ETtech Deals Digest: Cred’s mega round lifts startup funding to $1.09 billion this week, up 290% on-year

Indian startups closed financing worth $1.09 billion across 14 rounds during the week ended June 26, led by fintech firm Cred’s $900 million financing. This was 171.8% higher than the previous week, when startups raised $402.6 million across 20 rounds, and 290.4% above the same period last year.

Late-stage deals dominated funding activity this week, accounting for 93.1% of the total capital. Early-stage deals made up 4.9%, while private equity rounds accounted for 1.2%.

Among VC firms, Bessemer Venture Partners, Norwest, and Lightspeed Venture Partners were the active backers this week, participating in the rounds of Mitigata, Coval.ai, and Super Living, respectively.

Top deals

Cred: In the week’s largest deal, Meta led a Rs 8,550 crore, or $900 million, round in Cred, valuing the fintech company at $4.5 billion post-money. The transaction includes about $500 million in fresh capital and $400 million in secondary share sales. Per the terms of the deal, Cred founder Kunal Shah stepped down from the company to joined Meta’s global leadership team, with Miten Sampat taking over as interim CEO.

Also Read: Inside Meta's India investments: First Reliance, now Cred

Square Yards: Real estate and mortgage platform Square Yards raised Rs 900 crore, or about $95 million, in a mix of debt and equity, anchored by EAAA Alternatives, with participation from global corporate credit manager Muzinich & Co. The round turned Square Yards into a unicorn and comes as the company prepares for a Rs 2,000 crore IPO. The company reported revenues of Rs 2,086 crore in FY26, and Ebitda of Rs 176 crore.

Coval.ai: Voice ai agent evaluation platform Coval.ai raised $28 million in a series A round led by Norwest, with participation from Base10 Partners, Twilio Ventures, Y Combinator, MaC Ventures, and Swift Ventures. The company, founded in 2024, said the round takes its total funding to $31 million.

Other notable deals this week included Recykal’s $23 million bridge round, Mitigata’s $15 million funding led by Bessemer Venture Partners, BodyCraft’s Rs 120 crore series A round led by Singularity AMC, Superliving’s $7 million round led by Lightspeed, and SaffronStays’ $3.5 million funding round led by Infinity Ventures.