TRACXN TOP BUSINESS MODELS REPORT

INDIA TECH

January 29, 2025

 Contents
India Tech Funding Overview 3
Top Funded Business Models 4
One Pagers 9
Appendix 58

2 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Funding in last 1 year
Y-o-Y Funding Funding by Geography Top Funding Rounds
Zepto $665M - Series F
Bengaluru (31%) (2020, Mumbai)

Mumbai (27%) TI Clean Mobility $359M - Series D

(2022, Chennai)
Gurugram (9%)
Zepto $350M - Series G
(2020, Mumbai)
Delhi (7%)
Flipkart $350M - Series J
Chennai (5%) (2007, Bengaluru)

Others (21%) Zepto $340M - Series G

(2020, Mumbai)

DMI Finance $334M - Series E

$ Funding # Rounds (2008, Delhi)

Apollo 24|7 $297M - PE

Top Investors by Funding Rounds Top Feeds by $ Funding (1983, Hyderabad)

Venture Catalysts 32 Online Grocery $1.6B Meesho $275M - Series F

Seed (2015, Bengaluru)
Inflection Point Ventures 29
Stage
LetsVenture 17 Alternative Lending $1.1B API Holdings $216M - Series F
(2012, Mumbai)
Angel List 20 Electric Vehicles $1.1B
Early Physics Wallah
Alteria Capital 18 $210M - Series B
Stage (2020, Noida)
Accel 15 Horizontal E-Commerce $645M
OYO $203M - Series G
Accel 6 Healthcare Booking Platforms $627M (2012, Gurugram)
Late
Peak XV Partners 6 Rapido
Stage $200M - Series E
Stride Ventures 6 B2B E-Commerce $393M (2015, Bengaluru)

3 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Top Funded Business Models - last 1 year (1/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details

1 ▲3 Ultrafast Grocery Delivery $1.4B 6 zeptonow.com | $665M | Series F Link

2 ▼1 E-commerce Marketplaces $645M 7 flipkart.com | $350M | Series J Link

3 -- Social Reselling Platforms $275M 3 meesho.com | $275M | Series F Link

4 -- Pharmacy Supply Chain Management $216M 3 apiholdings.in | $216M | Series F Link

5 -- Healthcare Booking Platforms $216M 3 apollo247.com | $297M | PE Link

6 -- K-12 Online Academic Tutoring $211M 4 pw.live | $210M | Series B Link

7 -- Online Beauty Retailer $178M 2 purplle.com | $178M | Series F Link

8 -- B2B Building Materials Marketplace $158M 6 infra.market | $71.4M | Series F Link

9 ▼6 Electric Scooter Manufacturers $151M 12 atherenergy... | $71.5M | Series E Link

10 -- Online Executive Education Courses $150M 1 eruditus.com | $150M | Series F Link

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

4 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Top Funded Business Models - last 1 year (2/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details

11 ▼4 Online Business Loans Marketplace $142M 7 mintifi.com | $100M | Series E Link

12 -- Product Tour Software $125M 1 whatfix.com | $125M | Series E Link

13 ▲13 Lithium Ion Secondary Batteries $121M 7 lohum.com | $54.0M | Series B Link

14 -- Financial Institution KYC Software $118M 4 perfios.com | $80.0M | Series D Link

15 ▼6 On-Demand Manufacturing Services $108M 3 zetwerk.com | $70.0M | Series F Link

16 -- Flexible Office $107M 4 tablespace.com | $74.5M | Series D Link

17 -- Online Storytelling Platform $105M 3 pocketfm.com | $103M | Series D Link

18 -- Marketing Data Platforms $95.0M 1 capillarytec.. | $95.0M | Series D Link

19 ▼18 Lending-as-a-service $93.8M 6 perfios.com | $80.0M | Series D Link

20 -- Consumer Loan Marketplace $90.0M 1 fibe.in | $90.0M | Series E Link

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Top Funded Business Models - last 1 year (3/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details

21 ▼9 Online Jewellery Brands $87.5M 12 bluestone.com | $71.5M | Series D Link

22 -- Open Banking $87.2M 9 m2pfintech.com | $70.0M | Series D Link

23 ▼21 Health Insurance Claims Processing $80.2M 4 perfios.com | $80.0M | Series D Link

24 -- Wealth Managers $79.2M 7 dezerv.in | $32.0M | Series B Link

25 ▼9 EV Battery Manufacturers $79.2M 6 lohum.com | $54.0M | Series B Link

26 -- Radiology Diagnostic System $77.8M 6 qure.ai | $65.0M | Series D Link

27 -- Payment APIs $77.1M 4 m2pfintech.com | $70.0M | Series D Link

28 ▲14 Online Professional Learning Courses $76.5M 5 upgrad.com | $60.0M | Series C Link

29 -- Ayurvedic Beauty Brands $76.0M 3 bellavitaorgani.. | $48.5M | Angel Link

30 ▼11 Employee Benefits Software $75.4M 7 onsurity.com | $45.0M | Series B Link

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Top Funded Business Models - last 1 year (4/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details

31 -- Electric Vehicle Battery Swapping $73.4M 3 batterysmart.. | $65.0M | Series B Link

32 -- Blockchain Protocols $70.0M 3 availproject.. | $43.0M | Series A Link

33 -- Electric Motorcycle Manufacturers $62.2M 5 matter.in | $35.0M | Series B Link

34 -- Workflow Automation $60.3M 3 nanonets.com | $29.3M | Series B Link

35 -- Used Car Listing Platform $60.0M 1 cardekho.com | $60.0M | Series C Link

36 ▲6 E-Commerce Fulfillment $60.0M 9 ecomexpress.in | $33.9M | Series C Link

37 ▼23 Asset light Logistics Services $57.4M 3 shadowfax.in | $50.0M | Series E Link

38 -- Holiday Packages Agency $50.0M 1 tripfactory... | $50.0M | Series A Link

39 -- Employee Healthcare Services $47.9M 4 cult.fit | $22.3M | Series F Link

40 -- Bike Subscription $47.5M 7 yulu.bike | $19.3M | Series B Link

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 India Tech - Top Funded Business Models - last 1 year (5/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details

