ETtech Deals Digest: Indian startups raise $160 million this week, up 75% on-year
Despite the higher value, the number of deals during the week was down at 16 transactions, compared to 34 in the corresponding week last year.
By ETtech |
Agencies
Indian startups raised around $160.3 million during the week of June 7 to 13, a 74.7% jump from the $91.8 million raised during the same period last year, according to data from Tracxn.
The tally also marked a 12.4% increase over the $142.7 million raised last week.
Despite the rise in funding value, deal activity remained muted, with only 16 transactions recorded this week. This was less than half of the 34 deals seen in the corresponding week last year.
Top deals of the week
Cred: Fintech firm Cred closed a funding round of about $72 million at a sharply reduced valuation of $3.5 billion. This marks a steep 45% cut from the $6.4 billion valuation at which the company last raised capital in 2022. Singapore’s sovereign wealth fund GIC, through its investment arm Lathe Investment, led the funding.
Flexiloans: New-age non-banking finance company (NBFC) Flexiloans raised around $43.8 million in a mix of primary and secondary capital. The round was led by existing investors Nandan Nilekani’s Fundamentum, US-based impact investor Accion Digital Transformation, American asset management firm Nuveen, and Denmark-based asset management major Maj Invest.
ADVERTISEMENT
Vecmocon: Deeptech startup Vecmocon Technologies raised $18 million in a funding round led by Ecosystem Integrity Fund (EIF), with Blume Ventures and Aavishkaar Capital participating.
