---
topic: startup-india
author: Crashtech Editorial
covers: September 2025
published: Oct 16, 2026 · read: 22 min
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September 2025: Kapiva’s liquidity event, Emergent’s product bet and IPO paths

Kapiva, Emergent and Infra.Market show why September’s financing needs a distinction between secondary liquidity, growth equity and listing preparation.

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

A brand round can include an investor exit

Kapiva sells Ayurvedic nutrition products directly to consumers. Its profile identifies founders Ameve Sharma and Shrey Badhani and dates the company to 2015. The September tracker reports a $60 million Series D with 360 ONE Asset, Vertex Growth, 3one4 Capital and others. Two same-day profile signals add nuance: Fireside Ventures reportedly exited fully through a secondary sale, and the company was said to have reached roughly ₹550 crore ARR with more than 80% year-over-year growth over three years. The distinction is important. A secondary sale means an existing investor sold shares; that amount does not automatically become fresh operating capital for Kapiva. The ARR and growth figures are secondary claims, not audited accounts in this packet. The round therefore combines an operating-company financing story with a shareholder-liquidity story that should be separated.

A coding tool aimed at non-technical builders

Emergent is an AI application-building platform founded by twin brothers Mukund Jha and Madhav Jha. The profile says it lets users describe a web or mobile product in natural language and generates a full-stack application. September’s Series A reports $23 million, with Lightspeed and several individual investors named. Mukund’s prior experience as Dunzo co-founder and CTO gives the founding story a concrete engineering background. A February 2026 profile signal later claims Emergent crossed $100 million ARR eight months after launch and released a mobile app. That is a striking reported growth marker, but it is a secondary claim and does not verify retention, margins or the precise relationship between the September round and later revenue. The product’s core promise is that software creation becomes accessible through prompts; the open question is how reliably generated applications perform in production. That question is analysis, not a claim from the tracker.

Construction materials move toward a public-market milestone

Infra.Market’s September Series G is reported at ₹731.58 crore ($83 million). The B2B procurement platform serves real-estate and construction-material buyers, and its founders are Souvik Sengupta and Aaditya Sharda. The profile traces a later step: the company filed a confidential draft prospectus in October 2025 and received SEBI observations in January 2026. These are preparation and regulatory milestones, not a completed IPO. Earlier profile signals also describe ceramic-sector acquisitions and credit-rating pressure, showing that a company’s growth path can include expansion and financing constraints at the same time. Those sources are secondary references; they do not provide a full financial assessment. The September round belongs in that chronology but cannot by itself predict listing success.

One month, three distinct capital functions

September’s selected deals illustrate three different functions: primary growth equity for Emergent, a mixed primary-and-secondary narrative around Kapiva, and later public-market preparation for Infra.Market. The tracker also includes DevX’s IPO, which is another listed-company transaction rather than a private venture round. This mix makes a single monthly total particularly difficult to interpret. Investors, founders and readers should first ask whether money enters the company, changes hands between shareholders, or arrives through public markets. Only then does comparing amounts become meaningful.

Clean-air hardware and public markets

Chakr Innovation provides another route from engineering into regulation. Founded by IIT Delhi graduates, it developed Chakr Shield, a retrofit emissions-control device for diesel generators; a profile signal says it received India’s first CPCB type approval for this class of device in 2022. The September tracker records a $23 million Series C. A later signal records British International Investment’s exit from an earlier $6.58 million debt investment in March 2025. That exit predates the Series C and is a separate transaction. The chronology illustrates why funding histories need instrument-level detail: a debt investor exit, an equity round and product approval each tell a different part of the company story.

Methods and limits

The September record is an incomplete public-source union, and its month context does not guarantee exact announcement dates. Later dated milestones and valuation classifications are secondary claims; current operating status is unknown here. The tracker table retains every extracted row, while weekly-table mentions remain provisional and separate.

Reported transactions in the monthly tracker

Every row below is retained from the extracted tracker, including debt, mixed, secondary and listed-company transactions. Amounts, labels and investor names are shown as reported; follow the source link for the underlying coverage.

