The $1.1 Billion Week

01Week at a Glance

Indian startups raised more than $1.1 Bn across 16 deals — a 2.5× jump on the prior week's $426 Mn. But strip out a single deal and the picture inverts: CRED's $900 Mn Series H accounts for over 82% of the week's total. The other 15 deals combined for roughly $200 Mn.

FIGURE 1 · WEEKLY FUNDING, LAST 5 WEEKS (USD MN)

FIGURE 2 · 3-WEEK MOVING AVERAGE (USD MN)

Line chart plotting the 3-wk moving avg against the weekly total across May 25, Jun 1, Jun 8, Jun 15 and Jun 22. The moving average is labelled 590 at Jun 22, rising steeply from the Jun 8 and Jun 15 lows. Legend: 3-wk moving avg · Weekly total.

• THEME 01 — Big Tech arrives — Meta becomes a direct backer in Indian fintech.
• THEME 02 — A new unicorn — Proptech mints its first unicorn in years.
• THEME 03 — Thin seed stage — Active in count, but slim in dollar terms.

03Square Yards Crosses $1 Billion

On June 23, proptech platform Square Yards raised ~$95 Mn (Rs 900 Cr) anchored by EAAA Alternatives with Muzinich & Co. Structured one-third equity, two-thirds debt, the equity priced it above $1 Bn — India's 131st unicorn, and proptech's first in several years.

FIGURE 5 · REVENUE & EBITDA, FY25 vs FY26 (INR CRORE)

EBITDA margin widened from 3% to 8% in a single year. Square Yards is targeting a further $50–60 Mn at a $1.6 Bn valuation ahead of a proposed ~Rs 2,000 Cr IPO, with founders expected to hold over 50% post-listing.

• ALSO THIS WEEK — AllHome · $21.2M Series B — Real estate services, led by Bessemer Venture Partners with Stride Ventures.
• SECTOR TOTAL — Real Estate Tech · $116.2M — The week's second-largest funded sector, across two deals.

05Where the Money Went

Fintech dominated — but only because of CRED. Real estate tech came second on Square Yards; AI led on deal count relative to dollars raised. Strip out the outlier and the week reads as an ordinary spread of mid-sized rounds.

FIGURE 9 · SECTOR SHARE

• CLEAN TECH — Recykal · $23M bridge — Hyderabad waste-management platform; Rs 1,498 Cr gross revenue in FY26, up 53.2%. Early backer Circulate Capital exited at ~5× returns.
• SIGNAL — AI: feature → infrastructure — JustAI ($17M) and Mitigata ($15M) drew tier-one capital. With AllHome, enterprise tech quietly accumulated $53.2 Mn — the pattern of a sector consolidating its winners.

Capital is consolidating around proven companies and a few hot sectors.

07Beyond Funding: The Bigger Moves

Funding rounds were only part of the week. Four M&A deals and a busy IPO pipeline point to a market functioning end to end.

MERGERS & ACQUISITIONS

• EXL → iMerit — Definitive agreement to acquire the AI data company for up to $310 Mn.
• Honasa → Fluence Pharma — Mamaearth's parent takes a majority stake for Rs 135 Cr to enter nutraceuticals.
• MoEngage → Aampe — All-cash acquisition of the US startup, expanding into agentic marketing.
• Tredence → KMK — AI & analytics firm deepens healthcare data capabilities.

IPO PULSE

• Turtlemint — Rs 883 Cr insurtech offering closed at 1.2× subscription; lists June 29.
• Zypp Electric — EV-logistics startup targeting a $200 Mn IPO in FY28.

THE READ FOR NEXT WEEK

All figures sourced from Inc42's weekly funding tracker (June 21-26, 2026) and verified against company press releases where available. Weekly totals prior to June 8 shown as indicative SRF estimates for trend context. Published by SRF Capital Studio · Weekly Research Series.