Monthly report · September 2026
Indian startups raised $2.35 billion in September
141 funding rounds · ▼ 37% vs August · about ₹20,639 crore
By Startup Enthusiast ·
141funding rounds
$2.35 billiondisclosed
54first cheques
$4.9 millionmedian round
Key findings
- Indian startups raised $2.35 billion across 141 rounds in September 2026, down 37% from August 2026.
- The biggest cheque went to Nava: $200 million.
- Commerce & Consumer Brands had the most rounds (44), ahead of AI & Deep Tech (20) and Healthcare & Life Sciences (15).
- Accel backed the most startups (5).
- 54 rounds were first cheques (seed or earlier). The median disclosed round was $4.9 million.
Every round, day by day
Each bubble is one round, placed on the day it was announced. Bigger bubble, bigger cheque. Dashed rings are rounds with no amount disclosed. Tap a stage to isolate it.
How September compares
Every month we have reported. Tap a month to open its report.
See the numbers
| Month | Disclosed | Rounds | First cheques |
|---|---|---|---|
| January 2026 | $1.80 billion | 146 | 60 |
| February 2026 | $1.14 billion | 159 | 75 |
| March 2026 | $1.92 billion | 136 | 48 |
| April 2026 | $1.47 billion | 120 | 49 |
| May 2026 | $3.34 billion | 110 | 38 |
| June 2026 | $3.13 billion | 115 | 42 |
| July 2026 | $1.74 billion | 119 | 52 |
| August 2026 | $3.74 billion | 152 | 50 |
| September 2026 | $2.35 billion | 141 | 54 |
Where the money went
Sectors by number of rounds, or by money raised.
See the numbers
| Sector | Rounds | Disclosed |
|---|---|---|
| Commerce & Consumer Brands | 44 | $451 million |
| AI & Deep Tech | 20 | $608 million |
| Healthcare & Life Sciences | 15 | $114 million |
| Financial Services | 13 | $295 million |
| Climate, Energy & Sustainability | 9 | $154 million |
| Professional & Local Services | 8 | $138 million |
| Government, Defense & Space | 8 | $95.4 million |
| Enterprise Software & IT | 7 | $22.3 million |
| Mobility & Logistics | 5 | $301 million |
| Consumer Internet & Media | 5 | $77.5 million |
| Education & Skilling | 3 | $22.3 million |
| Real Estate & PropTech | 2 | $55.0 million |
| Agriculture & Food Systems | 1 | $11.4 million |
| HR & Future of Work | 1 | $1.0 million |
From first cheque to growth
Rounds and money at each stage. Early stages bring most of the rounds; late stages bring most of the money.
Rounds
Money raised
See the numbers
| Stage | Rounds | Disclosed |
|---|---|---|
| Seed and earlier | 54 | $175 million |
| Pre-A and Series A | 26 | $216 million |
| Series B | 12 | $220 million |
| Series C | 6 | $428 million |
| Growth (Series D+) | 14 | $568 million |
| Other or undisclosed | 29 | $739 million |
The ten biggest cheques
- 1N
- 2
- 3
- 4
- 5
- 6
- 7E
- 8
- 9K
- 10P
Who wrote the most cheques
Investors that backed two or more startups this month. One dot per startup.
Where the startups are
One square per round, coloured by stage.
