SUMMARY
- Funding cooled to $184 Mn across 17 deals, but AI and seed rounds held up, so early-stage founders still have live investors.
- Tonbo Imaging’s 135.9X IPO subscription dwarfed Zetwerk’s 3.06X, a clear signal of where public investors want to put money now.
- Founders planning a raise should expect fewer, larger cheques, so check your runway and target investors by stage before you pitch.
Funding cooled this week, and the trackers can’t agree on how much. Even so, founders still raised, investors still wrote big cheques, and one IPO was subscribed more than 135 times over.
One figure never tells you much, so we pulled ten that explain what really happened between October 19 and 25, 2026. This is StartupIndiaX Weekly #4, and the startup numbers India’s founders should care about start here.
Same week, three trackers, three totals
$184 Mn. That’s what Inc42 counted across 17 deals for October 19 to 23, a 22% dip from the $236.2 Mn it logged the week before. Entrackr’s count is far lower at $133.9 Mn, from 15 startups against 30 a week earlier, a 56% fall that also sits well below its eight-week average of about $234 Mn. A third tracker, Entrepreneur India, had $193 Mn across 16 equity rounds (October 16 to 22), so we’ve left it out of the chart. Windows and scopes differ, so we show the trackers side by side, not reconciled.
| Tracker | Window | Total raised | Deals counted | Week on week |
|---|---|---|---|---|
| Entrackr | Oct 19 to 24 | $133.9 million | 15 startups | Down 56% (from $302.85 million, 30 startups) |
| Inc42 | Oct 19 to 23 | Over $184 million | 17 deals | Down 22% (from $236.2 million, 25 deals) |
| Entrepreneur India | Oct 16 to 22 | $193 million | 16 equity rounds | Up 3.18% (different window) |
Sources: Entrackr, Inc42, Entrepreneur India. Windows and scopes differ, so totals are not directly comparable.
Indian startup funding fell on both trackers this week
Weekly funding in US$ million, this week vs previous week
Source: Entrackr weekly funding report (Oct 19 to 24, 15 startups vs 30 the week before) and Inc42 weekly funding report (Oct 19 to 23, 17 deals vs 25). Windows and scopes differ, so the two totals are shown side by side and not reconciled. A third tracker, Entrepreneur India (Oct 16 to 22), counted $193M across 16 equity rounds, up 3.18% week on week; its window differs, so it is not charted. Inc42 reports funding as “over $184 Mn”.
On Inc42’s numbers, the average disclosed round rose to roughly $10.8 Mn from about $9.4 Mn a week earlier (our own calculation). Entrackr’s smaller set doesn’t show the same lift, so read it as one tracker’s view.
Where the money still went
$93.9 Mn. AI startups raised that much across six deals on Inc42’s count, the most funded sector for a second week running. The biggest cheque went to Different, an AI martech startup led by Ajeet Sing, which came out of stealth with a $48 Mn seed round led by General Catalyst. AuxoAI ($20.7 Mn Series A, led by NTTVC) and Firstwork ($15 Mn Series A) filled out the list.
$60.6 Mn. Healthtech took second place across two deals, mostly Even Healthcare’s $50 Mn Series B led by Khosla Ventures. CureBay added about ₹100 crore ($10.6 Mn) in a mix of equity and debt.
AI took about half the money, healthtech a third
Share of funding by sector, US$ million
Source: Inc42 (Oct 19 to 23), sector totals summed by StartupIndiaX from Inc42’s funding table. AI ($93.9M) and healthtech ($60.6M) match Inc42’s own highlights. E-commerce and D2C: The Pant Project, Chapter Home, So/Facet. Travel tech: TravClan, Onto. Foodtech: Harajuku Tokyo Cafe. Advanced hardware: Paar Autonomy, SpectraGaze. Logistics (RAAHO) did not disclose an amount. Chapter Home, CureBay and TravClan include debt.
28%. Inc42 counts five seed-stage startups raising $51.4 Mn, about 28% of its total. On Entrackr’s split, four growth-stage deals took $86.2 Mn, roughly 64% of its total, while ten early-stage deals raised $47.7 Mn.