41 -- B2B Agriculture Products $47.5M 3 arya.ag | $29.0M | Series C Link

* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 Back to index

$1.4B (▲287%)
01 Ultrafast Grocery Delivery - India $ Invested in last 1 year in India Tech

Blinkit Swiggy Zepto 6 (▲50%)

(2013, Gurugram, $757M) (2014, Bengaluru, $3.6B) (2020, Mumbai, $1.9B) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Zepto (2020, Mumbai) Online Grocery (Licious)

35 8 $350M - Series G - Nov 2024 (# Cos: 5392 | $12.8B)

Companies Funded Companies $340M - Series G - Aug 2024 B2C Ecommerce (Country Delight)
$665M - Series F - Jun 2024 (# Cos: 4862 | $10.8B)
Firstclub (2024, Bengaluru) Multi Category (Zepto)
$8.0M - Seed - Dec 2024
$6.8B 3 (# Cos: 2680 | $8.6B)

Total $ Invested Soonicorn Club KiranaPro (2024, Bengaluru)

Retailer (Swiggy)
$167K - Seed - Nov 2024
(# Cos: 1711 | $8.3B)
Swiggy (2014, Bengaluru)
0 - Series K - Aug 2024 Own Delivery Fleet (Bigbasket)
(# Cos: 1278 | $7.8B)
1 1
IPOs Acquisitions Ultra Fast Delivery (Blinkit)
(# Cos: 35 | $6.8B)

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

9 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 Back to index

$645M (▲5.8%)
02 E-commerce Marketplaces - India $ Invested in last 1 year in India Tech

Flipkart Snapdeal Nykaa 7 (▼30%)

(2007, Bengaluru, $12.1B) (2010, Delhi, $1.8B) (2012, Mumbai, $103M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Flipkart (2007, Bengaluru) Horizontal E-Commerce (Snapdeal)

845 66 $350M - Series J - May 2024 (# Cos: 3080 | $17.6B)

Companies Funded Companies Meesho (2015, Bengaluru) Marketplace (Flipkart)

0 - Series F - Jan 2025 (# Cos: 839 | $16.9B)
$275M - Series F - Apr 2024

$16.9B 9 Snapmint (2015, Mumbai)

$18.0M - Series A - Dec 2024
Total $ Invested Soonicorn Club
Coutloot (2016, Mumbai)
$1.8M - Series A - Apr 2024
Brown Living (2019, Mumbai)
1 6 $263K - Seed - Jul 2024
IPOs Acquisitions
aanswr (2019, Mumbai)
$0.0B - Series A - Jul 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$275M ( -- )
03 Social Reselling Platforms - India $ Invested in last 1 year in India Tech

Meesho GlowRoad Shop101 3 ( -- )

(2015, Bengaluru, $1.4B) (2017, Bengaluru, $31.3M) (2015, Mumbai, $22.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Meesho (2015, Bengaluru) Social Commerce (Limeroad)

32 5 0 - Series F - Jan 2025 (# Cos: 177 | $2.2B)

Companies Funded Companies $275M - Series F - Apr 2024

Reselling Platforms (Shop101)
ResellMe (2021, Delhi) (# Cos: 38 | $1.4B)
$252K - Seed - May 2024
Multi Category (GlowRoad)
$1.4B 2 (# Cos: 38 | $1.4B)
Total $ Invested Soonicorn Club
Diversified (Meesho)
(# Cos: 32 | $1.4B)

- 2
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

11 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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Pharmacy Supply Chain Management - $216M ( -- )

04 India $ Invested in last 1 year in India Tech

API Holdings Medbikri Redbook 3 ( -- )

(2012, Mumbai, $1.2B) (2021, Bengaluru, $1.3M) (2015, Mumbai, $322K) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

API Holdings (2012, Mumbai) Pharmacy IT (Saveo)

74 16 $216M - Series F - Apr 2024 (# Cos: 199 | $1.3B)

Companies Funded Companies Pillsbee (2018, Kozhikode) Supply Chain Management (API Holdings)
$185K - Seed - Feb 2024 (# Cos: 73 | $1.2B)
Biddano (2016, Pune)
$1.2B 0 $120K - Angel - May 2024
Total $ Invested Soonicorn Club

1 -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

12 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$216M ( -- )
05 Healthcare Booking Platforms - India $ Invested in last 1 year in India Tech

MediBuddy Practo API Holdings 3 ( -- )

(2013, Bengaluru, $193M) (2008, Bengaluru, $193M) (2012, Mumbai, $1.2B) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Apollo 24|7 (1983, Hyderabad) Healthcare Booking Platforms (PharmEasy)

540 62 $297M - PE - Apr 2024 (# Cos: 4814 | $5.1B)

Companies Funded Companies API Holdings (2012, Mumbai) Diversified (MediBuddy)

$216M - Series F - Apr 2024 (# Cos: 538 | $2.2B)
Sushain (2021, Lucknow)
$2.2B 8 $238K - Seed - Nov 2024
Total $ Invested Soonicorn Club

1 4
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

13 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$211M ( -- )
06 K-12 Online Academic Tutoring - India $ Invested in last 1 year in India Tech

Physics Wallah Filo Oda Class 4 ( -- )

(2020, Noida, $312M) (2020, Gurugram, $23.3M) (2017, Bengaluru, $12.8M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Physics Wallah (2020, Noida) K-12 EdTech (Classplus)

328 31 $210M - Series B - Sep 2024 (# Cos: 7737 | $7.6B)

Companies Funded Companies Oda Class (2017, Bengaluru) B2C Learning Solutions (Miko)
$500K - Series B - Aug 2024 (# Cos: 2716 | $6.1B)

Arivihan (2019, Indore) School Curriculum (BYJU'S)

$507M 3 $500K - Seed - Mar 2024 (# Cos: 1588 | $5.8B)

