India’s startup funding engine continued to fire in early September 2025, with ₹2,719 Cr raised across 27 deals. The week stood out for its mix of manufacturing-led megadeals, SaaS growth capital, and strong signals in renewable energy and co-working.
🔝 Top 5 Deals Accounted For ~85% of inflows (Sept 05-11, 2025):
| Date | Company | Trade Name | Deal Size (₹ Cr) | Investors/Buyers | Location |
|---|---|---|---|---|---|
| 07 Sept 2025 | Il Jin Electronics (India) Pvt Ltd | ILJIN Electronics | 1,200 | ChrysCapital, InCred Alternatives | Noida |
| 09 Sept 2025 | Flipspaces Technology Labs Pvt Ltd | Flipspaces | 440 | Iron Pillar, Panthera Growth, Crescent Enterprises, SMBC Asia, Synergy Capital, Prashasta Seth | Mumbai |
| 08 Sept 2025 | Grew Solar Pvt Ltd | Grew Solar | 300 | Vijay Kedia, Rohit Kothari | Ahmedabad |
| 10 Sept 2025 | Tguk Technologies Pvt Ltd | TERN Group | 212 | Leo Capital, Notion Capital, Presight, RTP Global, LocalGlobe, Tom Stafford, EQ2 Venture | Bengaluru |
| 09 Sept 2025 | Dev Accelerator Ltd | DevX | 63 | Finavenue Capital, Sunrise Investment Opportunities Fund, Universal Sompo, Abans Finance, others | Ahmedabad |
📝 Note: All deals are based on press announcements; MCA filings are awaited.
Key Insights
1. Manufacturing Dominates with ILJIN Electronics
ILJIN Electronics’ ₹1,200 Cr infusion from ChrysCapital and InCred Alternatives was the single-biggest deal of the week. The Noida-based electronics manufacturer has become a strategic bet for private equity, reaffirming India’s hardware and component manufacturing revival.
2. SaaS-led Spatial Design Gets Big Capital
Flipspaces raised ₹440 Cr in Series C, led by a consortium of global and domestic investors. This Mumbai-based SaaS and proptech player is reimagining interior design with immersive tech and enterprise SaaS solutions. The round shows how design-tech is no longer niche—it’s scaling into mainstream SaaS growth stories.
3. Climate-Tech Capital Inflow
Ahmedabad-based Grew Solar secured ₹300 Cr, backed by marquee investors Vijay Kedia and Rohit Kothari. With India doubling down on clean energy commitments, solar startups like Grew are drawing long-term climate-tech bets from strategic and financial investors.
4. DeepTech SaaS at Seed-to-Growth Inflection
Bengaluru’s TERN Group closed a ₹212 Cr Series A, backed by Leo Capital, Notion Capital, Presight, and Tom Stafford among others. The scale of capital at such an early stage signals deep investor conviction in AI-first SaaS platforms.
5. Co-working Scaling Beyond Real Estate
Ahmedabad-headquartered DevX raised ₹63 Cr, with a syndicate of institutional funds and insurance companies participating. This shows how co-working is evolving into a capital-backed, asset-light growth model—beyond just being a real estate play.
What’s the Signal?
- Hardware is Investable Again – With ILJIN Electronics leading the charts, PE funds are now chasing India’s manufacturing scale-up story.
- SaaS Diversification – From Flipspaces (design-tech SaaS) to TERN Group (AI-first SaaS), investors are betting across vertical SaaS stacks.
- Climate-Tech as Core Strategy – Grew Solar’s round shows renewable bets are becoming mainstream investment allocations, not just ESG plays.
- Tier-2 Ecosystem Scaling – With Ahmedabad delivering two of the week’s top 5 deals, the startup geography map is diversifying.
- Collaborative Workspaces Reimagined – DevX shows how co-working and managed office spaces are being positioned as scalable ventures with institutional capital support.
Real-time Monitoring
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