This week in Indian Tech: $195 Million into Startups, and the story of a DeepTech startup.

You read that right This week, 15 Indian startups raised a sum of $195 million, and form last week, fund inflow stood at $857 Million!

Once again, Bengaluru-based startups dominated the charts.

Welcome back to TechMantras!

Your one-stop guide for information on the Indian startup Ecosystem.

Every week, I consume various articles on the Indian startup ecosystem, and deliver exciting metrics and developments through a quick read.

Spotlight 🌎: Stashfin vs Bunq, a tale of Neobanking firms

To date, Stashfin has raised $370 Million, with $100 million coming on the heels of the $270 million Series C round.

It is a fintech platform that provides financial products & services for millions of borrowers across India.

NeoBanking firms in India have struggled to turn profits despite raising a significant share of money.

Even a profit of Rs50 Cr is a distant figure for these firms.

In comparison, Dutch Neobank Bunq booked its first profit in the final quarter of FY22, clocking in at €2.3 million.

Their main focus has been the use of AI models to weed out potential risks and fake accounts, and this led them to winning a suit against the Dutch Central Bank over their anti-money laundering policies.

Hence, while profits may be in the near future for the Indian firms, it is certainly possible by introducing new strategies for expansion based on user revenue and technologies.

1. 🔗 Link: DeepTech startup raises $2.7 million to create freshwater from renewable energy resources.

• Uravu Labs uses liquid desiccants to absorb moisture, and then recovers the absorbed moisture to create freshwater using only renewable energy sources such as solar, biomass, or waste heat.

• The startup aims to use the raised capital scaling up and forging new partnerships with leading players in the hospitality and beverage sector to expand their reach and impact.

2. 🔗 Link: Awfis ends FY22 with Rs 257 Cr revenue and positive EBITDA.

• Co-working solutions provider Awfis aims to go public, more so it it reaches its target revenue of Rs 600Cr in FY23.

• it claims to have co-working spaces across over 150 centers and 88,000 seats across 15 cities, and has an asset heavy model, which accounts for 29% of its expenditure.

And that’s all for today friends! Thanks for reading, and I would love to hear your thoughts.

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