Total $ Invested Soonicorn Club Birla Brianiacs (2019, Mumbai) Multi Subject (Vedantu)
0 - Angel - Oct 2024 (# Cos: 1415 | $5.6B)

Online Tutoring (Physics Wallah)

(# Cos: 327 | $507M)
- 6
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

14 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$178M ( -- )
07 Online Beauty Retailer - India $ Invested in last 1 year in India Tech

Purplle Smytten Woovly 2 ( -- )

(2011, Mumbai, $560M) (2015, Bengaluru, $21.9M) (2017, Bengaluru, $4.8M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Purplle (2011, Mumbai) Beauty Tech (Zenoti)

222 12 $178M - Series F - Oct 2024 (# Cos: 2386 | $3.0B)

Companies Funded Companies 0 - Series E - Mar 2024 Ecommerce (MyGlamm)

(# Cos: 1821 | $2.5B)

Multi Category (Mamaearth)

$588M 4 (# Cos: 772 | $1.9B)

Total $ Invested Soonicorn Club Full Range (Nykaa)

(# Cos: 332 | $1.5B)

Retail (Purplle)
(# Cos: 222 | $588M)
1 -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

15 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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B2B Building Materials Marketplace - $158M ( -- )

08 India $ Invested in last 1 year in India Tech

Infra.Market YouKraft Headsup B2B 6 ( -- )

(2016, Thane, $487M) (2018, Bengaluru, $10.0M) (2021, Delhi, $2.2M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Infra.Market (2016, Thane) B2B E-Commerce (Moglix)

149 28 $16.4M - Series F - Jan 2025 (# Cos: 2261 | $8.2B)

Companies Funded Companies $71.4M - Series F - Dec 2024 Home Construction & Improvement (YouKraft)
$17.9M - Series E - Sep 2024 (# Cos: 217 | $520M)
$50.0M - Series E - May 2024 Building Supplies (Mistry.store)
$510M 3 Headsup B2B (2021, Delhi)
$2.2M - Seed - Sep 2024
(# Cos: 193 | $518M)

Total $ Invested Soonicorn Club Diversified (Material Depot)

Nirmaan (2023, Kolkata) (# Cos: 191 | $518M)
0 - Seed - Jan 2025
Marketplace (Infra.Market)
(# Cos: 149 | $510M)
- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

16 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$151M (▼52.7%)
09 Electric Scooter Manufacturers - India $ Invested in last 1 year in India Tech

Ola Electric Ather Energy Hero Electric 12 (▼14.3%)

(2017, Bengaluru, $1.0B) (2013, Bengaluru, $502M) (2007, Gurugram, $130M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Ather Energy (2013, Bengaluru) Electric Vehicles (Zypp Electric)

235 45 $71.5M - Series E - Aug 2024 (# Cos: 1742 | $6.7B)

Companies Funded Companies River (2020, Bengaluru) Automaker (Euler Motors)

$40.0M - Series B - Feb 2024 (# Cos: 920 | $5.1B)
Simple Energy (2019, Bengaluru)
Two Wheelers (Ultraviolette)
$2.3B 8 $20.0M - Series A - Jul 2024
(# Cos: 373 | $2.6B)
Total $ Invested Soonicorn Club BGauss (2020, Mumbai)
$12.2M - Series A - Jan 2025 Scooters (Ola Electric)
$4.8M - Series A - Jul 2024 (# Cos: 235 | $2.3B)

Okinawa Scooters (2015, Gurugram)

2 4 $2.0M - Seed - May 2024
IPOs Acquisitions
Corrit Electric (2019, Noida)
$602K - Angel - Feb 2024
View all 12 Funding Rounds on Tracxn Platform

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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Online Executive Education Courses - $150M ( -- )

10 India $ Invested in last 1 year in India Tech

Eruditus Stoa Nulearn 1 ( -- )

(2010, Mumbai, $961M) (2020, Bengaluru, $1.8M) (2017, Delhi) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Eruditus (2010, Mumbai) Continued Learning (Classplus)

6 2 $150M - Series F - Oct 2024 (# Cos: 5184 | $2.5B)

Companies Funded Companies Professional (Simplilearn)

(# Cos: 3881 | $2.0B)

Online Learning (upGrad)

$963M 1 (# Cos: 3805 | $2.0B)

Total $ Invested Soonicorn Club Executive Education (Stoa)

(# Cos: 6 | $963M)

Online Courses (Eruditus)

(# Cos: 6 | $963M)
- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

18 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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Online Business Loans Marketplace - $142M (▼33.7%)

11 India $ Invested in last 1 year in India Tech

FlexiLoans Lendingkart Bizongo 7 (▼30%)

(2016, Mumbai, $96.9M) (2014, Ahmedabad, $228M) (2015, Mumbai, $253M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Mintifi (2017, Mumbai) Alternative Lending (Kissht)

66 31 $100M - Series E - Nov 2024 (# Cos: 1682 | $10.5B)

Companies Funded Companies FlexiLoans (2016, Mumbai) Online Lenders (axio)

$34.5M - Series C - Sep 2024 (# Cos: 1237 | $9.1B)

Cashinvoice (2018, Mumbai) Business Loans (Oxyzo)

$1.3B 8 $3.4M - Series A - Feb 2024 (# Cos: 245 | $2.8B)

Total $ Invested Soonicorn Club GoKwik (2020, Delhi) Diversified (NeoGrowth)

$3.4M - Angel - Apr 2024 (# Cos: 100 | $1.6B)
Lendingkart (2014, Ahmedabad) Marketplace (FlexiLoans)
$959K - Series D - May 2024 (# Cos: 66 | $1.3B)
1 4 Finnup (2022, Mumbai)
IPOs Acquisitions
$56.1K - Seed - Jul 2024
Rang De (2008, Bengaluru)
$53.7K - Seed - Jun 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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$125M ( -- )
12 Product Tour Software - India $ Invested in last 1 year in India Tech

Whatfix Appunfold Tour My App 1 ( -- )

