ETtech Deals Digest: Boldfit, GreenCell lead as weekly funding hits $232 million, down 45% on-year

Indian tech and startup funding rose to $231.5 million across 26 rounds during the week ended October 16, more than double the previous week’s tally, per data from Tracxn. However, this was 45.3% lower than the same period last year.

Boldfit led deal activity with $41.5 million, followed by GreenCell Mobility at $34.5 million, Inner Sky Labs at $30.9 million, and Scimplify at $25 million. Accel was among the most active investors, backing Scimplify, Origin, and CosmoChute. Elevation Capital invested in Mesa School of Business and Spill Games, while Pantera Capital backed Fission Labs.

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Early-stage deals accounted for 51.3% of the capital raised, while late-stage transactions made up 38.9%. Seed-stage companies comprised the remaining 9.8%.

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Top deals this week

Boldfit: Fitness and sports brand Boldfit raised around Rs 400 crore ($41.5 million) from The Wealth Company Alternates, part of the Pantomath Group. Founded in 2018 by Pallav Bihani, the company sells sportswear, athletic footwear, sports equipment, and fitness accessories. It plans to use the capital to expand its offline presence, invest in product development and manufacturing, and pursue acquisitions across categories.

GreenCell Mobility: Electric bus platform GreenCell Mobility raised Rs 330 crore ($34.5 million) in equity funding from Impact Fund Denmark. The Eversource Capital-backed company plans to deploy about 4,500 electric buses over the next six to eight quarters, which would take its fleet past 5,000 across 105 cities. Earlier this year, GreenCell had raised $89 million in mezzanine funding from International Finance Corporation, British International Investment, and Tata Capital.

Scimplify: Speciality chemicals startup Scimplify raised $25 million in a round led by Hitachi Ventures as it looks to expand its advanced materials business and operations in the US. The Bengaluru-based company plans to invest about $10 million in the US over the next two years, across semiconductors, batteries, and critical minerals.

Nat Habit: Personal care brand Nat Habit raised Rs 142 crore ($14.7 million) in a round led by Trident Growth Partners, with participation from existing investors Bertelsmann India Investments, Mirabilis Investment Trust, and Sharrp Ventures, as well as new investors Physis Capital and Hero Family Office. The all-primary round will be used to expand its product portfolio and distribution across quick commerce and offline retail, among other areas.

Other notable deals this week included Origin’s $20 million fundraise, Spill Games’ $10.5 million round, and MakeO’s $10 million funding, according to Tracxn.