ETtech Deals Digest: Startup funding falls 30% on year to $73 million this week

Startup funding in the penultimate week of April 2024 declined by nearly 27.9% from the same period a year ago, totalling $74 million across 14 deals.

However, deal density in the latest week improved to $5.3 million per deal, as per Tracxn data. From April 6 to April 12, 2023, startups had raised about $2.4 million per deal.

Funding was down sequentially as well, from $103 million across 15 funding rounds in the previous week.

Of the total corpus raised this week, fundraises of omnichannel fashion startup Lyskraft and logistics software provider firm LetsTransport accounted for about 65%. The former raised $26 million, while the latter raised $22 million.

Top five deals:

Lyskraft: Founded by former Zomato senior executive Mohit Gupta and Myntra founder Mukesh Bansal, this omnichannel fashion startup raised $26 million in seed money, making it one of the largest early-stage rounds for an Indian startup amid the ongoing funding crunch.

LetsTransport: The truck aggregator startup raised $22 million in a funding round led by Bertelsmann India Investments.

Accacia: The software platform that helps real estate asset developers track emissions and create decarbonisation solutions, raised $6.5-million led by Illuminate Financial.

Dhruva Space: The spacetech startup raised $9.4 million in a mix of equity and debt from IAN Alpha Fund, Technology Development Board and other existing investors in its latest funding round. It raised about $6.4 million in the equity portion.

Plane: The open-source project management tool startup raised $4 million in a seed round funding from OSS Capital.

Flashaid: The healthcare and insurtech company raised $2.5 million led by Piper Serica Angel Fund and global venture capital firm SOSV.