(2013, Bengaluru, $266M) (2015, Bengaluru) (2010, Chennai) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Whatfix (2013, Bengaluru) Customer Success Management (Freshworks)

6 1 $125M - Series E - Sep 2024 (# Cos: 449 | $2.0B)

Companies Funded Companies

Customer Onboarding (Floik)
(# Cos: 19 | $270M)

Walkthroughs (Whatfix)
$266M 1 (# Cos: 6 | $266M)
Total $ Invested Soonicorn Club

- 1
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

20 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$121M (▲60.7%)
13 Lithium Ion Secondary Batteries - India $ Invested in last 1 year in India Tech

Cygni Energy Lohum Neuron Energy 7 (▼30%)

(2014, Hyderabad, $28.5M) (2018, Noida, $115M) (2017, Mumbai, $4.8M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Lohum (2018, Noida) Energy Storage Tech (Magenta)

193 27 $12.5M - Series B - Oct 2024 (# Cos: 797 | $979M)

Companies Funded Companies $54.0M - Series B - Mar 2024

Battery (Ion Energy Labs)
Matter Energy (2019, Ahmedabad) (# Cos: 286 | $317M)
$35.0M - Series B - Jul 2024
Secondary Battery (Lohum)
$280M 7 EMO Energy (2022, Bengaluru)
$6.2M - Series A - Jan 2025
(# Cos: 209 | $290M)
Total $ Invested Soonicorn Club
Clean Electric (2016, Pune) Lithium Ion (Cygni Energy)
$6.0M - Series A - Aug 2024 (# Cos: 193 | $280M)

Indigrid (2017, Gurugram)

- 3 $5.0M - Series A - May 2024
IPOs Acquisitions
Neuron Energy (2017, Mumbai)
$2.4M - Series A - Aug 2024
View all 8 Funding Rounds on Tracxn Platform

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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$118M ( -- )
14 Financial Institution KYC Software - India $ Invested in last 1 year in India Tech

Perfios IDfy HyperVerge 4 ( -- )

(2008, Bengaluru, $450M) (2011, Mumbai, $56.0M) (2014, Bengaluru, $1.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Perfios (2008, Bengaluru) RegTech (IDfy)

87 36 $80.0M - Series D - Mar 2024 (# Cos: 352 | $772M)

Companies Funded Companies IDfy (2011, Mumbai) KYC (Perfios)

$10.8M - Series E - May 2024 (# Cos: 87 | $571M)
$27.0M - Series E - Mar 2024

$571M 8 Deepvue.tech (2021, Delhi)

0 - Seed - Jun 2024
Total $ Invested Soonicorn Club

- 2
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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On-Demand Manufacturing Services - $108M (▼20.8%)

15 India $ Invested in last 1 year in India Tech

Zetwerk Bijnis ZYOD 3 (▼25%)

(2018, Bengaluru, $768M) (2015, Delhi, $43.5M) (2022, Gurugram, $21.5M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Zetwerk (2018, Bengaluru) B2B E-Commerce (Moglix)

13 6 $70.0M - Series F - Dec 2024 (# Cos: 2261 | $8.2B)

Companies Funded Companies $20.0M - Series F - Feb 2024

Services (Bijnis)
ZYOD (2022, Gurugram) (# Cos: 167 | $963M)
$18.0M - Series A - Jun 2024
Manufacturing (Zetwerk)
$929M 6 (# Cos: 13 | $929M)
Total $ Invested Soonicorn Club

- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

23 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$107M ( -- )
16 Flexible Office - India $ Invested in last 1 year in India Tech

Smartworks Skootr Table Space 4 ( -- )

(2016, Gurugram, $94.9M) (2016, Gurugram, $1.7M) (2017, Bengaluru, $163M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Table Space (2017, Bengaluru) Commercial Real Estate Tech (NoBroker)

18 9 $74.5M - Series D - Aug 2024 (# Cos: 925 | $1.2B)

Companies Funded Companies Smartworks (2016, Gurugram) Flex Office (Skootr)

$20.2M - Series B - Jun 2024 (# Cos: 21 | $274M)
$4.0M - Series B - Apr 2024
Managed (Smartworks)
$273M 2 Incuspaze (2016, Gurugram)
$8.0M - Series A - Jul 2024
(# Cos: 18 | $273M)
Total $ Invested Soonicorn Club

- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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$105M ( -- )
17 Online Storytelling Platform - India $ Invested in last 1 year in India Tech

Pocket FM Kuku FM Pratilipi 3 ( -- )

(2018, Bengaluru, $197M) (2018, Mumbai, $72.3M) (2014, Bengaluru, $85.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Pocket FM (2018, Bengaluru) Digital Publishing Platforms (Pratilipi)

58 13 $103M - Series D - Mar 2024 (# Cos: 277 | $483M)

Companies Funded Companies Pratilipi (2014, Bengaluru) Storytelling Platforms (Kuku FM)
$596K - Series D - Jan 2025 (# Cos: 82 | $390M)
$1.5M - Series D - Oct 2024
Horizontal (Pocket FM)
$366M 4 (# Cos: 58 | $366M)
Total $ Invested Soonicorn Club

- 1
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$95.0M ( -- )
18 Marketing Data Platforms - India $ Invested in last 1 year in India Tech

Capillary Technologies WebEngage Lemnisk 1 ( -- )

(2008, Bengaluru, $239M) (2011, Mumbai, $32.7M) (2020, Bengaluru, $6.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Capillary Technol.. (2008, Bengaluru) MarketingTech (Freshworks)

63 13 $95.0M - Series D - Feb 2024 (# Cos: 4135 | $3.0B)

Companies Funded Companies

Marketing Data Platforms (Capillary
Technologies)
(# Cos: 62 | $280M)

$280M 4
Total $ Invested Soonicorn Club

- 1
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$93.8M (▼66.3%)
19 Lending-as-a-service - India $ Invested in last 1 year in India Tech

Perfios Niro Hyperface 6 (▼53.8%)

(2008, Bengaluru, $450M) (2021, Bengaluru, $18.7M) (2021, Bengaluru, $10.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Perfios (2008, Bengaluru) Alternative Lending (FlexiLoans)