Growth stage took roughly 64% of the money
Share of funding by stage, US$ million
Source: Entrackr (Oct 19 to 24). 15 startups: 4 growth-stage, 10 early-stage and 1 undisclosed round. Percentages are of the $133.9M total.
| # | Startup | Sector | Amount | Round | Lead investor | Reported by |
|---|---|---|---|---|---|---|
| 1 | Even Healthcare | Healthtech | $50M | Series B | Khosla Ventures | Both |
| 2 | Different | AI martech | $48M | Seed | General Catalyst | Inc42 |
| 3 | AuxoAI | AI | $20.7M | Series A | NTTVC | Both |
| 4 | Firstwork | AI | $15M | Series A | Earlybird Venture Capital | Inc42 |
| 5 | The Pant Project | D2C menswear | $11.5M (₹109 crore) | Series B | Mirae Asset Venture Investments India | Both |
| 6 | CureBay | Rural healthcare | $10.6M (about ₹100 crore, equity and debt) | Pre-Series C | IvyCap Ventures | Both |
| 7 | Battery Smart | EV battery swapping | About ₹100 crore | Not specified | Existing investor | Entrackr |
| 8 | Chapter Home | Home and kitchen D2C | $6.6M (₹63 crore, equity and debt) | Not specified | Bessemer Venture Partners | Both |
| 9 | TravClan | B2B travel tech | $5M (equity and debt) | Not specified | Flipkart | Both |
| 10 | Hunar.AI | AI workforce platform | $4.2M (₹40 crore) | Series A | Blume Ventures | Both |
Sources: Inc42 and Entrackr, Oct 19 to 24, 2026. Battery Smart appears in Entrackr’s report only and Different and Firstwork in Inc42’s only. Blacksmith’s $66M Series C is excluded because it’s a San Francisco company.
Top funding rounds this week: Even and Different led
Round size in US$ million, all rounds of $3M and above
Source: Inc42 funding table (Oct 19 to 23). *Mix of equity and debt. Harajuku Tokyo Cafe, Vectorial and Karta AI tie at $3M. Battery Smart (about Rs 100 crore, from an existing investor) appears in Entrackr’s report only and is not charted. Blacksmith ($66M Series C) is a San Francisco company and is excluded. Entrackr reports The Pant Project at Rs 109 crore, Hunar.AI at Rs 40 crore and CureBay at about Rs 100 crore.
Bengaluru led again, with seven deals on Entrackr’s count, ahead of Mumbai and Delhi-NCR at three each. Seed was the most common round type with four deals, then Series A with three and Series B with two. Trifecta Capital and Blume Ventures backed two startups each, the busiest investors on Inc42’s table.
Bengaluru led the city-wise funding deals again
Number of funding deals by city
Source: Entrackr (Oct 19 to 24). Bengaluru, Mumbai and Delhi-NCR counts are as reported. *Others (Bhubaneswar, Ahmedabad) is derived as the balance of Entrackr’s 15 startups.
Seed rounds led the week by deal count
Number of funding deals by round type
Source: Entrackr (Oct 19 to 24). *Other rounds is derived as the balance of 15 deals after the Seed, Series A and Series B counts; Entrackr names pre-seed, pre-Series A, pre-Series C and Series C among them and does not give separate counts. Inc42 separately reports five seed-stage startups raising $51.4M, about 28% of its total.
The IPO window is open, but it’s picky
135.9X. That’s how many times Tonbo Imaging’s ₹852 Cr IPO was subscribed. The defence tech company listed on Friday at a 66% premium.
Now look at Zetwerk. Its far larger ₹5,012.3 Cr issue closed at just 3.06X and listed at ₹159.25 on the NSE, a 5.5% premium to the ₹151 issue price. Same week, same market, wildly different appetite. One week isn’t a trend, but public investors seem willing to pay up for a sharp, focused story.
| Company | Issue size | Final subscription | Listing |
|---|---|---|---|
| Tonbo Imaging | ₹852 crore | 135.9X | 66% premium |
| Zetwerk | ₹5,012.3 crore | 3.06X | 5.5% premium (₹159.25 vs ₹151 issue price) |
| Hunger Pangs (Burma Burma) | Draft papers filed | Not yet open | Fresh issue of up to ₹150 crore, plus an offer for sale of up to 2.8 crore shares |
Sources: Inc42 (Oct 24) and Entrackr (Oct 24).
Tonbo Imaging sold out 135.9 times; Zetwerk managed 3.06
IPO demand for two startup-backed listings, Oct 19 to 25
Source: Inc42 weekly funding report (Oct 24). Tonbo Imaging: Rs 852 crore IPO, subscribed 135.9x, listed at a 66% premium. Zetwerk: Rs 5,012.3 crore IPO, subscribed 3.06x, listed at Rs 159.25 on the NSE, a 5.5% premium to the Rs 151 issue price (Entrackr).
