ETtech Deals Digest: Funding for startups falls 32% to $83 million this week

Startup funding in the penultimate week of February 2024 fell about 32% from the same period a year ago, totalling $83 million across 20 different deals.

Companies in seed, early and late-stages had raised about $122 million from 26 rounds in the period from February 17 to February 23, 2023, as per data from Tracxn.

The most significant amount -- $52.8 million -- was raised in the early-stage, which accounted for about 64% of the overall deal value. This was followed by $25 million in the late-stage, commanding 31%.

Sequentially, funding in the latest week saw a 42% decrease in value terms, and was down about 5% by volume.

Notably, the funding this week averages at about $4 million per deal, versus $4.7 million in the same week of February 2023, and $6.8 million in the previous week of February 2024.

Top deals:
Rentomojo: The furnishing rental startup, which provides furniture and appliances among others, raised Rs 210 crore ($25 million) in a late-stage funding round led by Edelweiss Discovery.

Yulu: The shared mobility services provider raised $19.25 million from existing strategic investors Magna and two-wheeler maker Bajaj Auto, with which it has a strategic partnership to develop electric vehicles.

Vidyut: The electric vehicle financing company raised $10 million in a mix of equity and debt in a funding round led by venture capital firm 3one4 Capital.

Varaha: The climatetech startup, which helps offset greenhouse gas emissions, raised $8.7 million led by early-stage venture capital firm RTP Global.

Pure: The electric two-wheeler firm has raised $8 million from a consortium of investors.