62 34 $80.0M - Series D - Mar 2024 (# Cos: 1682 | $10.5B)

Companies Funded Companies Ascend Capital (2018, Jaipur) Enablers (CreditVidya)

$6.0M - Series A - Feb 2024 (# Cos: 116 | $985M)
Niro (2021, Bengaluru)
Lending-as-a-service (Perfios)
$670M 7 $4.3M - Series A - May 2024
(# Cos: 62 | $670M)
Total $ Invested Soonicorn Club SuperMoney (2017, Mumbai)
$3.4M - Series A - Jun 2024
Rupifi (2019, Bengaluru)
$97.0K - Series A - Feb 2024
1 4 Embifi (2022, Delhi)
IPOs Acquisitions
0 - Seed - Oct 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$90.0M ( -- )
20 Consumer Loan Marketplace - India $ Invested in last 1 year in India Tech

Fibe PaySense Lendbox 1 ( -- )

(2015, Pune, $253M) (2015, Mumbai, $34.1M) (2015, Delhi, $3.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Fibe (2015, Pune) Alternative Lending (Kissht)

65 20 $90.0M - Series E - May 2024 (# Cos: 1682 | $10.5B)

Companies Funded Companies Online Lenders (FlexiLoans)

(# Cos: 1237 | $9.1B)

Consumer Loans (axio)

$306M 3 (# Cos: 624 | $4.1B)

Total $ Invested Soonicorn Club Diversified (Navi)

(# Cos: 98 | $744M)

Marketplace (Fibe)
(# Cos: 64 | $306M)
- 2
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

28 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$87.5M (▼17.9%)
21 Online Jewellery Brands - India $ Invested in last 1 year in India Tech

GIVA CaratLane BlueStone 12 (▲50%)

(2019, Bengaluru, $60.0M) (2008, Chennai, $57.9M) (2011, Bengaluru, $255M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

BlueStone (2011, Bengaluru) Fashion Tech (Hopscotch)

262 21 $71.5M - Series D - Aug 2024 (# Cos: 7553 | $4.1B)

Companies Funded Companies GIVA (2019, Bengaluru) B2C Commerce (Myntra)

$11.9M - Series B - Sep 2024 (# Cos: 6897 | $3.6B)

Melorra (2015, Bengaluru) Accessories (Lenskart)

$477M 3 $1.1M - Series E - Jun 2024 (# Cos: 1560 | $1.8B)

Total $ Invested Soonicorn Club Truecarat Diamonds (2024, Mumbai) Jewellery (CaratLane)
$1.0M - Seed - Nov 2024 (# Cos: 918 | $611M)
Fiona Diamond (2017, Mumbai) Internet First Brands (Ultrahuman)
$736K - Seed - Feb 2024 (# Cos: 627 | $600M)
- 1 Jewelbox (2022, Kolkata)
IPOs Acquisitions Precious (GIVA)
$422K - Seed - Mar 2024 (# Cos: 259 | $477M)
Limelight (2018, Mumbai)
$255K - Seed - Mar 2024
View all 12 Funding Rounds on Tracxn Platform

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

29 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$87.2M ( -- )
22 Open Banking - India $ Invested in last 1 year in India Tech

Zeta M2P Fintech GroMo 9 ( -- )

(2015, Bengaluru, $340M) (2014, Chennai, $184M) (2019, Gurugram, $11.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

M2P Fintech (2014, Chennai) Banking Tech (Niyo)

86 42 $70.0M - Series D - Sep 2024 (# Cos: 839 | $3.5B)

Companies Funded Companies $836K - Series C - Jul 2024

Open Banking (Zeta)
VegaPay (2022, Mumbai) (# Cos: 85 | $629M)
$5.5M - Series A - May 2024

$629M 8 Falcon (2012, Gurugram)

$4.3M - Series A - Sep 2024
Total $ Invested Soonicorn Club
Decimal (2009, Gurugram)
$3.0M - Seed - Dec 2024
plutos ONE (2021, Delhi)
- 4 $2.0M - Seed - Jul 2024
IPOs Acquisitions
AuthBridge (2005, Delhi)
$793K - Series B - Nov 2024
View all 9 Funding Rounds on Tracxn Platform

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

30 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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Health Insurance Claims Processing - $80.2M (▼67.5%)

23 India $ Invested in last 1 year in India Tech

Perfios ABI Health Healspan 4 (▼20%)

(2008, Bengaluru, $450M) (2013, Bengaluru, $16.2M) (2022, Bengaluru, $372K) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Perfios (2008, Bengaluru) Insurance IT (Zopper)

12 7 $80.0M - Series D - Mar 2024 (# Cos: 222 | $876M)

Companies Funded Companies Healspan (2022, Bengaluru) Insurance Policy Solutions (Riskcovry)
$97.5K - Seed - Jul 2024 (# Cos: 143 | $611M)
$0.1M - Angel - Apr 2024 Claims Processing (CareFi)
$489M 3 CareFi (2021, Gurugram)
$65.0K - Seed - Jul 2024
(# Cos: 23 | $490M)

Total $ Invested Soonicorn Club Suite (Healspan)

(# Cos: 21 | $490M)

Life & Health (ABI Health)

(# Cos: 13 | $490M)
- -
IPOs Acquisitions Health (Perfios)
(# Cos: 12 | $489M)

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

31 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$79.2M ( -- )
24 Wealth Managers - India $ Invested in last 1 year in India Tech

Dezerv Wealthy ASK Group 7 ( -- )

(2021, Mumbai, $60.0M) (2015, Bengaluru, $18.6M) (1983, Mumbai, $125M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Dezerv (2021, Mumbai) Investment Tech (Groww)

514 68 $32.0M - Series B - Jul 2024 (# Cos: 4299 | $3.8B)

