixed Rate Senior Unsecured Reg S Bond for a 3.5-year tenor at an interest rate of 5.389%. This marks the maiden USD bond issuance by the Company.

The Company engaged with global investors in Hong Kong, Singapore and London. On the back of strong investor interest, the transaction was launched with an initial price guidance of UST + 125 bps. Following a strong book building, supported by high quality investors, the Company was able to tighten pricing by 33bps to UST + 92 bps.

Rajiv Sabharwal, Managing Director and Chief Executive Officer, Tata Capital Limited, said, “We would like to thank global fixed income investors for the overwhelming support to our debut USD bond issuance. The success of the transaction illustrates the confidence of investors in Tata Capital’s strong credit profile, backed by its focus on a diversified and granular loan book. The transaction will further strengthen our liability profile and diversify our funding sources.”   

Startup: Dhoot Transmission Group

Sector: Automotive components

Amount: Undisclosed

Led by: Bain Capital

Dhoot Transmission Group (“Dhoot”), a manufacturer of automotive components, today announced investment from Bain Capital, a global private investment firm. Through an aligned partnership with Founder and CEO, Rahul Dhoot, Bain Capital will leverage its global automotive expertise and deep value-creation capabilities to support the company’s continued growth. Together, they aim to accelerate Dhoot Transmission Group’s leadership in high-demand segments, foster continued innovation, and support global expansion through strategic acquisitions and partnerships.

“Our journey over the past two decades has been defined by a commitment to innovation, quality, and trust,” said Rahul Dhoot, Founder and CEO of Dhoot Transmission Group. Partnering with Bain Capital is an exciting opportunity to accelerate this evolution. Their strategic expertise and integrity make them the perfect partner to help us scale globally and pursue emerging opportunities that deliver value to our customers worldwide.”

Bain Capital’s investment was made through its Private Equity team, which has deep experience supporting the growth of founder-led companies and global industrial platforms. Since establishing its Mumbai office in 2008, Bain Capital has built one of the largest private equity teams in India, with notable investments including Hero MotoCorp, RSB Transmissions, Porus Labs, 360one Wealth, CitiusTech, J.M. Baxi, and Quest Global.

Startup: BPR Hub

Sector: AI-powered compliance management

Amount: US$2.6 M

Led by: Accel and Kae Capital

BPR Hub, a San Francisco and Bangalore-based AI-powered compliance management platform for manufacturers, has successfully closed its $2.6 million seed funding round, co-led by Accel and Kae Capital. The funds will be deployed to scale the platform globally, expand the team, and develop new product features to address the growing demand for efficient compliance management solutions. The round also saw participation from prominent angel investors in the manufacturing sector, positioning the company for rapid expansion across India and North America.

Teja Edara, CEO & Co-founder, BPR Hub, said, “Our mission is to democratize world-class compliance capabilities for manufacturers of all sizes. By automating complex compliance processes and providing hands-on support, we’re enabling manufacturers to focus on their core business while maintaining the highest standards of regulatory compliance. This funding will accelerate our journey toward becoming the leading consolidated compliance solution globally.”

Abhishek Srivastava, General Partner, Kae Capital, commented, “We are excited to back BPR Hub as they transform compliance, quality, and governance management in manufacturing. Their AI-led unified platform tackles a critical industry challenge by streamlining compliance processes. Having witnessed Teja’s success in scaling similar ventures, and with a robust founding team and a clear market opportunity, we are confident that BPR Hub will revolutionize how mid-market manufacturers manage compliance and governance.”

Startup: Nazara Technologies Limited

Sector: eSports

Amount: INR 495 crores

Led by: Axana Estates LLP

Arpit Khandelwal, Founder & Managing Partner of Plutus Wealth Management LLP and Mithun Sacheti, tech entrepreneur and Founder of Caratlane, have announced a strategic partnership with Nazara Technologies Limited and its promoters, Vikash & Nitish Mittersain. The transaction involves a significant investment of INR 495 crores by Axana Estates LLP, with the stake increase triggering a mandatory open offer and reinforcing the collective vision of accelerating Nazara in its path to becoming a global leader in gaming and digital entertainment.

Preferential Issue: Axana Estates LLP, whose designated partners include Arpit Khandelwal and Mithun Sacheti, will infuse INR 495 crores into the Company to acquire ~5.40% stake through a preferential issue of equity shares at a price of INR 990 per share. This transaction has been approved by the Company’s board and is subject to shareholder and regulatory approvals. The issued shares will comply with SEBI (ICDR) Regulations, 2018, including lock-in requirements.