CompanyReported amountReported round / instrumentInvestors as reportedSource
Zwayam₹12 Cr (CCDs)DebtInfo Edge (India)original report
PetPooja₹137 Cr ($15.5 Mn)Series CDharana Capital Abhiraj Singh Bhal Ashish Gupta Mukund Kulashekaran +2original report
Kapiva$60 Mn (₹510 Cr)Series D360 ONE Asset Vertex Growth 3one4 Capital Vertex Ventures Southeast Asia and Indiaoriginal report
Recur Club$50 Mn ($8M equity + $42M debt)Series AFinvolve InfoEdge Ventures LC Nueva Physis Capital +4original report
Vedantu$11 MnConvertible NoteABC World Asia Accel India Omidyar Networkoriginal report
Simple Energy$10 MnBridgeArokiaswamy Velumani Balamurugan Arumugam Haran Family Officeoriginal report
Emergent$23 MnSeries ALightspeed Venture Partners Balaji Srinivasan Devendra Chaplot Jeff Dean +3original report
Rapido~$270M (Swiggy full exit, secondary)Secondary SaleMIH Investments (Prosus) WestBridge Capitaloriginal report
Chakr Innovation$23 MnSeries CIron Pillar Indian Angel Network Inflexor Ventures ONGC Startup Fund +1original report
Infra.Market₹731.58 Cr ($83 Mn)Series GAccel Nexus Venture Partners NK Squared Silverline Homes Private Limited +1original report
AtomicworkUndisclosedStrategicOkta Venturesoriginal report
DevX₹143.35 CrIPOoriginal report
Supply6$1.1 MnSeedZeropearl VC Ashutosh Valani Kunal Shah Priyank Shah +1original report
FinBox$40 MnSeries BWestBridge Capital A91 Partners Aditya Birla Venturesoriginal report
Rebel Foods$17 Mn (₹150 Cr NCDs)DebtAlteria Capital InnoVen Capitaloriginal report
Urban Company₹1,900.24 Cr (~$217M); fresh issue ₹472.24 Cr + OFS ₹1,428 CrIPOAmundi Dragoneer Investment Group GIC Nomura +5original report
PharmEasy₹1,700 Cr (~$193 Mn)Debt (NCDs)360 One Alkram Ventures Bennett Coleman Micro Labs Limited +1original report
Presolv360$4.7 MnSeries AElevation Capital MGA Venturesoriginal report
OneAssist₹108 Cr ($12.3 Mn)DebtStride Venturesoriginal report
Porter$100-110 Mn (Series F extension)Series Foriginal report
StockGro$5.7 MnDebt FinancingTrifecta Capitaloriginal report
FirstClub$23 MnSeries AAccel RTP Global 2am VC Aditya Birla Ventures +2original report
Blue Tokai Coffee Roasters$25 Mn (~₹220 Cr)Bridge12 Flags A91 Partners Anicut Capital Verlinvestoriginal report
CityMall$47 MnSeries DAccel Citius Fund Elevation Capital General Catalyst +3original report

Business, founder and profile classification

Profile fields below come from linked secondary metadata. Business descriptions are paraphrased from the supplied excerpt. “Not stated in packet” means the metadata is silent. Profile classification is a secondary valuation label; it is not operating status. Current operating status is unknown in this collection.