Companies Funded Companies Zinc (2023, Mumbai) Wealth Management Platforms (axio)
$25.5M - Seed - Oct 2024 (# Cos: 1088 | $1.3B)
InvestorAi (2018, Bengaluru)
Financial Planners and Advisors (Dezerv)
$284M 6 $9.5M - Series A - Aug 2024
(# Cos: 509 | $284M)
Total $ Invested Soonicorn Club Wealthy (2015, Bengaluru)
$5.4M - Series A - May 2024
Complete Circle Wealth (2021, Delhi)
$3.0M - Angel - Jan 2025
- 7 Zfunds (2019, Manipal)
IPOs Acquisitions
$3.0M - Seed - Dec 2024
Vijya Fintech (2022, Surat)
$844K - Angel - Mar 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

32 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$79.2M (▼9.3%)
25 EV Battery Manufacturers - India $ Invested in last 1 year in India Tech

Log9 Materials Cygni Energy Exponent Energy 6 (▼14.3%)

(2015, Bengaluru, $90.5M) (2014, Hyderabad, $28.5M) (2020, Bengaluru, $47.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Lohum (2018, Noida) Electric Vehicles (Zypp Electric)

34 15 $12.5M - Series B - Oct 2024 (# Cos: 1742 | $6.7B)

Companies Funded Companies $54.0M - Series B - Mar 2024

Components (KPIT)
EMO Energy (2022, Bengaluru) (# Cos: 122 | $414M)
$6.2M - Series A - Jan 2025
Batteries (Cygni Energy)
$335M 6 Clean Electric (2016, Pune)
$6.0M - Series A - Aug 2024
(# Cos: 45 | $341M)
Total $ Invested Soonicorn Club
Log9 Materials (2015, Bengaluru) Multi Category Vehicles (Log9
$495K - Angel - May 2024 Materials)
(# Cos: 34 | $335M)
Exponent Energy (2020, Bengaluru)
- 1 0 - Series B - Dec 2024
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

33 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$77.8M ( -- )
26 Radiology Diagnostic System - India $ Invested in last 1 year in India Tech

Qure.ai CARPL Deeptek 6 ( -- )

(2016, Mumbai, $123M) (2018, Delhi, $6.0M) (2017, Pune, $10.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Qure.ai (2016, Mumbai) Healthcare IT (Innovaccer)

53 20 $65.0M - Series D - Sep 2024 (# Cos: 3407 | $3.0B)

Companies Funded Companies $1.7M - Series C - May 2024 Provider (Visit Health)
CARPL (2018, Delhi) (# Cos: 2810 | $1.0B)
$6.0M - Seed - Feb 2024 Clinical Operations (Forus Health)
(# Cos: 360 | $392M)
$154M 2 BrainSightAI (2019, Bengaluru)
$5.0M - Seed - Jan 2025 Decision Support (Fitterfly)
Total $ Invested Soonicorn Club
(# Cos: 325 | $378M)
Digital Clinics (2017, Hyderabad)
$59.7K - Seed - Jun 2024 Diagnosis (Strand Life Sciences)
(# Cos: 214 | $312M)
Dectrocel HealthCar.. (2020, Lucknow)
- 1 $18.1K - Seed - Mar 2024 Differential Diagnosis (Tricog)
IPOs Acquisitions (# Cos: 193 | $277M)

Image Based (CARPL)

(# Cos: 102 | $173M)

Radiology (Qure.ai)
(# Cos: 53 | $154M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

34 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$77.1M ( -- )
27 Payment APIs - India $ Invested in last 1 year in India Tech

M2P Fintech Card91 Decentro 4 ( -- )

(2014, Chennai, $184M) (2020, Bengaluru, $14.2M) (2020, Bengaluru, $4.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

M2P Fintech (2014, Chennai) Payments (Razorpay)

32 11 $70.0M - Series D - Sep 2024 (# Cos: 2734 | $13.1B)

Companies Funded Companies $836K - Series C - Jul 2024

Enablers (Comviva)
Falcon (2012, Gurugram) (# Cos: 174 | $801M)
$4.3M - Series A - Sep 2024
Open Banking APIs (M2P Fintech)
$218M 4 plutos ONE (2021, Delhi)
$2.0M - Seed - Jul 2024
(# Cos: 31 | $218M)
Total $ Invested Soonicorn Club

- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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Online Professional Learning Courses - $76.5M (▲61.7%)

28 India $ Invested in last 1 year in India Tech

upGrad Great Learning Seekho 5 (▼37.5%)

(2015, Mumbai, $329M) (2013, Gurugram) (2020, Bengaluru, $11.6M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

upGrad (2015, Mumbai) Continued Learning (Classplus)

1532 80 $60.0M - Series C - Oct 2024 (# Cos: 5185 | $2.5B)

Companies Funded Companies Seekho (2020, Bengaluru) Professional (Great Learning)

$8.0M - Series A - Dec 2024 (# Cos: 3882 | $2.0B)

FinX (2018, Mumbai) Online Learning (GUVI)

$508M 9 $6.0M - Seed - Dec 2024 (# Cos: 3806 | $2.0B)

Total $ Invested Soonicorn Club LearnTube (2017, Mumbai) Multi Disciplinary (Simplilearn)
$496K - Seed - Dec 2024 (# Cos: 1668 | $649M)
$2.0M - Seed - Oct 2024
Online Courses (upGrad)
(# Cos: 1526 | $508M)
- 8
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

36 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$76.0M ( -- )
29 Ayurvedic Beauty Brands - India $ Invested in last 1 year in India Tech

Bella Vita Organic The Ayurveda Experienc.. The Ayurveda 3 ( -- )

(2012, Gurugram, $58.5M) (2010, Delhi, $27.0M) (2021, Gurugram, $15.2M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Bella Vita Organic (2012, Gurugram) Beauty Tech (Zenoti)

104 9 $48.5M - Angel - May 2024 (# Cos: 2386 | $3.0B)

Companies Funded Companies The Ayurveda Experien.. (2010, Delhi) Ecommerce (Nykaa)
$27.0M - Series C - Mar 2024 (# Cos: 1821 | $2.5B)

The Tribe Conce.. (2019, Rajahmundry) Multi Category (Purplle)