Read More: Zetwerk Founders Story: How Amrit Acharya and Srinath Ramakkrushnan Built Zetwerk
Two numbers that are still moving
₹2,500 Cr. Urban Company’s board approved raising up to this amount on October 16, the same day it reported a wider Q2 loss, and we covered it in Weekly #3. This week the story is what happens next. The raise still needs shareholder approval through a postal ballot, so treat ₹2,500 crore as a ceiling, not a closed round.
₹832.2 Cr. Kissht received in-principle BSE and NSE approvals for a preferential issue of that size, with 34 investors lined up, per Entrackr. Listed fintechs are raising from institutions, not only private funds.
| Item | What happened | Status |
|---|---|---|
| Urban Company | Board approved raising up to ₹2,500 crore on Oct 16; Q2 revenue up 41%, consolidated loss ₹182.5 crore | Needs shareholder approval via postal ballot (Inc42) |
| Kissht | BSE and NSE in-principle nod for ₹832.2 crore preferential issue at ₹314.11 a share | Approved by board and shareholders, exchange nod received (Entrackr) |
| Mygate and Adonmo | Merger by December 5; Eternal to hold 4.4% of the combined company, valued at ₹156 crore | Announced (Inc42, Entrackr) |
| Blacksmith | $66 million Series C at a $1 billion valuation, led by Sequoia Capital | Closed; San Francisco company, outside the India totals (Entrackr, Inc42) |
| Ultraviolette | X-47 Venom electric motorcycle launched at ₹2.65 lakh introductory price; bookings opened Oct 22 | Launched (Entrackr) |
| PhonePe | Rebranded Share.Market as PhonePe Invest | Announced (Entrackr) |
| Unicommerce | Q2 FY27 revenue ₹59 crore, profit ₹6.4 crore | Reported (Entrackr headline; full figures not checked) |
Read More: StartupIndiaX Weekly #3: Founder Money, From ₹400 Crore Rounds to a ₹30,000 Crore IPO
What this means if you’re raising
Our read: a smaller weekly total doesn’t mean investors have gone home. It means they’re concentrating. Deal counts fell on both trackers, money pooled in AI, healthtech and seed, and a vague deck in a crowded category gets passed first.
So do the homework before you send a single email. Know your stage, your sector, and which investors actually write your cheque size. Our VC Investor Database filters by exactly that, and the Startup Runway Calculator shows how long you can keep going if a round takes longer than planned. Still stuck on what to call the thing you’re building? The Startup Name Generator gets you a shortlist in minutes.
The founder lesson of the week comes from Different. Whatever you think of a $48 Mn seed, it came out of stealth with a clear category and a clear buyer. That’s what investors paid for. Our guides on how to raise startup funding in India and how to find investors cover the prep and the shortlist.
Read More: Top Venture Capital Firms in India 2026: Who Funds What (Stage, Sector, Cheque Size)
The week in three lines
- Funding fell on both trackers, to $133.9 Mn (Entrackr) or $184 Mn (Inc42), with deal counts down on both.
- AI ($93.9 Mn on Inc42) and seed remain the busiest places for new money.
- IPO demand is selective: 135.9X for Tonbo Imaging, 3.06X for Zetwerk.
Which of these ten numbers surprised you most? Tell us in the comments, share this with a founder about to raise, and explore StartupIndiaX for more weekly briefs and free tools.
Sources: Inc42 Funding Galore (Oct 19 to 23), Entrackr weekly funding report (Oct 19 to 24), Entrepreneur India weekly roundup (Oct 16 to 22).
FAQs
How much did Indian startups raise this week?
Entrackr counted $133.9 million across 15 startups for October 19 to 24, while Inc42 counted over $184 million across 17 deals for October 19 to 23. The gap comes from different windows and tracking scopes.
Why did Indian startup funding fall this week?
Both trackers recorded fewer deals: Entrackr counted 15 startups against 30, and Inc42 17 deals against 25. Fewer rounds closing appears to be the main reason totals dipped.
Which sector raised the most money?
On Inc42’s count, AI led for the second week running with $93.9 million across six deals. Healthtech followed with $60.6 million across two deals, led by Even Healthcare’s $50 million Series B.
Who were the most active investors?
Trifecta Capital and Blume Ventures each backed two startups, making them the most active investors of the week on Inc42’s table.
How did startup IPOs perform this week?
Tonbo Imaging’s ₹852 Cr IPO was subscribed 135.9X and listed at a 66% premium. Zetwerk’s ₹5,012.3 Cr issue drew 3.06X subscription and listed at a 5.5% premium to its ₹151 issue price.
Is Urban Company’s ₹2,500 crore fundraise final?
No. The board approved raising up to ₹2,500 crore on October 16, but the plan still needs shareholder approval through a postal ballot. The amount is a ceiling, and the final size and structure could differ.