CompanyBusiness and sector (profile-based)FoundersFoundedProfile classificationOperating statusProfile
ZwayamBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
PetPoojaBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
KapivaD2C Ayurvedic nutrition brand, legally Adret Retail Private Limited (CIN U52100KA2015PTC196406, incorporated 14 December 2015, Bengaluru) (Ayurveda)Ameve Sharma, Shrey Badhani2015Not stated in packet (secondary profile)Unknown in this datasetprofile
Recur ClubIndia’s AI-native debt marketplace that facilitates non-dilutive capital for startups and SMEs through revenue-based financing, venture debt, and other structured debt instruments, matching borrowers with lenders via … (Debt Financing)Eklavya Gupta, Abhinav Sherwal2021Investor (secondary profile)Unknown in this datasetprofile
VedantuBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
Simple EnergyBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
EmergentEmergent is an AI “vibe-coding” platform, founded by twin brothers Mukund Jha (ex-Dunzo co-founder/CTO) and Madhav Jha, that lets non-technical users and small businesses build full-stack, production-ready web and mob… (Artificial Intelligence)Mukund Jha, Madhav Jha2025Unicorn (secondary profile)Unknown in this datasetprofile
RapidoBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
Chakr InnovationFounded in 2016 by IIT Delhi graduates, Chakr Innovation is known for Chakr Shield, India’s first certified retrofit emission control device for diesel generators, which reduces particulate emissions by over 80%. (Clean Tech)Kushagra Srivastava, Arpit Dhupar, Prateek Sachan, Bharti Singhla2016Not stated in packet (secondary profile)Unknown in this datasetprofile
Infra.MarketInfra.Market is a B2B online procurement marketplace for real estate and construction materials, with technology as their focal point. (B2B E-commerce)Souvik Sengupta, Aaditya Sharda2016Unicorn (secondary profile)Unknown in this datasetprofile
AtomicworkAtomicwork provides software that automates workflows under the information and technology (IT), human resources (HR), finance and other business functions. (Artificial Intelligence)Vijay Rayapati, Kiran Darisi, Parsuram Vijayasankar2022Not stated in packet (secondary profile)Unknown in this datasetprofile
DevXAhmedabad-based flexible workspace and managed-office operator providing built-to-suit coworking and managed office space to enterprises, GCCs, SMEs and startups across Tier-1 and Tier-2 Indian cities. Also runs a sta…Parth Shah, Rushit Shah, Umesh Uttamchandani2017Listed (secondary profile)Unknown in this datasetprofile
Supply6Business description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
FinBoxFinBox is an AI-native digital lending platform providing a modular, API-first operating system for digital lending, letting banks, NBFCs, fintechs, and platform businesses launch, embed, and scale credit products. (Credit Risk / RegTech)Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, Srijan Nagar2017Not stated in packet (secondary profile)Unknown in this datasetprofile
Rebel FoodsRebel Foods is an Indian cloud-kitchen operator that runs multiple delivery-only restaurant brands — including Faasos, Behrouz Biryani, Oven Story and Firangi Bake — out of shared kitchen infrastructure, and is also t… (Cloud Kitchen)Jaydeep Barman, Kallol Banerjee, Ankush Grover2011Unicorn (secondary profile)Unknown in this datasetprofile
Urban CompanyBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
PharmEasyBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
Presolv360Business description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
OneAssistMumbai-based subscription platform offering protection, repair and assistance plans for mobile phones, laptops, wearables and home appliances, plus fraud/theft protection for wallets and payment cards. Backed by Peak … (Fintech)Gagan Maini, Subrat Pani2011Not stated in packet (secondary profile)Unknown in this datasetprofile
PorterBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
StockGroAsia’s first social investment platform with a gamified virtual interface that enables users to discover trading strategies, compete and interact with others. (Fintech)Ajay Lakhotia2020Not stated in packet (secondary profile)Unknown in this datasetprofile
FirstClubFirstClub operates a curated, quality-first online grocery and quick-commerce platform offering around 4,000 pre-vetted products, positioning itself against speed-focused quick-commerce rivals by emphasizing product q… (D2C)Ayyappan Rajagopal, Vasudevan Arvind Charanyan2024Not stated in packet (secondary profile)Unknown in this datasetprofile
Blue Tokai Coffee RoastersD2C specialty coffee roaster and cafe brandMatt Chitharanjan, Namrata Asthana, Shivam Shahi2013Not stated in packet (secondary profile)Unknown in this datasetprofile
CityMallCommunity/social commerce platform for India’s Tier II, III and IV towns, connecting consumers to a network of local “Community Leaders” who run virtual storefronts on an app and WhatsApp for grocery, lifestyle and ot… (E-commerce)Angad Kikla, Naisheel Verdhan, Rahul Gill2019Not stated in packet (secondary profile)Unknown in this datasetprofile

Provisional weekly-report mentions

These rows are secondary-table mentions only. The table’s week/month heading is not an exact announcement date; rows are not verified extra deal claims. Exact company + raw amount + raw round matches to the tracker were removed, while variants may remain.