$104M 3 $420K - Seed - May 2024 (# Cos: 772 | $1.9B)

Total $ Invested Soonicorn Club Organic (WOW Skin Science)

(# Cos: 424 | $465M)

Internet First Brand (Mamaearth)

(# Cos: 398 | $460M)
- 2
IPOs Acquisitions Ayurvedic (Bella Vita Organic)
(# Cos: 104 | $104M)

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$75.4M (▼9.3%)
30 Employee Benefits Software - India $ Invested in last 1 year in India Tech

Zaggle HealthifyMe Practo 7 (▼61.1%)

(2011, Hyderabad, $13.7M) (2012, Bengaluru, $145M) (2008, Bengaluru, $193M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

OnSurity (2020, Bengaluru) HRTech (People Strong)

156 67 $45.0M - Series B - Sep 2024 (# Cos: 6451 | $3.0B)

Companies Funded Companies HealthifyMe (2012, Bengaluru) Employee Benefits (Zaggle)

$20.0M - Series C - Oct 2024 (# Cos: 155 | $846M)
Alyve Health (2020, Mumbai)
$846M 17 $5.5M - Series A - Feb 2024
Total $ Invested Soonicorn Club OmniCard (2018, Noida)
$3.0M - Seed - May 2024
QubeHealth (2019, Mumbai)
$1.3M - Seed - Oct 2024
1 5 Humm Care (2020, Mumbai)
IPOs Acquisitions
$500K - Seed - Aug 2024
ekincare (2015, Hyderabad)
$131K - Angel - Sep 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

38 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$73.4M ( -- )
31 Electric Vehicle Battery Swapping - India $ Invested in last 1 year in India Tech

SUN Mobility Battery Smart Esmito 3 ( -- )

(2017, Bengaluru, $50.0M) (2019, Gurugram, $130M) (2018, Chennai, $1.4M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Battery Smart (2019, Gurugram) Electric Vehicles (Zypp Electric)

13 9 $65.0M - Series B - May 2024 (# Cos: 1742 | $6.7B)

Companies Funded Companies VoltUp (2020, Pune) Charging Solutions (Bolt.Earth)

$8.0M - Seed - Jan 2025 (# Cos: 370 | $554M)

Batterypool (2018, Pune) Station Network (Magenta)

$202M 4 $360K - Seed - Apr 2024 (# Cos: 189 | $473M)

Total $ Invested Soonicorn Club Battery Swapping (Battery Smart)

(# Cos: 21 | $211M)

Multi Category Vehicles (SUN Mobility)

(# Cos: 13 | $202M)
- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$70.0M ( -- )
32 Blockchain Protocols - India $ Invested in last 1 year in India Tech

Avail Unmarshal Brahma 3 ( -- )

(2023, $70.0M) (2020, Bengaluru) (2021, Delhi, $6.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Avail (2023) Blockchain Infrastructure (Biconomy)

96 25 $43.0M - Series A - Jun 2024 (# Cos: 282 | $181M)

Companies Funded Companies $27.0M - Seed - Feb 2024

Blockchain Network (Avail)
Aczen (2023, Hyderabad) (# Cos: 96 | $101M)
$0.0M - Seed - Sep 2024

$101M 1
Total $ Invested Soonicorn Club

- 1
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

40 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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Electric Motorcycle Manufacturers - $62.2M ( -- )

33 India $ Invested in last 1 year in India Tech

Ultraviolette Matter Oben Electric 5 ( -- )

(2016, Bengaluru, $76.9M) (2019, Ahmedabad, $67.8M) (2020, Bengaluru, $19.3M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Matter (2019, Ahmedabad) Electric Vehicles (Zypp Electric)

78 29 $35.0M - Series B - May 2024 (# Cos: 1742 | $6.7B)

Companies Funded Companies Ultraviolette (2016, Bengaluru) Automaker (Euler Motors)

$15.3M - Series D - Dec 2024 (# Cos: 920 | $5.1B)
Tork Motors (2010, Pimpri Chinchwad)
Two Wheelers (Ola Electric)
$211M 4 $6.0M - Series C - Feb 2024
(# Cos: 373 | $2.6B)
Total $ Invested Soonicorn Club Oben Electric (2020, Bengaluru)
$5.8M - Series A - Jan 2025 Motorcycles (Ultraviolette)
(# Cos: 76 | $211M)
Arbor Mobility (2022, Bengaluru)
0 - Angel - Jun 2024
- 1
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$60.3M ( -- )
34 Workflow Automation - India $ Invested in last 1 year in India Tech

Nanonets UnifyApps Quickwork 3 ( -- )

(2017, Mumbai, $42.0M) (2020, Gurugram, $31.0M) (2015, Mumbai, $5.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Nanonets (2017, Mumbai) Business Process Management Software (Freshworks)

97 13 $29.3M - Series B - Mar 2024 (# Cos: 234 | $644M)

Companies Funded Companies UnifyApps (2020, Gurugram) Workflow Automation (Nanonets)

$20.0M - Series A - Nov 2024 (# Cos: 97 | $90.9M)
$11.0M - Seed - May 2024

$90.9M 4
Total $ Invested Soonicorn Club

- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
 Back to index

$60.0M ( -- )
35 Used Car Listing Platform - India $ Invested in last 1 year in India Tech

CarWale CarTrade CarDekho 1 ( -- )

(2003, Mumbai, $9.6M) (2006, Mumbai, $247M) (2008, Jaipur, $60.0M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

CarDekho (2008, Jaipur) Auto E-Commerce & Content (ACKO)

82 6 $60.0M - Series C - Dec 2024 (# Cos: 1388 | $4.0B)

Companies Funded Companies

Second Hand Vehicles (Droom)
(# Cos: 233 | $2.5B)

Cars (CarTrade)
$361M 1 (# Cos: 149 | $2.1B)
Total $ Invested Soonicorn Club
Listings (CarWale)
(# Cos: 82 | $361M)

