ETtech Deals Digest: Startup funding drops 28% on year to $97 million this week

Startups raised around $97 million in the second week of June, a 28% decrease from the same period last year.

This represents a 70% reduction from last week's (June 1 to 7) total of $326.1 million, which was largely buoyed by eyewear retailer Lenskart's $200-million deal.

In this week, startups, mostly at the early stage, raised funds from 13 rounds, compared to 34 in the same period last year, when they raised a total of $134 million, according to data from Tracxn.

Indkal Technologies, which raised $36 million, accounted for about 38% of the total corpus this week.

Top deals of the week:

Indkal Technologies: Consumer electronics startup Indkal Technologies raised $36 million in a funding round led by Mauritius-based Aries Opportunities Fund. The funding, entirely primary, was the first by the firm and was done at an undisclosed valuation.

Ethereal Machines: Manufacturing startup Ethereal Machines raised $13 million in a Series A round led by Peak XV Partners and Steadview Capital, with participation from existing investors Blume Ventures, Enam Investments, and WestBridge Capital managing director Sandeep Singhal.

Smartworks: Coworking startup Smartworks raised $12 million in a funding round led by Ananta Capital, known for backing Bella Vita Organic.

Hocco: New-age ice cream brand Hocco raised $12 million in a round led by its promoter group, the Chona Family, and existing investor Sauce VC.

Renee Cosmetics: The new-age beauty brand raised $12 million in a Series B round led by existing investors Evolvence India and Edelweiss Group.