CompanySector / headquartersAmount as listedRound as listedInvestors as listedWeekly source
PharmEasyHealth Tech / Mumbai$191.7 MnDebt-weekly table
CurefoodsFoodtech / Bengaluru$18 Mn–3State Venturesweekly table
HandpickdConsumer Services / Gurugram$15 MnSeries ABertelsmann India Investmentsweekly table
RocketAI / Bengaluru$15 MnSeedSalesforce Ventures, Accelweekly table
VedantuEdtech / Bengaluru$11 Mn–-weekly table
Simple EnergyClean Tech / Bengaluru$10 Mn–Dr Arokiaswamy Velumani (founder, Thyrocare)weekly table
KisanKonnectAgritech / Ahmednagar$8.1 MnPre-Series ABajaj Finserv Groupweekly table
DistilEcommerce / Mumbai$7.7 MnSeries AJungle Ventures, CE-Venturesweekly table
GullakFintech / Bengaluru$7.5 MnSeries AChiratae Venturesweekly table
OolkaFintech / Bengaluru$7 MnSeedLightspeed India, Z47weekly table
PRISMTravel Tech / Mumbai$5.6 Mn–InCred, Analah Capitalweekly table
OnFinanceAI / Bengaluru$4.2 MnPre-Series APeak XV (Surge)weekly table
AmwoodoEcommerce / Kolkata$4 MnPre-Series ARainmatterweekly table
Cosmoserve SpaceAdvanced Hardware & Technology / Hyderabad$3.2 MnPre-SeedAVCFweekly table
P-TALEcommerce / New Delhi$3 MnSeries AVenture Catalysts, Rainmatterweekly table
XbatteryClean Tech / Hyderabad$2.3 MnSeedBipin Patel Family Officeweekly table
GrestEcommerce / Cuttack$1.8 Mn–Equentisweekly table
VyomICAdvanced Hardware & Technology / Bengaluru$1.6 MnPre-SeedSpeciale Investweekly table
AkashalabdhiAdvanced Hardware & Technology / Roorkee$1.2 MnPre-Seed-weekly table
NavoEcommerce / Gurugram$902KSeedIndiaQuotientweekly table
Bharat IntelligenceAgritech / Mumbai$790KPre-SeedSahyadri Farmsweekly table
RecoveClean Tech / Bengaluru$598K–Momentum Capitalweekly table
Paar AutonomyAdvanced Hardware & Technology / Bengaluru$500KSeedVenture Catalystsweekly table
SamaaroEnterprise Tech / Bengaluru$500KPre-Series AInflection Point Venturesweekly table
GaadimechConsumer Services / Jaipur$169K–AJVCweekly table
GabitEcommerce / Gurugram---weekly table
Infra.MarketReal Estate Tech / Thane$83 MnSeries G-weekly table
EvoluteIQEnterprise Tech / Bengaluru$53 Mn–Baird Capitalweekly table
Blue Energy MotorsClean Tech / Pune$30 Mn-Nikhil Kamath, Omnitex Industriesweekly table
InCred MoneyFintech / Mumbai$30 Mn–-weekly table
EcoSoulEcommerce / Noida$20 MnSeries BAccel, Bajaj Financial Securitiesweekly table
IndkalEcommerce / Bengaluru$20 Mn–-weekly table
ScalekitAI / Bengaluru$5.5 MnSeedTogether Fund, Z47weekly table
LuciraEcommerce / Mumbai$5.5 MnSeedBlume Venturesweekly table
SpaceFieldsAdvanced Hardware & Technology / Bengaluru$5 MnPre-Series AGlobaz Technologiesweekly table
PelocalFintech / Chennai$5 MnSeries AUNLEASH Capital Partners, Unicorn India Venturesweekly table
iDO DevicesEcommerce / Noida$4 Mn–Blume Ventures, Merak Venturesweekly table
Pascal AI LabsAI / Bengaluru$3.1 MnSeedKalaari Capitalweekly table
EquilibriumClean Tech / Noida$3 MnSeed-weekly table
INCLUDEcommerce / Gurugram$2.9 MnPre-Series A3one4 Capitalweekly table
Blinkit-AIAI / Gurugram$1.2 MnSeedFoliflex Cablesweekly table
UGX.aiAI / Gurugram$1 MnSeedBlue Ocean Venture Partnersweekly table