Bengaluru
43 · $1.14 billion
Mumbai
14 · $127 million
Gurugram
7 · $83.2 million
Pune
6 · $38.5 million
Delhi
6 · $5.7 million
Hyderabad
4 · $202 million
New York
2 · $30.5 million
San Francisco
2 · $7.7 million
Beyond funding
Acquisitions
Zenex buys SAVAVET pet care business30 September 2026ITC takes full ownership of Yoga Bar29 September 2026ITC takes full control of Sproutlife Foods28 September 2026Polka Pop joins CavinKare’s beverage portfolio25 September 2026Anarock acquires majority stake in DSP Design Associates24 September 2026Efectis launches India subsidiary after acquiring majority stake in AADIT24 September 2026BlueBinaries acquires MicroNova's automotive testing business unit24 September 2026Wipro Consumer Care acquires majority stake in Dermatouch23 September 2026IPO news
Elevate Campuses lists at slight discount on NSE30 September 2026Subway India operator EverBrands files for IPO29 September 2026StockGro files confidential IPO papers29 September 2026Tonbo Imaging gets SEBI nod for IPO28 September 2026Cars24 targets April DRHP filing after India reverse flip27 September 2026Air IQ files confidentially for Rs 1,000 crore IPO25 September 2026Rentomojo lists on Indian stock exchanges25 September 2026Pmi Electro Mobility files for confidential ipo25 September 2026Every round in September 2026
All 141 rounds
| Date | Company | Amount | Stage | Sector |
|---|---|---|---|---|
| 1 Sep | Jagdish Farshan | Rs 43.5 crore | Pre-A and Series A | Commerce & Consumer Brands |
| 1 Sep | Minimac Systems | ₹30 Cr | Pre-A and Series A | Climate, Energy & Sustainability |
| 1 Sep | Zenergize | $4 million | Pre-A and Series A | AI & Deep Tech |
| 1 Sep | Tilt Intimates | ₹3 crore | Seed and earlier | Commerce & Consumer Brands |
| 1 Sep | Fibe | ₹750 Cr | Growth (Series D+) | Financial Services |
| 1 Sep | Yuma Energy | $35 Million | Pre-A and Series A | Mobility & Logistics |
| 1 Sep | 72 Street | ₹4 Cr | Other or undisclosed | Financial Services |
| 1 Sep | Oppex AI | ₹4.2 Cr | Seed and earlier | Enterprise Software & IT |
| 1 Sep | Ultrahuman | $70 mn | Other or undisclosed | Healthcare & Life Sciences |
| 1 Sep | xStep | Undisclosed | Other or undisclosed | Healthcare & Life Sciences |
| 1 Sep | Kepler Aerospace | $8 million | Seed and earlier | Government, Defense & Space |
| 1 Sep | Aeron Systems | ₹45 Cr | Series B | AI & Deep Tech |
| 1 Sep | Agrani Labs | $50M | Other or undisclosed | AI & Deep Tech |
| 2 Sep | SpeakX | Undisclosed | Other or undisclosed | Education & Skilling |
| 2 Sep | Astrobase | $40-50M | Other or undisclosed | Government, Defense & Space |
| 2 Sep | Swish | $24 million | Series B | Commerce & Consumer Brands |
| 2 Sep | DocPharma | $2M | Pre-A and Series A | Healthcare & Life Sciences |
| 30 Sep | Simple Energy | ₹1,750 Cr | Series C | Mobility & Logistics |
| 2 Sep | Creedom | Rs 4.1 crore | Seed and earlier | Enterprise Software & IT |
| 2 Sep | Alteon | $2.5 million | Seed and earlier | Government, Defense & Space |
| 2 Sep | Comet | ₹100 Crore | Series B | Commerce & Consumer Brands |
| 2 Sep | Mokobara | Rs 170 crore | Series C | Commerce & Consumer Brands |
| 3 Sep | VLCC | ₹110 Cr | Growth (Series D+) | Commerce & Consumer Brands |
| 3 Sep | BookMyShow | $40-50 Mn | Growth (Series D+) | Consumer Internet & Media |
