ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week

Startups raised around $58.3 million in the fourth week of July (July 20-26), marking a dramatic 80.1% decline compared to the same period last year. This represents a 72.3% drop from the previous week’s funding total of $210.4 million.

This week, startups, mostly in seed and early stages, raised funding through eight rounds, a significant decrease from 28 rounds in the same week last year, when they raised a total of $293 million, according to data from Tracxn.

The $30 million funding round by space startup Unimech Aerospace accounted for over 50% of the total funding raised this week.

Top Deals of the Week

Unimech Aerospace: Space startup Unimech Aerospace raised $30 million in a funding round led by Steadview Capital, ValueQuest Scale Fund, and Evolvence India, with a post-money valuation of $388.5 million (Rs 3,250 crore). This round is part of its private placement phase.

Stable Money: Wealthtech startup Stable Money raised around $15 million in a Series A round led by RTP Capital, with participation from Lightspeed India and Matrix Partners.

Incuspaze: Flexible workspace provider Incuspaze raised $8 million in its first funding round, led by India Inflection Opportunity Fund.

Nasher Miles: Direct-to-consumer (D2C) luggage brand Nasher Miles raised $4 million in a bridge round from the Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity, among others, at a post-money valuation of $30 million.