PlaySuperMedia & Entertainment / Gurugram$1 MnSeedChimeraweekly table
Wankel Energy SystemsClean Tech / Chennai$1 MnPre-SeedShastra VCweekly table
MyNakshConsumer Services / Bengaluru$852KPre-SeedEximius Venturesweekly table
uKnowvaEnterprise Tech / Mumbai$500KPre-Series A-weekly table
Raptee.HVClean Tech / Chennai--Technology Development Board (Ministry of Science & Technology)weekly table
FlipspacesReal Estate Tech / Mumbai$9 MnSeries C—weekly table
IndrajaalAdvanced Hardware & Technology / Hyderabad$5.5 MnPre-Series AIndia Accelerator, Finvolveweekly table
Indigrid TechnologyEnterprise Services / Gurugram$4 Mn—Cactus Partnersweekly table
EmberEcommerce / US$3.2 MnSeed—weekly table
AsayaEcommerce / Bengaluru$3.2 MnPre-Series ARPSG Capitalweekly table
InamoEnterprise Services / Mumbai$3 MnSeedShastra VCweekly table
WeHouseReal Estate Tech / Hyderabad$2.8 MnSeries A—weekly table
EndureAir SystemsAdvanced Hardware & Technology / Noida$2.8 Mn—Indian Angel Networkweekly table
Snap-E-CabsTravel Tech / Kolkata$2.5 Mn—Inflection Point Venturesweekly table
AurvaEnterprise Tech / New Delhi$2.2 MnSeedNexus Venture Partnersweekly table
BacAlt BiosciencesHealth Tech / Bengaluru$2 MnPre-SeedAvaana Capitalweekly table
PeakAmpClean Tech / Gurugram$1.4 MnSeedCaret Capitalweekly table
FarmDidiEcommerce / Mumbai$793KSeedSamved Venturesweekly table
ProwrrapEnterprise Services / Delhi$453KPre-Series ACalance Software; Amit Govil (chairman, Calance Corporation)weekly table
Biokraft FoodsClean Tech / Mumbai$227KSeedGVFLweekly table
MisfitsEcommerce / Gurugram—SeedNu Venturesweekly table
TraqCheckAI / New Delhi——Alok Oberoi (chairman, Everstone Capital); Siddharth Mehta (founder, Bay Capital)weekly table
SeekhoMedia & Entertainment / Bengaluru$28 MnSeries BBessemer Venture Partnersweekly table
Blue Tokai Coffee RoastersEcommerce / Gurugram$25 Mn–-weekly table
ColiveReal Estate Tech / Bengaluru$20 MnSeries BBain Capitalweekly table
Offgrid EnergyClean Tech / Gurugram$15 MnSeries AArchean Chemicals Industriesweekly table
Reveal HealthtechAI / US$7.2 MnSeries ALeo Capitalweekly table
PlatinumRxHealth Tech / Bengaluru$6 MnSeries AStellaris Venture Partnersweekly table
LeafyBusTravel Tech / Delhi$4.1 MnPre-Series AEnetra Indiaweekly table
Tuco KidsEcommerce / Bengaluru$4 MnSeries ARTP Globalweekly table
FlexifyMeHealth Tech / Pune$2.3 MnPre-Series AIvyCap Venturesweekly table
AutoDukanEcommerce / Pune$1 MnPre-Series A-weekly table
House of ZelenaEcommerce / New Delhi$793KSeedSprout Venture Partners, M Venture Partnersweekly table
CuzorEcommerce / Bengaluru$566KSeedRamesh Kannan (MD, Kaynes Technology)weekly table
RxMenHealth Tech / New Delhi$566KSeedInflection Point Venturesweekly table
QuantE EnergyClean Tech / Noida$500KSeedTrillion Dollar Venture Partnersweekly table
DectrocelHealth Tech / Lucknow$453K–BioAngels (IAN Group)weekly table
ZanskarEcommerce / Bengaluru$317KSeedZeropearl VCweekly table
WaterscienceEcommerce / Bengaluru$159K–Valar Venturesweekly table
EdgehaxAdvanced Hardware & Technology / Bengaluru$158KSeedInflection Point Venturesweekly table

Sources

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