Bengaluru, known as India’s startup hub, emerged as the clear leader in terms of deal flow, securing 12 funding rounds. It was followed by Delhi-NCR, Mumbai, Chennai, and Patna. Among the leading business sectors, e-commerce led the charge, with five deals closed during the week. SaaS and fintech were closely behind, with three deals each. Additionally, there was notable investor interest in sectors such as foodtech, healthtech, and manufacturing.

Growth-Stage Funding Highlights

Among the growth-stage deals, edtech startup Leap stood out by raising $65 million in its Series E round, led by Apis Partners. Other notable deals in this category included B2B seafood startup Captain Fresh, which secured $30 million in its ongoing pre-IPO round, and SaaS IT management platform SuperOps, which raised $25 million. In a separate Series C round, a supply chain startup garnered $12 million in investments from Evolvence India and Mirabilis Investment Trust.

Early-Stage Deals Showcase Diverse Startup Ecosystem

On the early-stage front, 20 startups raised a total of $107.15 million. B2B SaaS startup Atomicwork led the pack with a $25 million Series A round. Other noteworthy investments included co-working firm Innov8, senior citizen-focused healthcare provider Geri Care, telecom company Astrome Technologies, and mobility startup VoltUp. Several D2C brands, including handloom clothing company Dressfolk and road safety products maker Prisomoline, also secured funding, although the exact amounts were not disclosed.

Acquisitions and Strategic Expansions

In addition to funding activity, there were several key acquisitions this week that highlight the evolving landscape of India’s startup ecosystem. Raise Financials acquired financial media startup Filter Coffee, while logistics company Shadowfax took over CriticaLog. Esports also saw a boost with NODWIN Gaming, owned by Nazara, expanding its portfolio through the acquisition of StarLadder. Additionally, digital navigation company MapmyIndia acquired a stake in AI startup SimDaaS, signaling growing interest in artificial intelligence and digital innovation.

Trends and Future Outlook

Despite the slight dip of 3.22% from the previous week’s funding totals, the startup ecosystem in India continues to demonstrate resilience. Over the past eight weeks, the average weekly funding remained strong at $349.53 million, with 26 deals per week. The consistent flow of investments, coupled with strategic acquisitions, suggests a thriving ecosystem that is poised for further growth in the coming months. As sectors like SaaS, fintech, and e-commerce continue to attract attention, India’s startup scene looks set to maintain its upward trajectory in 2025.

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The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha, coinciding with the celebration of the 60th anniversary of diplomatic relations between India and Singapore. The initiative is poised to accelerate the development of Odisha’s digital economy, aligning with India’s vision of “Insurance for All” by 2047.

Chief Minister of Odisha, Mohan Charan Majhi, expressed the state’s ambition to harness GFTN’s global expertise to drive tailored FinTech solutions. He emphasized that Odisha has already made strides in becoming a leader in India’s IT sector and now aims to expand its services sector through the promotion of innovation, startup ecosystems, and collaborations with academia and industry. These efforts are geared toward making Odisha a hub for FinTech advancements.

“Through this partnership with GFTN, Odisha will not only promote financial inclusion but will also push the boundaries of technological innovation in InsureTech,” said CM Majhi. “The creation of incubation centres and global collaborations will enable us to foster a thriving FinTech ecosystem.”

Sopnendu Mohanty, CEO Designate of GFTN, highlighted the alignment of the partnership with India’s Viksit Bharat 2047 vision, which focuses on financial inclusion and sustainable economic empowerment. By leveraging Odisha’s entrepreneurial potential and talent, the hub will become a catalyst for the state’s digital transformation.

The MoU further supports India’s broader goal of ensuring that every citizen is covered by life, health, and property insurance by 2047. Odisha, with its evolving regulatory framework, is taking proactive steps to mainstream technology and innovation to achieve financial inclusivity.

In a statement, Vishal Dev, Principal Secretary of Electronics & IT, Odisha, pointed out the state’s immense potential and its commitment to becoming one of India’s leading FinTech hubs. The government’s generous policy incentives, coupled with the state’s skilled workforce, make Odisha an ideal destination for FinTech innovation.

“Financial inclusivity is at the heart of Odisha’s developmental agenda,” said Saswata Mishra, Principal Secretary of Finance, Odisha. “A strong FinTech ecosystem will be instrumental in achieving this vision.”

The signing of the MoU was part of a broader series of engagements between Odisha and Singapore. In the presence of Singapore’s President, Odisha exchanged a total of eight MoUs with various Singaporean entities to strengthen collaboration in diverse sectors, including skill development, renewable energy, semiconductors, and data centers.

Earlier in the day, President Tharman visited the World Skill Center in Bhubaneswar, where he was welcomed by CM Majhi and received a detailed briefing on Odisha’s initiatives and opportunities for collaboration with Singapore. The President also toured the Vertical Transportation Lab and Travelator Lab, interacting with students and instructors, underscoring the growing partnership between the two regions.

With these agreements in place, Odisha is well on its way to becoming a central hub for FinTech innovation, contributing to India’s broader financial inclusion goals while fostering sustainable economic growth.

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This event aims to foster collaboration among various stakeholders and steer the future growth of India’s innovation landscape, as highlighted in the official release. The goal is to offer a platform for dialogue that will help shape the trajectory of India’s burgeoning startup ecosystem.