Open Offer: Plutus Wealth Management LLP and Axana Estates LLP, along with PACs, will launch a public open offer to acquire an additional 26% stake in Nazara, as per SEBI (SAST) Regulations, 2011. This is subject to regulatory approvals and completion of the open offer process.

Post-Transaction Shareholding: Assuming full acceptance of the open offer, the total shareholding of Acquirers and PACs, along with the existing promoters (Vikash & Nitish Mittersain) and promoter group, is expected to be ~61.5% of the Company.

The investment will be directed toward accelerating organic growth, strategic acquisitions, and expansion into new markets.

Nitish Mittersain, Jt. Managing Director and CEO of Nazara Technologies, said, “Nazara is set for global growth, and we are excited to partner with Arpit & Mithun, who share our vision. Their belief in our potential and expertise will help us scale new heights, positioning Nazara as a unique global gaming company from India.”

Startup: Databricks

Sector: Data & AI

Amount: Undisclosed

Led by: QIA

Databricks, the Data and AI company, announced the final closing of its Series J funding. Existing investor QIA, the sovereign wealth fund of the State of Qatar, along with new investors including Temasek and entities administered by Macquarie Capital, participated in the funding round, which values the company at $62 billion. In addition, Meta has joined as a new strategic investor.

Databricks plans to invest this capital toward new AI products, acquisitions, and expansion of its international go-to-market operations. This capital is also expected to be used toward providing liquidity for current and former employees and paying related taxes.

In addition to raising the $10 billion equity financing from some of the most well-known investors, Databricks closed a $5.25 billion credit facility led by JPMorgan Chase alongside Barclays, Citi, Goldman Sachs, and Morgan Stanley, with participation from other leading financial institutions and alternative asset managers. The credit facility includes a $2.5 billion unfunded revolver and a $2.75 billion term loan.

“We received overwhelming interest in this round from both new and existing investors and strategic partners who believe in our vision and market impact. These partners are focused on the long-term success of Databricks and our rapidly growing customer base,” said Ali Ghodsi, Co-Founder and CEO of Databricks. “Organizations are modernizing their data and AI infrastructure because they recognize the immense potential of generative AI. Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”

Startup: Exsure

Sector: Biotech

Amount: INR3 crore

Led by: Unicorn India Ventures

Bhubaneswar based biotech startup Exsure has raised Rs 3 Cr in a seed round led by Unicorn India Ventures. The funds raised will be used to complete the milestones of non-clinical study with its exosome-based drug delivery vehicle and will also support Exsure’s global expansion plan with its in-house manufactured R&D products and promote Exosure, Leucosure, PlantExosure & Dr Berries.

In the last 12 months, Exsure has initiated the non-clinical study in India in collaboration with a CRO and completed one of its milestones in the preclinical study using its patented technology. The company also reported a 5 fold growth last fiscal year and is on track to service more than 50 clients this year with its R&D products, Exosure (3-in-1 exosome isolation reagent), Leucosure (PBMC isolation reagent) and PlantExosure (India’s 1st Plant exosome isolation reagent). It has also been selected for the OIST Innovation Accelerator program in Japan for business expansion and conducting clinical trials.

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, The fear of Big C is real not just for the patients but even their families. Exsure with its advancement in scientific tools, technology and cutting edge medical research has built a powerful Exosome based drug that commits to staying at the forefront of advancement in therapeutics science. The funding accelerates Exsure’s mission to deploy solutions at a global level. We believe Exsure will not only continue to sustain its momentum but also grow due to its potential for transformative breakthroughs through its nano delivery platform. The company has witnessed remarkable progress in the last 12 months and has launched more innovative products. Hence, we believe the market opportunity is huge and the company has built the right momentum to capitalise on this segment.”

In the coming 12 months, Exsure will finish the non-clinical study and work on team building. The company also plans to present its data for CDSCO approval, strengthen the team size along with expanding its product marketing and sales at a global level.

Startup: Dream Aerospace

Sector: Aerospace and defense

Amount: INR3 crore

Led by: Inflection Point Ventures

Dream Aerospace, an aerospace and defense startup, raised INR3 crore funding in Pre Seed round led by Inflection Point Ventures (IPV). The funding will accelerate the development of its ATOM Thruster, validate its propulsion system, and establish an in-house High Altitude test facility.

Mitesh Shah, Co-Founder, Inflection Point Ventures, says: “Dream Aerospace is revolutionizing the aerospace industry with its innovative approach to propulsion systems. By developing customizable, affordable, and agile thrusters, the startup is enhancing satellite operations and space missions. By improving fuel handling processes, it is prioritizing safety for ground personnel. Additionally, they are addressing the critical demand for environmentally friendly and efficient propulsion systems, paving the way for a more sustainable future in aerospace technology.”