Daily Indian Funding Roundup & Key News - 4 September 2026: Comet Raises ₹100 Crore, RentoMojo Sets IPO Price Band, and More
Here's your daily dose of Indian startup funding roundup and key business news for 4 September 2026. Ultrahuman raises $70 million, ESDS Software lists at a 76% premium, and RentoMojo sets its IPO price band.
Four funding rounds closed on 4 September 2026, spanning wearable health tech, sneakers, emergency healthcare and power electronics. Qualcomm Ventures, Verlinvest, Auxano Capital and Trivest Partners were among the day's lead investors. The headline raise is Ultrahuman's $70 million round to expand its health intelligence platform.
Away from funding, RentoMojo set its IPO price band at INR 384 to INR 404, and PhysicsWallah shares jumped after Motilal Oswal initiated coverage with an INR 200 target.
Daily Indian Startup Funding Roundup - 4 September 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Ultrahuman | Wearable Health Tech | $70 Mn | Funding Round | Qualcomm Ventures |
| Comet | D2C Sneakers | ₹100 Cr | Series B | Verlinvest |
| Medulance | Emergency Healthcare | ₹24 Cr | Series A | Auxano Capital |
| Leanwatts | Power Electronics | $2 Mn | Seed | Trivest Partners |
Ultrahuman Raises $70 Million Funding
Ultrahuman raised $70 million in a funding round led by Qualcomm Ventures, with participation from Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital. The round included $65 million in primary equity and $5 million in debt, valuing the company at about $365 million, roughly three times its 2023 valuation. The funds will support product development across sensing, AI, miniaturised electronics, health algorithms and clinical research.
Founded in 2019 by Mohit Kumar and Vatsal Singhal, Ultrahuman is a Bengaluru-based wearable health technology company known for its Ultrahuman Ring, supported by blood biomarkers, continuous glucose monitoring and environmental sensing. Including the current round, the startup has raised more than $173 million to date and is looking to evolve from a wearable health company into a human-computer interface company built around the body.
Comet Raises INR 100 Crore Series B Funding
Comet raised INR 100 crore in a Series B round led by global investment firm Verlinvest, with existing investors Elevation Capital and Nexus Venture Partners also increasing their stake. The round also saw angel participation from Urban Company co-founder Abhiraj Singh Bhal, Snap Inc global CBO Ajit Mohan, and Bhaane founder Anand Ahuja. The funds will expand Comet's retail presence, strengthen product development and technology, and fund research and development into its own sole moulds.
Founded in 2023 by Utkarsh Gupta and Dishant Daryani, Comet is a Bengaluru-based D2C sneaker brand known for limited-edition drops that often sell out within minutes. The startup currently runs 10 company-owned stores and aims to double that to 20 by the end of FY27, with revenue having grown ninefold since its Series A round in 2024.
Medulance Raises INR 24 Crore Series A Funding
Medulance raised INR 24 crore in a Series A round from Auxano Capital, existing backers Alkemi and Equentis, and a group of angel investors. The funds will expand emergency services pan-India, grow its hospital and enterprise business, and improve its technology and connected ambulances.
Founded in 2017 by Pranav Bajaj and Ravjot Singh Arora, Medulance is a GPS-based emergency response and ambulance booking service that operates more than 15,000 ambulances across over 500 cities, serving more than 8 million people. The round comes as India's ambulance services market, valued at $5.5 billion in 2025, is expected to grow to $9.8 billion by 2034.
Leanwatts Raises $2 Million Seed Funding
Leanwatts raised approximately $2 million in a seed round across two tranches, led by Trivest Partners, with participation from angel investors Abraham George and Alok Rungta. The funds will strengthen the company's supply chain, increase localisation, and expand its manufacturing capabilities.
Founded in October 2023 by Pradeep Chowdary, Sujith Kumar and Abhilash Reddy, Hyderabad-based Leanwatts develops and manufactures power electronics products, offering portable and onboard EV chargers ranging from 500W to 6.6kW for two-wheelers, L2 and L5 vehicles, and e-tractors. The startup is targeting an annualised revenue run-rate of nearly INR 60 crore by March 2027.
