ETtech Deals Digest: Startup funding drops 17% to $155 million this week

Startup funding in the first week of February 2024 was down about 17% from the same period a year ago, totalling $154.5 million across 27 deals.

Companies, across seed, early and late-stages, had raised about $185 million from 31 rounds in the period from February 3 to February 9, 2023, as per data from Tracxn.

The most significant amount of capital raised this week was in the early stage, at about $122.6 million, accounting for about 79% of the overall deal value. Seed-stage funding came next at $23.5 million, commanding 15%.

Sequentially, the latest week amounted to an increase of about 125% in value terms, and up around 53% by volume.

Notably, the latest week’s deals average about $5.72 million per deal in the week, versus $5.96 million per deal in the same week of February 2023, and $8.42 million per deal in the last week of January 2024.

Other top deals:

River: The Bengaluru-based electric two-wheeler maker raised $40 million in a Series B round of funding led by Yamaha Motor Co.

Lohum: The Noida-based battery tech startup raised $23 million in its Series B round of funding led by Baring Private Equity Partners.

Keus: The smart home automation company raised about $12 million in its first external round led by private equity player Oaks Asset Management.

OTO: The two-wheeler-focused lending firm raised $10 million in a funding round led by Japan’s GMO Venture Partners.

BigHaat: The agritech startup has raised $8.4 million in a pre-Series C funding round, with Ashish Kacholia and RBA Finance and Investment Company leading the investment.