The Indian startup ecosystem raised more than $348 million in funding this week, as the growth momentum for the industry continued for a second consecutive week. The Indian startups collectively secured $348 million across 19 deals this week, compared to $466 million raised by 16 startups in the previous week.

The week was led by ride-sharing platform Rapido which raised $200 million in its Series E funding, taking its valuation to over $1.1 billion. The funding round was led by WestBridge Capital. The company said it will use funds to expand its operations across India and scale its technology platform to enhance service delivery.

Rapido plans to grow its operations across all categories, including bike taxis, three-wheelers, and taxi cabs. Leading digital platform for trade finance Drip Capital secured $113 million in new funding. This includes $23 million in equity from Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), and $90 million in debt financing, led by the International Finance Corporation (IFC) and East West Bank.

Lending platform Moneyview also reportedly raised approximately $30 million in debt through private placements. In August, startups raised about $1.6 billion across 112 deals, which included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals worth $267 million.

This year, the ecosystem witnessed a surge in large funding rounds (over $100 million). There have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.

Quick e-commerce company Zepto raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.

An eyewear major, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.