ETtech Deals Digest: July records $579 million total startup funding, lowest tally in well over a year

Venture capital funding in technology startups recorded the lowest monthly tally in well over a year, in total value terms, with $579 million having been deployed across 79 funding rounds in July 2023.

The figure is an almost-64% plunge from the nearly $1.6 billion that venture capital firms had deployed across 270 rounds in July 2022.

Sequentially, the figure is down 36% from the $909 million tally in June.


As per Tracxn data reviewed by ET, monthly funding totals have never gone below $600 million, trailing at least as far back as March 2022 - 17 months ago.

In the dataset, Inflection Point Ventures, Blume Ventures and 100X.VC were the top three investment firms, indicating how a major chunk of the deals were early and seed stages.

Here are the startups that got funded this week

Veritas Finance raised $145 million: The small businesses-focused non-bank lender raised Rs 1,200 crore from Multiples Private Equity along with its co-investors including International Finance Corporation (IFC) to expand access to capital for India’s micro, small and medium enterprises.

Auxilo raised $56.8 million: The Akash Bhanshali- and Balrampur Chini-promoted education finance company raised Rs 470 crore from funds such as Tata Capital Growth Fund II, Trifecta Leaders Fund-I, and Xponentia Opportunities Fund-II, along with existing shareholder ICICI Bank.

RenewBuy raised $40 million: Japanese insurance major Dai-ichi Life Holdings invested $40 million to buy about 11% stake in D2C Consulting Services, which is the holding company for digital insurance marketplace RenewBuy.

Furlenco raised $36.5 million: Sheela Foam, which owns the Sleepwell brand, signed a deal to acquire a 35% stake in online furniture retailer Furlenco.