March 2024’s Startup India funding: venture debt alongside growth rounds

Research snapshot · 16 October 2026. This evolving public-source retrospective has incomplete deal coverage and current-company verification. Provisional mentions are identified separately.

March brings venture debt, pre-IPO financing and equity rounds into the same monthly file. This mix is useful precisely because it shows that “capital raised” is not one homogeneous event. The table preserves the source’s labels, and our reading emphasizes the funding mechanism before drawing conclusions about momentum.

What the tracker records

The supplied tracker contains 19 recorded rows for 2024-03. Its own coverage label is incomplete_public_source_union, so it should be read as an incomplete public-source union rather than a census of Indian startup financing. Rows retain the reported amount and round wording; these are source descriptions, not a harmonised valuation or audited capital-flow series.

Company	Reported date label	Reported amount	Round / instrument	Reported investors	Original round source
ShareChat	29 Mar	$49 Mn (~Rs 407 Cr)	Venture Debt (convertible debentures)	Alkeon Capital HarbourVest Lightspeed Venture Partners Moore Strategic Ventures +3	Source
Rays Power Infra	28 Mar	₹54 Cr	Pre-IPO Placement	Ashok Kumar Avarjit Singh Birghi Balbir Saran Debesh Prasad Nanda +12	Source
KreditBee	28 Mar	$9.4 Mn	Series D	Advent International Mirae Asset Ventures Motilal Oswal Alternates MUFG Bank +2	Source
AdOnMo	26 Mar	$7 Mn	Series B1	Desireddy Srinivasa Reddy Kancherla Pruthvinath Manish Kailash Chhabra Qatar Insurance Company +5	Source
Avanse Financial Services	26 Mar	₹1,000 Cr ($120 Mn)	Private Equity	Mubadala Investment Company Avendus PE Investment Advisors	Source
Dvara KGFS	21 Mar	$14.4 Mn	Debt	Impact Investment Exchange	Source
Pocket FM	20 Mar	$103 Mn	Series D	Lightspeed India Partners StepStone Group	Source
Ultrahuman	20 Mar	$35 Mn	Series B	Alpha Wave Incubation Blume Ventures Deepinder Goyal Nexus Venture Partners +1	Source
Atlan	19 Mar	$27.5 Mn	Series B extension	Salesforce Ventures AT13 Fund Grace Software Sequoia Capital India +1	Source
Jumbotail	18 Mar	₹151 Cr ($18.2 Mn)	Series C3	Artal Asia Arkam Ventures Heron Rock Jarvis Reserve Fund +3	Source
LOHUM	13 Mar	$54 Mn	Series B	Singularity AMC Baring India Cactus Partners Venture East	Source
Cureskin	13 Mar	$20 Mn	Series B	HealthQuad JSW Ventures Khosla Ventures Sharrp Ventures	Source
Perfios	13 Mar	$80 Mn	Undisclosed	Teachers’ Venture Growth (Ontario Teachers’ Pension Plan)	Source
Nanonets	12 Mar	$29 Mn	Series B	Accel Elevation Capital Y Combinator	Source
PlanetSpark	8 Mar	$17 Mn (₹141.8 Cr)	Series B	Prime Venture Partners Alteria Capital Ashish Gupta GGT3 Ventures +3	Source
Zetwerk	7 Mar	₹166.28 Cr (~$20 Mn)	Series F2	Wheelhouse Venture Capital	Source
IDfy	6 Mar	$27 Mn	Series E	Elev8 Venture Partners KB Investment Tenacity Ventures	Source
mPokket	5 Mar	₹500 Cr (~$60 Mn)	Venture Debt	BPEA Credit	Source
NewSpace Research and Technologies	1 Mar	$52 Mn (₹430.9 Cr)	Bridge	360 ONE Asset Cornerstone Venture Partners Ranjan Pai SIDBI +2	Source

Company profiles in the research record

Profile details come from supplied secondary profiles and are not independently verified here. A reported status is not a live operational check; omitted fields were not supplied.