| 3 Sep | Business Nextgen Finance | ₹215 Cr | Other or undisclosed | Financial Services |
| 3 Sep | Slice | $100 million | Growth (Series D+) | Financial Services |
| 3 Sep | Cradlewise | $12 million | Pre-A and Series A | Healthcare & Life Sciences |
| 3 Sep | Makr Microsystems | ₹10.2 Cr | Seed and earlier | AI & Deep Tech |
| 4 Sep | Newspace Research and Technologies | $35-40 million | Series C | Government, Defense & Space |
| 4 Sep | Moustache | Undisclosed | Other or undisclosed | Commerce & Consumer Brands |
| 4 Sep | Medulance | ₹24 Cr | Pre-A and Series A | Healthcare & Life Sciences |
| 4 Sep | Leanwatts | $2 million | Seed and earlier | Climate, Energy & Sustainability |
| 4 Sep | QuantE Energy | $500K seed funding plus undisclosed debt/instruments | Seed and earlier | Climate, Energy & Sustainability |
| 5 Sep | Udaan | ₹200 Cr | Other or undisclosed | Commerce & Consumer Brands |
| 7 Sep | Jaipur Robotics | €4.3 Mn | Seed and earlier | AI & Deep Tech |
| 7 Sep | Lickicious | ₹19 crore | Growth (Series D+) | Commerce & Consumer Brands |
| 7 Sep | Runable | $21 Mn | Pre-A and Series A | AI & Deep Tech |
| 7 Sep | HerSpace | $40M | Growth (Series D+) | Real Estate & PropTech |
| 7 Sep | DaMENSCH | Rs 17.40 Cr | Series B | Commerce & Consumer Brands |
| 7 Sep | Navana.ai | ₹40 Cr | Pre-A and Series A | AI & Deep Tech |
| 7 Sep | Sugar Cosmetics | ₹144.5 crore | Growth (Series D+) | Commerce & Consumer Brands |
| 7 Sep | Nua | $50 million | Series C | Commerce & Consumer Brands |
| 7 Sep | Pixxel | $100 million | Series C | Climate, Energy & Sustainability |
| 8 Sep | ARC | ₹10.5 Cr | Seed and earlier | Commerce & Consumer Brands |
| 8 Sep | Fundly.ai | $4.9M | Pre-A and Series A | Financial Services |
| 8 Sep | Circolife | $4.5 million | Pre-A and Series A | Professional & Local Services |
| 8 Sep | Iztri | Rs 10 crore | Seed and earlier | Professional & Local Services |
| 8 Sep | DigitalPaani | ₹22 Cr | Other or undisclosed | AI & Deep Tech |
| 8 Sep | AlphaGrep | ₹200 crore | Other or undisclosed | Financial Services |
| 8 Sep | BlissClub | ₹160 crore | Series B | Commerce & Consumer Brands |
| 8 Sep | Sorry Sugar | $1M | Seed and earlier | Commerce & Consumer Brands |
| 9 Sep | QNu Labs | ₹200 Cr | Pre-A and Series A | AI & Deep Tech |
| 9 Sep | Carrum Mobility | $10M | Series B | Mobility & Logistics |
| 9 Sep | iKure Techsoft Private Limited | $1.8M | Pre-A and Series A | Healthcare & Life Sciences |
| 9 Sep | Marmalade | ₹6 crore | Seed and earlier | Commerce & Consumer Brands |
| 9 Sep | Safebox | $1.11 million | Seed and earlier | Financial Services |
| 9 Sep | Theater | Rs 75 crore | Pre-A and Series A | Commerce & Consumer Brands |
| 9 Sep | Sarvam AI | $300-$350 million | Other or undisclosed | AI & Deep Tech |
| 9 Sep | Yes Madam | ₹250 Cr | Growth (Series D+) | Commerce & Consumer Brands |
| 10 Sep | Piston | $15M | Pre-A and Series A | Mobility & Logistics |
| 10 Sep | Mesa School | Rs 100 Cr | Pre-A and Series A | Education & Skilling |
| 10 Sep | AllSecureX | Undisclosed | Seed and earlier | AI & Deep Tech |
| 10 Sep | Graph AI | $13.3M | Pre-A and Series A | Healthcare & Life Sciences |
| 10 Sep | Greenwave Circularity | $31.5 million | Growth (Series D+) | Climate, Energy & Sustainability |
| 10 Sep | Asaya | $4.45M | Pre-A and Series A | Commerce & Consumer Brands |
