ETtech Deals Digest: Another drab week, but funding density improves on year

The funding climate for Indian technology startups continued to be drab at the $100 million to $200 million weekly ballpark figure, with $163.8 million deployed this week in 17 deals, according to data from Tracxn.

However, the density of the dealmaking rounds in the week from October 7 to October 13 was higher than that in the comparable quarter a year ago when startups raised $97.7 million across 30 funding rounds.

The deals average at about $9.6 million per deal in the week, versus $3.26 million per deal in the same week of October 2022.

Sequentially, the week saw a 54.5% increase in terms of total volume and a $163.8% rise in value. It is important to note that the current funding winter began to set in from September 2022.

Here are the startups that got funded this week:

InsuranceDekho: The insurtech startup raised $60 million in a mix of equity and debt in an ongoing Series B funding round.

OnSurity: The insurtech startup raised $24 million in Series B funding led by International Finance Corporation.

Oro Money: The Chennai-based fintech startup raised nearly $12.5 million from new and existing investors.

Superops Technologies: The software startup raised $12.4 million in a Series B funding round.

Shiprocket: The logistics startup raised $11 million in additional funding during an extended Series E round.

Age Care Labs: The elder care platform raised $11 million in fresh capital from fintech unicorn Zerodha’s investment arm Rainmatter Capital and proptech investment firm Gruhas.