Daily Indian Funding Roundup & Key News - 12 May 2026: HrdWyr Bags $13 Mn, Mekr Raises ₹67 Cr, InCred Capital Acquires S Cube Capital
India's startup ecosystem saw funding activity span semiconductors, electronics manufacturing, deeptech, foodtech and cybersecurity on 12 May 2026. Bengaluru-based HrdWyr led the day with a $13 million Series A to build AI-native chips, while Mekr raised ₹67 crore to scale its electronics manufacturing platform. Spacetech firm Agnikul Cosmos is also in talks for a $50-75 million round at a flat $500 million valuation. In key business news, InCred Capital acquired Singapore's S Cube Capital, and SBI's board approved a $2 billion overseas bond raise.
Daily Indian Startup Funding Roundup - 12 May 2026
| STARTUP | SECTOR | FUNDING | ROUND | LEAD INVESTORS |
|---|---|---|---|---|
| HrdWyr | Semiconductors | ₹124 Cr (~$13 Mn) | Series A | Ideaspring Capital |
| Mekr | Electronics Manufacturing | ₹67 Cr (~$7 Mn) | Series A | Avaana Capital |
| Dil Foods | Foodtech / Virtual Restaurant | ₹72 Cr (~$8.5 Mn) | Series B | Bikaji Foods Family Office |
| Prikus | Cybersecurity | ₹21 Cr (~$2.5 Mn) | Undisclosed | Undisclosed |
| Scikiq | Enterprise Intelligence / AI | $1.5 Mn (~₹12.5 Cr) | Pre-Series A | Triton Fund II |
| Nori | D2C / Travel Gear (Women-focused) | $0.35 Mn (~₹2.9 Cr) | Pre-Seed | Rebalance, Vijay Shekhar Sharma, VSS Investco |
HrdWyr Raises $13 Million Series A
Bengaluru-based HrdWyr has raised $13 million (approximately ₹124 crore) in its Series A round led by Ideaspring Capital. Singularity AMC, Avatar Growth Capital and existing investor Persistent Systems also participated.
Proceeds will accelerate the development of HrdWyr's AI-native system-on-chip (AISoC) products and expand customer engagements globally. Its chips target high-volume, cost-sensitive segments such as consumer electronics, EVs, white goods and data centres, with a recent strategic collaboration with boAt for the consumer tech segment.
The raise comes as India's semiconductor market is projected to grow to $155 billion by 2031, up from about $62 billion in 2026, with the Centre committing about ₹76,000 crore under the India Semiconductor Mission.
Mekr Raises ₹67 Crore Series A
Delhi NCR-headquartered Mekr has secured ₹67 crore (~$7 million) in its Series A round led by Avaana Capital, with participation from Titan Capital Winners Fund. Prior to this, Mekr had raised ₹5.8 crore from Better Capital, Titan Capital and 2AM VC in 2022.
The fresh capital will be deployed to strengthen investments in R&D, product engineering, proprietary tooling and supplier localisation. Some funds will go towards expanding manufacturing automation, enhancing quality systems and strengthening export readiness. Mekr claims to have developed 100+ SKUs and partnered with over 40 brands, including Amazon Basics, Croma, Flipkart and Wipro.
Dil Foods Raises ₹72 Crore in Series B
Dil Foods, a virtual restaurant enabler platform, has secured ₹72 crore in Series B funding led by the Bikaji Foods Family Office.
The company plans to use the capital to diversify its product portfolio and expand into newer markets.
Prikus Raises $2.5 Million To Build Security Platform
Hyderabad-based cybersecurity startup Prikus has raised $2.5 million to build its next-generation security platform.
The startup intends to use the proceeds towards developing its security platform capabilities. Investor names and round details were not disclosed.
SCIKIQ Raised $1.5 Million
Enterprise intelligence platform Scikiq has raised $1.5 million (≈₹12.5 crore) in a pre-Series A funding round led by Triton Fund II. The company leverages AI to convert unstructured enterprise data into actionable insights, helping businesses enhance decision-making. The fresh capital will be used to strengthen its platform capabilities and scale enterprise adoption.
Nori Secured $350k Pre-Seed Funding
Bengaluru-based Nori, a travel gear brand designed specifically for women, has raised $350K in a pre-seed funding round led by Rebalance, with participation from Vijay Shekhar Sharma, VSS Investco, and other angel investors. The startup focuses on building functional, ergonomic travel products tailored for women and plans to use the funds to expand its product portfolio and market reach.
Muskaan Kapoor
Key Business News for 12 May 2026
Agnikul Cosmos In Talks To Raise $50-75 Million At Flat $500 Million Valuation
Spacetech startup Agnikul Cosmos is reportedly in talks to raise $50-75 million at a flat $500 million valuation, similar to its November round. The fresh capital is earmarked for expanding production capabilities as the company progresses towards commercial deployment. The development reflects continued investor confidence in India's private space sector.
InCred Capital Acquires Singapore-Based S Cube Capital
InCred Capital, the wealth management arm of InCred Group, has acquired Singapore-based fund management firm S Cube Capital (SAIML Pte Ltd). The target will be integrated into InCred's Singapore entity, InCred Global Wealth Pte Ltd, subject to regulatory approvals. S Cube's leaders Balaji Swaminathan and Hemant Mishr will join as joint vice chairmen of the global asset management business. The deal follows InCred's February acquisition of Dubai-based Arrow Capital, and the firm now manages over ₹1 lakh crore (~$10.5 billion) in wealth AUM across India, Singapore, Dubai and London.
SBI Board Approves $2 Billion Overseas Bond Raise For FY27
The State Bank of India's board has approved a plan to raise up to $2 billion in long-term funds this fiscal through overseas bond issuances. The fundraising will be carried out in single or multiple tranches under Reg-S/144A through public offers or private placements of fixed or floating rate bonds. SBI last tapped overseas bond markets in September 2025, raising $500 million via a five-year dollar bond at a record-low 4.5% coupon. The lender's gross advances grew 17% year-on-year to ₹49.32 trillion for the quarter ended March.
Digital Gold And Silver Players Form Self-Regulatory Body DPMACI
India's digital precious metals ecosystem has formed a self-regulatory organisation named the Digital Precious Metals Assurance Council of India (DPMACI) to strengthen transparency, operational integrity and consumer protection. Founding members include MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, MobiKwik, Gullak, LendenClub and CRED.
Member platforms must maintain 1:1 physical metal backing verified through periodic independent audits, with holdings conforming to London, UAE or Indian good delivery standards. Industry executives estimate over 90% of digital gold transactions now flow through UPI-based platforms.
IT Employees' Body Seeks Official Work-From-Home Mandate For 5.8 Million Workforce
Indian IT employees' body NITES has urged the Labour Ministry to mandate work-from-home for the country's 5.8 million IT workforce. The move aligns with Prime Minister Modi's call for austerity measures to reduce fuel consumption and travel amid global uncertainties. The proposal, if accepted, would have significant implications for commercial real estate, office leasing and the broader IT services operating model.