Startup Baithak is designed as a series of 12 exclusive, closed-door roundtable sessions that will be held over the two-day period. These discussions will bring together leading startups such as Swiggy, Zerodha, Razorpay, CRED, Pine Labs, Groww, OYO, Practo, Dream11, MPL, CarDekho, Acko, Ixigo, MobiKwik, One Card, ProgCap, Digantara, BharatPe, Physics Wallah, and Jupiter, among others. The primary objective of these sessions is to bridge the gap between India’s next-generation innovators and policymakers, fostering a mutual understanding of the opportunities and challenges facing the startup ecosystem.

The event will be hosted in the prestigious G20 Summit Room at Bharat Mandapam, where participants will engage in discussions to address emerging challenges, explore innovative solutions, and align strategies to accelerate the growth of India’s startup sector.

Sanjiv, Joint Secretary of Startup India-DPIIT, expressed his thoughts on the occasion, saying, “India’s startup ecosystem is a driving force of innovation and economic growth, and National Startup Day serves as a recognition of the entrepreneurial spirit that shapes our nation’s future. With initiatives like ‘Startup Baithak’ and ‘Startup Baatcheet,’ we aim to create meaningful dialogues between startups, policymakers, and investors, enabling the development of solutions for today’s challenges. We are committed to empowering startups to scale globally and contribute to India’s position as a global innovation hub.”

Shweta Rajpal Kohli, President and CEO of SPF, added, “India’s startup ecosystem is not only thriving—it’s leading the way in redefining global innovation. Through ‘Startup Baithak’ and ‘Startup Baatcheet,’ we’re not just marking National Startup Day; we are shaping the future dialogue and vision for India’s startup sector in 2025 and beyond. As we celebrate this special day, our aim is to inspire, connect, and empower the next generation of changemakers to make a lasting impact, in alignment with Prime Minister Narendra Modi’s vision for India’s startup ecosystem.”

In addition to the roundtable sessions, SPF will also host Startup Baatcheet on January 15, 2025—an informal networking evening. This gathering will bring together founders, investors, ecosystem enablers, policymakers, and lawmakers to discuss the startup outlook for 2025. It will serve as a platform to strengthen ties within the entrepreneurial ecosystem and create a conducive environment for collaboration and growth.

The National Startup Day 2025 celebrations are set to be a landmark occasion, marking a significant step in furthering India’s global standing as a hub for innovation and entrepreneurship.

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On Sunday, PM Modi was received with a ceremonial welcome and a Guard of Honour at the Bayan Palace. Ahmad Al-Abdullah Al-Ahmad Al-Sabah, the Prime Minister of Kuwait, welcomed him ahead of his talks with the Emir. Reflecting on the long-standing friendly relations between the two nations, the leaders expressed their commitment to deepening and broadening bilateral cooperation.

In a post on X, PM Modi shared, “Excellent meeting with His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. We discussed cooperation in key sectors like pharmaceuticals, IT, FinTech, Infrastructure, and security. In line with the close ties between our nations, we have elevated our partnership to a strategic one, and I am optimistic that our friendship will flourish even more in the times to come.”

The Prime Minister also expressed his gratitude to the Amir for ensuring the well-being of the over one million-strong Indian community in Kuwait, acknowledging their contribution to Kuwait’s development. In return, Sheikh Meshal Al-Sabah lauded the Indian community for their active role in the progress of Kuwait.

PM Modi congratulated Kuwait on its initiatives under Vision 2035 and praised the successful hosting of the recent GCC Summit. He also expressed appreciation for being invited as the ‘Guest of Honour’ at the Arabian Gulf Cup’s opening ceremony. The Emir reciprocated the sentiments, expressing optimism about India’s increasing role in Kuwait’s Vision 2035 initiatives and strengthening ties in the Gulf region.

In a historic gesture, PM Modi was conferred the prestigious Mubarak Al-Kabeer Medal, one of Kuwait’s highest honors, awarded to Heads of State and foreign dignitaries.

As part of the discussions, PM Modi extended an invitation to the Kuwaiti Amir to visit India, further cementing the growing ties between the two nations. This landmark visit underlines the shared vision and commitment of both leaders to foster a deeper and more strategic partnership in the years ahead.

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Since its launch in 2016, UPI has transformed the digital payments landscape in India, connecting over 300 million individuals and 50 million merchants to a seamless and efficient transaction platform. By October 2023, UPI was responsible for 75% of all retail digital payments in the country. The paper notes that the affordability and widespread adoption of digital technology have played a crucial role in UPI’s success, ensuring its reach from urban centers to rural areas.

One of the key insights from the research is the correlation between increased UPI adoption and the rise in access to formal credit. In regions with high UPI usage, loans to new-to-credit borrowers grew by 4%, while subprime borrowers saw an 8% increase in loan access. The study highlights that UPI’s role in facilitating digital financial histories has empowered lenders to make more informed decisions, thus expanding credit to underserved populations.

The paper also reveals that between 2015 and 2019, fintech loans to subprime borrowers increased to match the growth seen in traditional banking. In areas where UPI adoption was high, fintechs thrived, with the credit market expanding without a corresponding rise in default rates. This suggests that UPI-enabled transaction data allowed lenders to manage risks effectively while broadening their customer base.

A key takeaway from the paper is that the benefits of UPI’s success are not confined to India. As the system continues to evolve, the Indian government has emphasized the importance of making UPI a global tool for financial inclusion. The report advocates for other nations to explore UPI’s open banking policies and public digital infrastructure to reduce financial exclusion, drive innovation, and promote equitable economic development.

In conclusion, the success of UPI offers a replicable model for countries worldwide looking to advance financial inclusion and improve access to credit for underserved populations. The paper underscores how India’s digital payments ecosystem has not only revolutionized financial services within the country but also holds the potential to shape global financial landscapes in the future.

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