ETtech Deals Digest: Startup funding in May rises 62% on year to $817 million

New-age startups logged a total funding value of about $817.2 million in May 2024, up 62% from the same month a year ago.

Startups across stages, mostly late, raised the funding from 93 rounds, as per Tracxn data. In May last year, they had raised a total of $504 million from 156 rounds. The funding winter, which set in from September 2022, was in full force by April 2023.

Mumbai-based Venture Catalysts emerged as the topmost investor in terms of deal volume in May, deploying capital in startups such as Zypp Electric, TechEagle, Perceptyne and Humors.

Deal volume during the month stood at 93, compared to 78 in April and 43 in May 2023. Sequentially, deal value rose about 45% from $563.5 million to $817.2 million.

In the last week of the month -- May 25 to May 31 -- deal value went up to $584.6 million, from $25.6 million in the same period last year, and $26 million in the previous week. Deal volume during the week was down to 43 from 24 a year ago.

Top deals of the month:

Flipkart: Walmart-ownedFlipkart raised $350 million from Alphabet’s Google.

Infra.Market: Infra.Market raised $50 million at a valuation of $2.5 billion from Mars Unicorn Fund, a joint venture of Liquidity Group and Mitsubishi UFJ Financial Group.

Atlum Credo: The digital payments firm raised $40 million in its Series C round led by Z3Partners and Oikocredit.

Technosport: Bengaluru-headquartered Techno Sportswear raised $25 million from investment fund A91 Partners.

Euler Motors: Electric vehicle startup Euler Motors closed its Series C funding round, raising about $24 million.