| 10 Sep | GalaxEye | $4.8 million | Seed and earlier | Government, Defense & Space |
| 10 Sep | KARAM Safety | ₹600 crore | Growth (Series D+) | Professional & Local Services |
| 10 Sep | Dialflo | ₹1.7 Cr | Seed and earlier | AI & Deep Tech |
| 10 Sep | Avisirah Technologies | ₹75 crore | Other or undisclosed | Enterprise Software & IT |
| 10 Sep | Stage | $25M | Series C | Consumer Internet & Media |
| 11 Sep | Popo Global | INR 532 crore | Growth (Series D+) | Commerce & Consumer Brands |
| 11 Sep | Ultraviolette | Rs 373.04 crore | Growth (Series D+) | Mobility & Logistics |
| 11 Sep | Gnani.ai | $14.19 million | Series B | AI & Deep Tech |
| 11 Sep | Provilac | $14M | Other or undisclosed | Commerce & Consumer Brands |
| 11 Sep | Onlygood | over half a million dollars | Seed and earlier | Climate, Energy & Sustainability |
| 11 Sep | Peep Beauty | ₹12 crore ($1.2 million) | Seed and earlier | Commerce & Consumer Brands |
| 12 Sep | Athena Protein | Undisclosed | Seed and earlier | Commerce & Consumer Brands |
| 12 Sep | Beijan | ₹1.7 crore | Seed and earlier | Government, Defense & Space |
| 13 Sep | EaseMyTrip | ₹500 crore | Other or undisclosed | Commerce & Consumer Brands |
| 14 Sep | UniqYou | Rs 15.8 crore | Seed and earlier | Commerce & Consumer Brands |
| 14 Sep | Flam | $40M | Series B | AI & Deep Tech |
| 14 Sep | Furnishka | Rs 26.8 crore | Pre-A and Series A | Commerce & Consumer Brands |
| 15 Sep | Firi | $3M | Seed and earlier | Commerce & Consumer Brands |
| 15 Sep | Fin.com | $20M | Seed and earlier | Financial Services |
| 15 Sep | MiCoB | ₹30 Cr | Seed and earlier | Professional & Local Services |
| 16 Sep | 1312 Interactive | $1M | Seed and earlier | Consumer Internet & Media |
| 16 Sep | Cloud Counselage | INR 40 crore | Seed and earlier | Professional & Local Services |
| 16 Sep | Slayd | ₹1.5 crore | Seed and earlier | Commerce & Consumer Brands |
| 16 Sep | VerifAIX | $5 million | Seed and earlier | AI & Deep Tech |
| 16 Sep | TRUE ARTIS | ₹11.4 Cr | Seed and earlier | Healthcare & Life Sciences |
| 16 Sep | Lendingkart | Undisclosed | Other or undisclosed | Financial Services |
| 17 Sep | DheyaTech | ₹43 crore | Other or undisclosed | Government, Defense & Space |
| 17 Sep | Zinara | Undisclosed | Other or undisclosed | Commerce & Consumer Brands |
| 17 Sep | Crowwd | ₹2.5 crore | Seed and earlier | Financial Services |
| 17 Sep | Enlight Metals | $1.5M | Seed and earlier | AI & Deep Tech |
| 17 Sep | Ecosys | ₹5 crore | Pre-A and Series A | Climate, Energy & Sustainability |
| 17 Sep | Kiddo | ₹12.5 crore | Seed and earlier | Commerce & Consumer Brands |
| 17 Sep | Hang Ten Systems | $53M | Seed and earlier | Professional & Local Services |
| 17 Sep | Factrika | ₹8.9 Cr | Seed and earlier | HR & Future of Work |
| 17 Sep | Vytalyou | ₹8-10 crore | Growth (Series D+) | Healthcare & Life Sciences |
| 18 Sep | Dartle | $100,000 | Seed and earlier | Enterprise Software & IT |
| 18 Sep | Khetika | $18M (≈₹153 crore) | Other or undisclosed | Commerce & Consumer Brands |
| 18 Sep | Physioplus Healthcare | Undisclosed | Seed and earlier | Healthcare & Life Sciences |
| 18 Sep | Jar | Rs 29 crore | Series B | Financial Services |
| 18 Sep | MoroMaa | ₹1.5 Cr | Seed and earlier | Commerce & Consumer Brands |
| 21 Sep | SolarSquare | ₹100 Cr | Pre-A and Series A | Climate, Energy & Sustainability |