Company	Business / sector	Founders	Founded	Reported status	Profile source
KreditBee	consumer credit and digital lending	Madhusudan Ekambaram, Karthikeyan Krishnaswamy, Vivek Veda	2016	Unicorn	Profile
AdOnMo	AdTech	Sravanth Gajula, Sandeep Bommireddi	2016	Not stated in linked profile	Profile
Avanse Financial Services	Education Finance	Unknown in linked profile	2013	Not stated in linked profile	Profile
Dvara KGFS	Fintech	Bindu Ananth	2008	Not stated in linked profile	Profile
Pocket FM	Audio Streaming	Rohan Nayak, Nishanth KS, Prateek Dixit	2018	Soonicorn	Profile
Atlan	Artificial Intelligence	Prukalpa Sankar, Varun Banka	2019	Not stated in linked profile	Profile
Jumbotail	B2B E-commerce	S Karthik Venkateswaran, Ashish Jhina	2015	Unicorn	Profile
LOHUM	Battery Recycling	Rajat Verma, Justin Lemmon, Gazanfar Safvi	2018	Not stated in linked profile	Profile
Cureskin	Artificial Intelligence	Guna Kakulapati, Ramakrishna R, Dr. Charu Sharma	2017	Not stated in linked profile	Profile
Nanonets	Artificial Intelligence	Sarthak Jain, Prathamesh Juvatkar	2017	Not stated in linked profile	Profile
PlanetSpark	Communication Skills	Kunal Malik, Maneesh Dhooper	2017	Not stated in linked profile	Profile
IDfy	Background Verification	Ashok Hariharan, Vineet Jawa, Hatim Baheranwala	2011	Not stated in linked profile	Profile
mPokket	Fintech	Gaurav Jalan, Samarjit Choudhury	2016	Not stated in linked profile	Profile
NewSpace Research and Technologies	Aerospace & Defense	Sameer Joshi, Julius Amrit	2017	Not stated in linked profile	Profile

Three companies to follow through the record

ShareChat: the original financing and what followed

the supplied company profile places ShareChat in business and describes its work as social media products for Indian-language communities. It lists not identified in the linked profile as founder and gives not stated as the founding year. For 2024-03, the tracker records $49 Mn (~Rs 407 Cr) in a Venture Debt (convertible debentures) transaction, with Alkeon Capital HarbourVest Lightspeed Venture Partners Moore Strategic Ventures +3 named as investors.

A later entry in the supplied tracker places ShareChat again in 2024-08, reporting $16 Mn (Rs 134 Cr) as Debt (convertible debentures extension). That observation is linked to its cited report. It is a later record in the research sample, not independently reconciled here to a closed round, a distinct tranche or the same legal entity. Read narrowly, it shows that the company name reappears in subsequent financing coverage; it does not establish survival, performance or investor returns.

KreditBee: the original financing and what followed

the supplied company profile places KreditBee in Digital Lending and describes its work as consumer credit and digital lending. It lists Madhusudan Ekambaram, Karthikeyan Krishnaswamy, Vivek Veda as founders and gives 2016 as the founding year. For 2024-03, the tracker records $9.4 Mn in a Series D transaction, with Advent International Mirae Asset Ventures Motilal Oswal Alternates MUFG Bank +2 named as investors.

A later entry in the supplied tracker places KreditBee again in 2026-04, reporting $280 Mn as Series E. That observation is linked to its cited report. It is a later record in the research sample, not independently reconciled here to a closed round, a distinct tranche or the same legal entity. Read narrowly, it shows that the company name reappears in subsequent financing coverage; it does not establish survival, performance or investor returns.

Ultrahuman: the original financing and what followed

the supplied company profile places Ultrahuman in business and describes its work as wearables and software for personal health tracking. It lists not identified in the linked profile as founder and gives not stated as the founding year. For 2024-03, the tracker records $35 Mn in a Series B transaction, with Alpha Wave Incubation Blume Ventures Deepinder Goyal Nexus Venture Partners +1 named as investors.

A later entry in the supplied tracker places Ultrahuman again in 2025-11, reporting $11.2 Mn as Debt. That observation is linked to its cited report. It is a later record in the research sample, not independently reconciled here to a closed round, a distinct tranche or the same legal entity. Read narrowly, it shows that the company name reappears in subsequent financing coverage; it does not establish survival, performance or investor returns.

A later entry in the supplied tracker places Ultrahuman again in 2026-03, reporting $48 Mn as Series C. That observation is linked to its cited report. It is a later record in the research sample, not independently reconciled here to a closed round, a distinct tranche or the same legal entity. Read narrowly, it shows that the company name reappears in subsequent financing coverage; it does not establish survival, performance or investor returns.

Interpretation (inference): A social platform, a lender and a health-tracking business form a wide spread of models. The follow-up evidence shows distinct later instruments, supporting a financing chronology rather than a common performance verdict.

Limits of this retrospective

This month’s tracker is an incomplete public-source sample. Later cohort entries and profile signals are research leads, sometimes repeated announcements or tranches, and are not reconciled or independently verified here. Current operations remain unknown unless expressly supported by dated evidence; profile labels such as Unicorn or Listed describe classifications, not operating status. Debt, secondary sales, IPOs and fresh equity remain distinct transaction types. The tables preserve tracker entries and provisional mentions rather than claiming a complete market count.