ETtech Deals Digest: Indian startups raised $58 million this week

The startup funding landscape continues to look bleak, with companies raising just $58 million over the last week, across 13 rounds, according to data provided by market intelligence firm Tracxn. Funding activity plummeted 94% from the same period last year, when startups had mopped up $936 million, across 78 rounds.

Sequentially, the funding raised by startups dropped 55% from the $127 million recorded in the week-ago period, across 21 rounds.

Funding for seed- and early-stage startups stood at $29.6 million and $28 million, respectively, with no money being poured into late-stage startups.

Here’s a look at some of the key startups that raised funding this week:

Logistics startup Ripplr raises $40 million: Bengaluru-based startup Ripplr, which is a tech-enabled distributor of FMCG products, has raised $40 million in a funding round led by consumer-focussed venture investment fund Fireside Ventures. New investors, including snackmaker Bikaji and sauce and dips maker Neo Foods, also participated in the round along with existing investors 3one4 Capital, Zephyr Peacock and Japanese conglomerate Sojitz Corporation.

Cybersecurity outfit SquareX gets $6 million infusion: Cybersecurity startup SquareX has raised $6 million in a seed round led by Sequoia Capital Southeast Asia. The company said it will use the proceeds from the round to enhance its engineering research and development efforts, and speed up its go-to-market function.

EV logistics firm Zyngo raises $5 million: Zyngo, a logistics company with an electric vehicle fleet, announced that it has raised $5 million in a round led by Delta Corp Holding, with participation by existing investor LC Nueva Investment Partners LLP. The startup said that the funds would be used to increase its fleet size, expand to new regions, and improve technology.

Fintech firm Fundly.ai bags $3 million: Mumbai-based fintech startup Fundly.ai on Sunday said it has raised $3 million in a seed funding round led by Accel. Other investors in the round included Multiply Ventures and angel investors.

Bengaluru-based TagZ Foods raises $2 million: Bengaluru-based snack startup TagZ has raised $2 million in a funding round led by 9 Unicorns, Dexter Angels, Agility Ventures, Venture Catalysts, Klub, Indifi and Rannvijay Singha. Prior to this round, TagZ had raised $1.2 million in seed funding from a group of angel investors in 2020.