| 22 Sep | Brahma AI | $150M | Other or undisclosed | AI & Deep Tech |
| 22 Sep | TimBuckDo | Undisclosed | Other or undisclosed | Professional & Local Services |
| 22 Sep | Protein Pantry | ₹9 crore | Seed and earlier | Commerce & Consumer Brands |
| 22 Sep | Demoverse | $600K | Seed and earlier | Commerce & Consumer Brands |
| 22 Sep | Sol | $4 million | Seed and earlier | AI & Deep Tech |
| 22 Sep | Definedge | ₹22 crore | Pre-A and Series A | Financial Services |
| 23 Sep | Disha | Rs 43.88 crore | Pre-A and Series A | Healthcare & Life Sciences |
| 23 Sep | Rio Health | Rs 43.08 Cr | Pre-A and Series A | Healthcare & Life Sciences |
| 23 Sep | Indian Walker | Undisclosed | Seed and earlier | Commerce & Consumer Brands |
| 23 Sep | Ema | $77M | Series B | AI & Deep Tech |
| 23 Sep | XCW Xtended Car Warranty | Rs 25 crore | Other or undisclosed | Professional & Local Services |
| 23 Sep | Hughes Precision | ₹250+ crore | Other or undisclosed | Government, Defense & Space |
| 23 Sep | Betterhood | ₹11.5 crore | Seed and earlier | Commerce & Consumer Brands |
| 23 Sep | Medoc Health | ₹60 Lakhs | Seed and earlier | Healthcare & Life Sciences |
| 24 Sep | Onya | ₹12.5 crore | Pre-A and Series A | Commerce & Consumer Brands |
| 24 Sep | DailyObjects | ₹350 crore | Growth (Series D+) | Commerce & Consumer Brands |
| 24 Sep | Nava | $200 million | Other or undisclosed | AI & Deep Tech |
| 24 Sep | MyRx | Undisclosed | Seed and earlier | Healthcare & Life Sciences |
| 24 Sep | Nuvah | ₹4 crore | Seed and earlier | Commerce & Consumer Brands |
| 24 Sep | ByteAsk | $1M | Seed and earlier | Enterprise Software & IT |
| 24 Sep | Eapro Global | ₹40 crore | Other or undisclosed | Climate, Energy & Sustainability |
| 24 Sep | Dextr AI | $6.7M | Seed and earlier | Enterprise Software & IT |
| 25 Sep | CodeKarma | $5-6 Mn | Other or undisclosed | Enterprise Software & IT |
| 25 Sep | Rivet | $10.5 million | Seed and earlier | Consumer Internet & Media |
| 25 Sep | Arivihan | Rs 95.86 Cr | Pre-A and Series A | Education & Skilling |
| 28 Sep | Alive App | $1M | Seed and earlier | Consumer Internet & Media |
| 28 Sep | Arovia Consumer | ₹100 Cr | Other or undisclosed | Commerce & Consumer Brands |
| 28 Sep | Balwaan Krishi | ₹100 Cr | Series B | Agriculture & Food Systems |
| 29 Sep | FIG Living | Undisclosed | Other or undisclosed | Commerce & Consumer Brands |
| 29 Sep | Kiwi | $30–40M | Other or undisclosed | Financial Services |
| 30 Sep | Bangalore Watch Company | $1.4M | Seed and earlier | Commerce & Consumer Brands |
| 30 Sep | Blitz | ₹28.7 Cr | Series B | Commerce & Consumer Brands |
| 30 Sep | EDT | $2.4M | Seed and earlier | Commerce & Consumer Brands |
| 30 Sep | Gravity | $15M | Seed and earlier | Real Estate & PropTech |
| 30 Sep | Prodoc AI | Undisclosed | Seed and earlier | Healthcare & Life Sciences |
How these numbers are counted
- Equity funding rounds raised by Indian startups and announced in September 2026.
- Debt, bonds, IPO proceeds, rights issues and rounds still in talks are left out. A round reported more than once is counted once.
- Totals add only disclosed amounts. Rupee amounts are converted at ₹88 per US dollar.
- Figures can change as companies update them.
Cite as: StopDown, “Indian startup funding report: September 2026”, stopdown.in/report/2026-09