Key facts
- Startups secured $225 million in funding across 19 rounds in the second week of June.
- This funding is up 22% year-on-year and 39% higher than the previous week.
- Hygenco Green Energies raised $105 million from International Finance Corporation, Siemens Financial Services, and Fullerton Carbon Action Fund.
- Coram AI raised $35 million, bringing its total funding to $66 million.
- Mygate secured Rs 225 crore from Dharana Capital.
Startups in India secured $225 million across 19 funding rounds during the second week of June, representing a 22% increase year-on-year and a 39% rise compared to the previous week. The significant deal activity was spearheaded by Hygenco Green Energies, which raised $105 million for its green hydrogen and ammonia projects.
Hygenco Green Energies, founded by Amit Bansal, Anshul Gupta, and Aashish Gupta, received its $105 million equity funding from the International Finance Corporation (IFC), Siemens Financial Services, and Fullerton Carbon Action Fund. This marks the first direct green hydrogen investment in India by all three institutions, with IFC contributing $50 million, Siemens Financial Services $25 million, and Fullerton Carbon Action Fund up to $30 million. The funds will be utilized to develop green hydrogen projects throughout India.
In the physical security sector, San Francisco-based Coram AI, co-founded by Ashesh Jain and Peter Ondruska, secured $35 million. The round was co-led by Ansa Capital and Battery Ventures, with participation from UP Partners, 8VC, and Mosaic Ventures. This latest funding brings Coram AI's total funding to $66 million. The company reported quadrupled revenue and tripled its customer base since its Series A round last year, with its platform now deployed in over 1,500 locations across the US and Canada.
Additionally, Bengaluru-based housing society management platform Mygate secured Rs 225 crore (approximately $27 million) from Dharana Capital. Founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga, Mygate has evolved from a visitor management app to a comprehensive operating system for gated communities. The company has previously raised around $84 million from investors including Tiger Global, Prime Venture Partners, and Tencent.