Indian startups funadraises: Lenskart, DMI Finance, and CleanMax lead with massive fundraises

A report from Ndtv quoting data from Privatecircle Research revealed that several Indian startups have successfully raised substantial amounts in an attempt to boost their growth and expansion plans. 



Lenskart finalized a deal to raise $500 million from the Abu Dhabi Investment Authority (ADIA). ADIA’s investment involves acquiring additional shares from Lenskart’s early supporters. Established in 2010, Lenskart is India’s largest eyewear retailer with an omnichannel presence, serving customers not only in India but also in Singapore, the UAE, and other locations. 

DMI Finance 

DMI Finance successfully raised $400 million in a funding round led by Mitsubishi UFJ Financial Group, facilitated through its subsidiary MUFG Bank. Founded in 2008 by Shivashish Chatterjee and Yuvraja C Singh, DMI Finance operates as a pure-play digital lender, offering various loans, including those for consumption, personal use, and MSMEs. The company conducts its operations through digital channels and serves as a digital finance partner for major entities like Samsung, Google Pay, and Airtel.


CleanMax, a Mumbai-based renewable energy company, raised $360 million from Brookfield Renewable through the Brookfield Global Transition Fund. The funding will be utilized to achieve CleanMax’s growth plans, aiming for a platform with over 5 GW capacity in the next three to four years. CleanMax, under the leadership of Managing Director Mr. Kuldeep Jain, is a prominent provider of green, clean energy to corporate consumers in Asia, with a national presence and offices in India, the UAE, and Thailand.


PhonePe raised $350 million in a funding round led by General Atlantic. The funds are earmarked for infrastructure investments, including data center development, and the expansion into new business verticals such as insurance, wealth management, and lending. Fintech giant PhonePe has secured $350 million in a new funding round led by General Atlantic. Founded in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe boasts over 400 million registered users and leads the market in Unified Payments Interface (UPI) transactions.


Udaan, India’s largest B2B e-commerce platform, raised $340 million in Series E financing. Udaan plans to utilize these funds to enhance customer experience, expand market penetration, build strategic vendor partnerships, and strengthen long-term capabilities in supply chain and credit. The company aims to solidify its position amid competition from giants like Amazon, Flipkart, and Reliance’s JioMart., a leading software development platform, raised $250 million in Series D funding, with the Qatar Investment Authority (QIA) at the forefront. The funds raised will be used to sustain’s industry leadership and innovation initiatives, focusing on further investments in talent, partnerships, and technology. facilitates both small and large businesses in constructing web or mobile apps in a modular fashion, boasting partnerships with major entities such as JP Morgan & Chase and Etisalat UAE.

Ohmium International 

Ohmium International, a player in the hydrogen production industry, announced $250 million in Series C growth equity financing. Led by TPG Rise Climate, the funding will enable Ohmium to expand its manufacturing capacity and deploy projects globally, catering to industries in the U.S., Europe, India, and the Middle East. Ohmium specializes in manufacturing modular interlocking PEM electrolyzers, producing pressurized high-purity hydrogen—an ideal energy source for challenging-to-tackle light and heavy industries. 


Zepto, a rapidly growing Indian delivery service, secured $200 million in a new funding round led by StepStone Group. Known for processing over 300,000 orders daily across seven Indian cities, Zepto offers a diverse range of products, from groceries to electronic gadgets.

Veritas Finance 

Veritas Finance announced a significant investment of INR 1,050 Crore from Multiples Private Equity and co-investors, including the International Finance Corporation (IFC). This deal involves a primary issuance of INR 400 Crore and offers a partial exit to early investors British International Investment (BII) and Lok Capital. The Avendus Future Leaders Fund (FLF) also participated, investing INR 150 Crore. Veritas Finance focuses on addressing the financial needs of India’s micro, small, and medium enterprises (MSMEs) in underserved areas. Originating in Tamil Nadu, the company has expanded its footprint across eight states and one union territory, currently operating 285 branches and serving 115,000 customers.