Key Business News for 4 September 2026
RentoMojo Sets IPO Price Band At INR 384-404
RentoMojo set a price band of INR 384 to INR 404 per share for its INR 1,256 crore IPO, valuing the issue at up to INR 1,255.6 crore and seeking a post-offer market capitalisation of around INR 4,206 crore. The IPO comprises a fresh issue worth INR 150 crore and an offer for sale of up to 2.7 crore shares, and will open for subscription on 9 September and close on 11 September.
RentoMojo's FY26 operating revenue surged 45.5% year-on-year to INR 387 crore, while its profit jumped 142% to INR 104.3 crore, aided by a INR 36.6 crore tax credit. Founded in 2014 by Geetansh Bamania and Ajay Nain, RentoMojo operates the largest organised online rental platform for furniture and appliances in India, with an estimated 42-47% market share by subscription revenue.
Flipkart Minutes Could Add 1,000 Dark Stores By Mid-2027: UBS
Flipkart Minutes could add another 1,000 dark stores by mid-2027 or the next Big Billion Days sale, according to a UBS report citing an industry expert. The expansion would nearly double Minutes' network to around 2,000 stores and help Flipkart narrow its infrastructure gap with quick commerce leader Blinkit.
Minutes' stores currently average 800 to 1,000 orders a day, while mature stores process 1,200 to 1,500 orders daily, with net order value nearing Blinkit's. Flipkart said in June that it had scaled Minutes to 1,000 micro-fulfilment centres across 130 cities, and in locations where the service is available, 40-45% of Flipkart customers also visit Minutes.
PhysicsWallah Shares Jump 6% As Motilal Oswal Sets INR 200 Target
PhysicsWallah shares jumped as much as 6% to an intraday high of INR 127.80 on the BSE after Motilal Oswal initiated coverage with a Buy rating and a INR 200 target price, implying a 66% upside. The brokerage cited PhysicsWallah's YouTube-led model, which it said allows the company to acquire students at structurally lower costs.
Motilal Oswal expects PhysicsWallah's online revenue to grow at a 28% CAGR between FY26 and FY30, with EBITDA margin expanding from 26% in FY26 to 30% by FY28. The company's Q1 FY27 revenue rose 24.4% year-on-year to INR 1,054 crore, while its net loss narrowed 30.5% to INR 88.3 crore and EBITDA turned positive at INR 52 crore. This is not Motilal Oswal's only recent conviction bet on a listed new-age tech stock.
Cars24 Trims FY26 Net Loss By 19% YoY To INR 441 Crore
Cars24 trimmed its FY26 net loss by 18.7% year-on-year to INR 441.1 crore from INR 542.7 crore, even as its operating revenue declined 18.3% to INR 5,091.7 crore. Product revenue fell 22.7% to INR 4,438.8 crore, while service revenue more than doubled to INR 205.6 crore.
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal, Cars24 operates an online marketplace for used cars, along with financing, insurance and warranty services. The company's cash and cash equivalents more than halved to INR 377.1 crore by March 2026, while total borrowings rose nearly 17% to INR 958.6 crore.
WhatsApp Takes On PhonePe, Google Pay With Bill Payments In India
WhatsApp launched an in-app bill payment feature in India, letting users find, manage and pay household and utility bills directly within the messaging app. Powered by the Bharat Connect network, the feature covers 22,722 billers across 30 categories, including electricity, gas, water, FASTag, insurance and loan repayments, and is rolling out gradually to Android and iOS users.
The launch puts WhatsApp in more direct competition with PhonePe, Google Pay and Paytm, which already offer bill payments. WhatsApp Pay still trails those market leaders by a wide margin, having processed 16.78 crore UPI transactions worth INR 12,957 crore in July 2026, ranking eighth among UPI apps, though its payments push has gained momentum since CRED founder Kunal Shah took over as global head of WhatsApp in June.
Muskaan Kapoor
