As per the database company Venture Intelligence, India saw 24 disclosed transactions this week, raising a combined US$220 million, taking the 2025 tally so far to 573 deals worth over US$5.2 billion. While no mega-rounds defined the week, the texture of the activity was revealing: capital is flowing into sectors where operational discipline, infrastructure depth, and long-term defensibility matter more than rapid land-grabs.
Deal of the Week: TMRW (Aditya Birla Group) raises US$49.9M from ServiceNow Ventures
This was not the largest cheque India has ever seen, but it was by far the most strategic of the week. TMRW, the Aditya Birla Group’s house of brands platform, secured nearly US$50 million from ServiceNow Ventures.
At first glance, this may look like a fashion-commerce play, but the identity of the investor changes the story entirely. ServiceNow is not just another venture fund; it is deeply entrenched in enterprise workflow automation. Its entry signals a bet that the next competitive edge in consumer brands will come not from marketing spend, but from the invisible machinery of operations, supply chains, forecasting, and end-to-end retail orchestration.
Why It Is The Deal of The Week: TMRW earns our Deal of the Week because it represents more than just a sizeable capital infusion. It signals a rare convergence of consumer brand scale and enterprise-grade process expertise. The nearly US$50 million raised from ServiceNow Ventures is not simply growth funding, it is a strategic partnership that could redefine how multi-brand platforms operate in India. ServiceNow, a global leader in workflow automation, brings the kind of operational intelligence that roll-up platforms often lack.
For TMRW, this means the opportunity to embed discipline into every layer of its business from inventory management and supply chain visibility to SKU-level profitability and faster cash cycles. In a consumer market that is increasingly unforgiving to undisciplined expansion, this deal stands out because it equips TMRW with both the capital and the capability to build a truly defensible, tech-enabled retail ecosystem.
Why it matters: For TMRW, this is not just growth capital; it is capability capital. With ServiceNow’s expertise at the table, the company can begin to embed the kind of process intelligence and automation that roll-up platforms often struggle to institutionalize. Done right, this could mean faster cash cycles, sharper Stock Keeping Unit -level profitability, and an omnichannel discipline that separates sustainable brand platforms from those that collapse under integration challenges.
Who is the investor: ServiceNow Ventures is the venture arm of ServiceNow, the US$160 billion enterprise software giant best known for its workflow automation and digital transformation platforms.
The fund typically backs companies that build or integrate with ServiceNow’s ecosystem, focusing on automation, AI, and enterprise process innovation. Its portfolio leans toward B2B SaaS and deep workflow technology.
Which is why this move into a consumer-facing, fashion-led platform is intriguing, it suggests ServiceNow sees retail and brand management as a frontier where enterprise-grade workflow intelligence can create outsized value.
Risks and rewards: The obvious risk lies in execution. Multi-brand platforms live or die by how well they integrate culture, technology, and inventory across acquisitions. Add to this the cyclicality of consumer demand, and the potential drag of discount wars, and the terrain looks treacherous.
But the upside is equally clear: if TMRW can marry ServiceNow’s DNA of workflow precision with the storytelling agility of fashion, it has a chance to establish a playbook that others will imitate. The prize is not just profitability; it is multiple expansion as investors begin to see TMRW less as a fashion roll-up and more as a tech-enabled consumer operating system.
Other Notable Deals
Ultraviolette Automotive raised US$21 million from Lingotto, TDK Ventures, and Zoho. This is a reminder that India’s EV narrative is maturing beyond subsidies and hype. The investor mix, hardware depth from TDK and software sensibility from Zoho gives Ultraviolette the patient capital it needs to scale manufacturing while keeping an eye on export ambitions. The challenge will be managing working capital and ramping production without sacrificing quality.
Arintra secured US$21 million in a round led by Peak XV Partners and Y Combinator Continuity. This is a pure “picks-and-shovels” play in healthtech: automated medical coding.
The opportunity is sticky, workflow-embedded software that reduces revenue leakage for hospitals. But accuracy thresholds are unforgiving; the sales cycle is long, and a single error rate spike could slow adoption. With backers that understand both India scale and global SaaS dynamics, Arintra looks well-positioned to build defensible IP.
Truemeds attracted US$20 million via a secondary sale involving Info Edge and WestBridge Capital. This round speaks to confidence in the company’s unit economics and its chronic-care repeat model. Secondary structures also help clean up cap tables while giving existing backers liquidity. Regulatory risk in e-pharmacy remains a shadow, but disciplined customer cohorts are offsetting the volatility.
Dashverse (Dashtoon) closed US$13 million from Peak XV, Stellaris, and Z47. Creator-tech continues to attract capital, and Dashverse’s bet is simple: compress the production cycle for digital creators while keeping quality high. The upside lies in optionality, SaaS, marketplace dynamics, even IP monetization. The risk lies in crowded competition and fickle user preferences. Retention, not acquisition, will decide whether this becomes a true platform.
The Takeaway
The week may not have produced billion-dollar fireworks, but it did reveal a pattern. Capital is being allocated to companies building systems, not just stories, EVs with patient capital, healthtech with infrastructure value, e-pharmacies with sustainable cohorts, and a fashion platform reinforced by enterprise-grade workflow discipline.
Our deal of the week, TMRW’s raise from ServiceNow Ventures, captures this shift perfectly. It is less about adding another consumer brand, and more about re-architecting how Indian brands can scale, profitably, predictably, and with operational intelligence baked in. If this pattern holds, 2025 could be remembered not as the year of vanity metrics, but as the year Indian startups began building real moats.