1 3
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

43 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$60.0M (▲29.1%)
36 E-Commerce Fulfillment - India $ Invested in last 1 year in India Tech

Shiprocket Unicommerce Pickrr 9 (▼25%)

(2012, Gurugram, $323M) (2012, Gurugram, $11.1M) (2015, Gurugram, $16.4M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Ecom Express (2012, Gurugram) Logistics Tech (Swiggy)

170 40 $33.9M - Series C - Jun 2024 (# Cos: 3382 | $10.3B)

Companies Funded Companies Emiza (2015, Mumbai) Ecommerce Logistics (Delhivery)

$11.6M - Series C - Jan 2025 (# Cos: 350 | $4.0B)
Blitz (2020, Gurugram)
Fulfillment Enablers (Shiprocket)
$1.4B 18 $6.0M - Series A - Jun 2024
(# Cos: 169 | $1.4B)
Total $ Invested Soonicorn Club ClickPost (2015, Delhi)
$6.0M - Series A - Apr 2024
Prozo (2014, Gurugram)
$1.5M - Series A - Oct 2024
1 6 Ensologic (2019, Delhi)
IPOs Acquisitions
$802K - Seed - May 2024
RoaDo (2017, Bengaluru)
$82.8K - Seed - Feb 2024
View all 9 Funding Rounds on Tracxn Platform

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

44 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$57.4M (▼34.7%)
37 Asset light Logistics Services - India $ Invested in last 1 year in India Tech

Shadowfax ClickPost Holisol 3 (▲50%)

(2015, Bengaluru, $231M) (2015, Delhi, $7.1M) (2009, Delhi, $22.2M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Shadowfax (2015, Bengaluru) E-Commerce Enablers (UrbanPiper)

8 4 $50.0M - Series E - Feb 2024 (# Cos: 1860 | $6.3B)

Companies Funded Companies ClickPost (2015, Delhi) Operations Management (XpressBees)

$6.0M - Series A - Apr 2024 (# Cos: 326 | $3.8B)

Ripplr (2019, Bengaluru) Logistics Management (Shiprocket)

$324M 4 $1.4M - Series B - Feb 2024 (# Cos: 164 | $3.7B)

Total $ Invested Soonicorn Club End to End Delivery Services (Delhivery)

(# Cos: 25 | $2.3B)

Asset Light (Shadowfax)

(# Cos: 8 | $324M)
- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

45 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$50.0M ( -- )
38 Holiday Packages Agency - India $ Invested in last 1 year in India Tech

PickYourTrail TripFactory TripHobo 1 ( -- )

(2014, Chennai, $4.5M) (2013, Bengaluru, $60.5M) (2012, Pune, $6.7M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

TripFactory (2013, Bengaluru) Online Travel (Ixigo)

188 20 $50.0M - Series A - Oct 2024 (# Cos: 2765 | $6.1B)

Companies Funded Companies

Holiday Packages (Travel Triangle)
(# Cos: 230 | $150M)

Online Agency (PickYourTrail)

$97.4M 3 (# Cos: 188 | $97.4M)
Total $ Invested Soonicorn Club

- 3
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

46 India Tech - Top Business Models Report Copyright © 2025, Tracxn Technologies Limited. All rights reserved.
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$47.9M ( -- )
39 Employee Healthcare Services - India $ Invested in last 1 year in India Tech

Cult.fit HealthifyMe Amaha 4 ( -- )

(2016, Bengaluru, $687M) (2012, Bengaluru, $145M) (2016, Mumbai, $15.1M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Cult.fit (2016, Bengaluru) Employee Health IT (HealthifyMe)

139 40 $22.3M - Series F - May 2024 (# Cos: 215 | $1.4B)

Companies Funded Companies HealthifyMe (2012, Bengaluru) Tech Enabled Services (Cult.fit)
$20.0M - Series C - Oct 2024 (# Cos: 138 | $875M)
Alyve Health (2020, Mumbai)
$875M 3 $5.5M - Series A - Feb 2024
Total $ Invested Soonicorn Club GoodLives (2020, Gurugram)
$130K - Seed - Dec 2024

- 2
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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$47.5M ( -- )
40 Bike Subscription - India $ Invested in last 1 year in India Tech

Zypp Electric Yulu Fullfily 7 ( -- )

(2017, Gurugram, $76.5M) (2017, Bengaluru, $124M) (2021, Chennai, $1.8M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Yulu (2017, Bengaluru) Road Transport Tech (Rapido)

16 8 $19.3M - Series B - Feb 2024 (# Cos: 2761 | $6.7B)

Companies Funded Companies Zypp Electric (2017, Gurugram) Vehicle Subscription (Yulu)
$6.5M - Series C - Jan 2025 (# Cos: 21 | $223M)
$15.0M - Series C - Apr 2024
Motorized Two Wheeler (Zypp Electric)
$212M 2 Hala Mobility (2020, Hyderabad)
$6.1M - Seed - Jun 2024
(# Cos: 15 | $212M)
Total $ Invested Soonicorn Club
Voice (2023, Bengaluru)
$589K - Seed - Dec 2024
$0.0M - Angel - Nov 2024
- - Fullfily (2021, Chennai)
IPOs Acquisitions $98.3K - Seed - Apr 2024

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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$47.5M ( -- )
41 B2B Agriculture Products - India $ Invested in last 1 year in India Tech

BigHaat Arya Agrim 3 ( -- )

(2015, Bengaluru, $24.8M) (2013, Noida, $112M) (2020, Gurugram, $36.8M) # Funding Rounds in last 1 year in India
Tech

Key Stats Recent Funding Rounds Taxonomy

Arya (2013, Noida) B2B E-Commerce (Moglix)

46 11 $29.0M - Series C - Jul 2024 (# Cos: 2261 | $8.2B)

Companies Funded Companies Agrim (2020, Gurugram) Agriculture (BigHaat)

$17.3M - Series B - Aug 2024 (# Cos: 46 | $234M)
$1.2M - Series A - Feb 2024

$234M 5
Total $ Invested Soonicorn Club

- -
IPOs Acquisitions

Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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