Year in Review: The Best Funded Startups of 2024 Highlighting 2024 key funding deals, innovative startups across industries secured substantial investments, driving growth, fostering innovation, and unlocking new opportunities for market expansion and development.

2024 proved to be a transformative year for Indian startups, with significant funding fueling their growth and expanding their market footprints. Here's a closer look at the best-funded startups of the year and their journey to becoming industry leaders:

Zepto

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has revolutionised quick commerce (Q-commerce) in India. Based in Mumbai, the company boasts a valuation exceeding $5 billion as of August 2024. Operating over 250 dark stores across ten metropolitan cities, Zepto ensures grocery deliveries within minutes.
Funding Amount: USD 665 Million in June and USD 340 Million in August
Investors: Avenir, Lightspeed, Avra, General Catalyst, Dragon Fund, and others

Swiggy

Launched in 2014 by Sriharsha Majety, Nandan Reddy, and later joined by Rahul Jaimini, Swiggy started as an online food delivery service and expanded into quick commerce with Swiggy Instamart and same-day package deliveries via Swiggy Genie. Headquartered in Bengaluru, Swiggy has solidified its position as a household name in India.
Funding Amount: USD 605 Million
Investors: SBI, ICICI Prudential, Kotak, Nippon India, Mirae Asset Management

Flipkart

Established in 2007 by Sachin Bansal and Binny Bansal, Flipkart initially began as an online bookstore. Based in Bengaluru, the company diversified into electronics, fashion, groceries, and more. Now a leader in Indian e-commerce, Flipkart continues to innovate in customer engagement and logistics.
Funding Amount: USD 350 Million
Investor: Google

Fourth Partner Energy Ltd (FPEL)

Hyderabad-based Fourth Partner Energy, founded in 2010 by Saif Dhorajiwala and Vivek Subramanian, specialises in renewable energy projects, including solar, wind, and hybrid solutions. The firm provides end-to-end services, from evaluation to maintenance, for commercial and industrial entities.
Funding Amount: USD 275 Million
Investors: IFC, ADB, and DEG

PharmEasy

Founded in 2015 by Dharmil Sheth and Dhaval Shah, Mumbai-based PharmEasy offers online medicine delivery, diagnostic tests, and teleconsultations. The platform also includes a subscription service for medicine refills, ensuring convenience for its users. In 2019, it merged with Ascent Health to form API Holdings.
Funding Amount: USD 216 Million
Investors: MEMG, Prosus, Temasek, 360 One, and others

Physics Wallah

Started in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah began as a YouTube channel teaching JEE and NEET aspirants. Now headquartered in Noida, it offers online and offline courses, study materials, and skilling programs. Its innovative Institute of Innovation provides job-focused residential courses.
Funding Amount: USD 210 Million
Investors: Hornbill Capital, Lightspeed, GSV Ventures, WestBridge Capital

Lenskart

Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart is a leading eyewear company based in Gurugram. With over 2,000 stores and robust online sales, the company continues to redefine eyewear retail.
Funding Amount: USD 200 Million
Investors: Temasek, Fidelity Management and Research Company

Rapido

Launched in 2015 by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh, Bengaluru-based Rapido operates as a bike taxi aggregator. Despite legal challenges in some cities, Rapido has expanded its offerings to include auto rickshaw hailing, parcel delivery, and logistics.
Funding Amount: USD 200 Million
Investors: WestBridge Capital, Think Investments, Nexus Venture Partners, Invus Group

Rippling

Founded in 2016 by Parker Conrad and Prasanna Sankar, Rippling is a San Francisco- and Bengaluru-based HRtech firm. It streamlines finance, IT, and HR processes, offering an all-in-one platform for payroll, benefits, and device management.
Funding Amount: USD 200 Million
Investors: Coatue Management, Founders Fund, Dragoneer, Greenoaks

Purplle

Founded in 2012, Mumbai-based Purplle is an omnichannel beauty retailer offering proprietary brands like Good Vibes and Faces Canada. The company blends marketplace offerings with in-house brands, catering to diverse beauty needs.
Funding Amount: USD 180 Million
Investors: ADIA, Premji Invest, Blume Ventures

Mintifi

Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi specialises in invoice financing and payment solutions for SMEs. The Mumbai-based fintech works with over 300 brands, facilitating seamless credit for distribution networks.
Funding Amount: USD 180 Million
Investors: Teachers' Venture Growth, Prosus, Premji Invest

Eruditus

Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu, Mumbai-based Eruditus partners with global universities to offer over 700 professional learning programs. Focused on upskilling working professionals, Eruditus bridges the gap between education and industry needs.
Funding Amount: USD 150 Million
Investors: TPG's Rise Fund, Softbank, Accel, CPP Investments

These startups have demonstrated resilience and innovation, attracting investments from marquee names in the venture capital ecosystem. As they continue to grow, they inspire the next wave of entrepreneurs to dream big and redefine industries.

This review highlights the pivotal role funding plays in accelerating innovation and expanding capabilities in India's vibrant startup ecosystem.