Indian Startups Shine with Over $40 Million in Funding

The Indian startup ecosystem has witnessed a remarkable week, with several innovative ventures securing significant funding from investors. This influx of capital is a testament to the growing confidence in tech-led businesses across various industries, including manufacturing, logistics, defense, and retail.

Top Startup Funding Highlights

From April 12 to April 18, several startups made headlines with their impressive funding rounds. Here are the key highlights:

OfBusiness

Gurugram-based OfBusiness, founded in 2015 by Asish Mohapatra, Ruchi Kalra, and Bhuvan Gupta, operates a B2B marketplace that supports SMEs in sectors like manufacturing and infrastructure. The company enables raw material procurement, logistics, and working capital access through its fintech arm, Oxyzo. With a funding amount of $11.7 million from Cornerstone Ventures, OfBusiness is poised to empower enterprises through efficient supplier discovery and digital transactions.

Garuda Aerospace

Chennai-based Garuda Aerospace, launched in 2015 by Agnishwar Jayaprakash, offers end-to-end drone services, including manufacturing, training, and drone-as-a-service (DaaS) solutions. The startup caters to diverse applications in agriculture, surveillance, and infrastructure inspection. With a funding amount of $11.6 million from Venture Catalysts, Garuda is shaping aerial solutions for sectors vital to India’s economy.

Optimized Electrotech

Founded by Sandeep Shah and Dharin Shah in 2017, Ahmedabad-based Optimized Electrotech builds AI-powered, indigenously designed electro-optic surveillance systems. The startup’s solutions serve defense, aerospace, border control, and space monitoring sectors, covering the entire electromagnetic spectrum. With a funding amount of $6 million from Blume Ventures, Mela Ventures, 9Unicorns, Rajiv Dadlani Group, Venture Catalysts, and Sandeep Shah, Optimized Electrotech is championing India’s vision for self-reliant security and imaging technology.

Magma

Magma, founded by Neal Thakker in 2022 and headquartered in Ahmedabad, is redefining industrial solutions for Indian factories. The startup offers raw material sourcing, green energy, biomaterials, waste recycling, and logistics, designed to be the operational backbone of the manufacturing sector. With a funding amount of $5 million from Capria Ventures, Avinya Ventures, Sanjiv Rangrass, General Catalyst, Accion Venture Lab, and WEH Ventures, Magma is helping industries scale responsibly with tech-driven efficiency.

Peppermint Robotics

Pune-based Peppermint Robotics, established in 2019 by Runal Dahiwade at SINE IIT Bombay, designs autonomous robots for commercial and industrial applications, including floor-cleaning systems and material handling units. The startup’s cloud-connected, analytics-driven platforms help optimize operational workflows while ensuring sustainable energy usage. With a funding amount of $4 million from JDSS, Enrison India Capital, Indian Angel Network (IAN), and Vinners, Peppermint Robotics is revolutionizing the robotics industry.

Jewelbox

Founded in May 2022 by siblings Vidita Kochar Jain and Nipun Kochar, Kolkata-based Jewelbox offers lab-grown diamond jewelry via an omnichannel model. The brand operates both online and offline and is present in six cities, including Delhi, Bengaluru, and Kolkata. With a funding amount of $3.2 million from V3 Ventures, Atrium Angels, Dexter Ventures, Infinyte Club, Samarthya Capital, and JITO Incubation & Innovation Foundation (JIIF), Jewelbox is bringing affordable, sustainable luxury to modern consumers seeking alternatives to mined diamonds.

Conclusion

This week’s funding activity reflects a growing appetite among investors for startups driving industrial innovation, sustainable technology, and new-age consumer products. With capital now fueling their next phase of growth, these ventures are well-positioned to disrupt their respective sectors and deliver scalable impact across India’s rapidly evolving economy. As the Indian startup ecosystem continues to thrive, it will be exciting to see the innovative solutions and technologies that emerge, shaping the country’s future and driving economic growth.