ETtech Deals Digest: Startup funding slips 22.5% to $70 million in July second week YoY

Startups raised around $70 million in the second week of July, a 22.5% decrease compared to the same period last year.

This also marks a 71% drop from last week's funding total of $241.7 million, with half of last week’s total funding being made up by beauty retailer Purplle's $120 million funding round.

This week, startups mostly at the seed and early stages, raised funds through 14 rounds, compared to 31 in the same period last year, when they raised a total of $90.3 million, according to data from Tracxn.

Investment management platform Dezerv’s $32 million funding accounted for nearly half of the total funding this week.

Top deals this week

Dezerv: The firm raised $32 million (Rs 267 crore) in a funding round led by Premji Invest, the private equity firm of billionaire Azim Premji, while existing investors Elevation Capital, Matrix Partners India (now known as Z47), and Accel also participated in the round. The fundraise also comprised a secondary component of Rs 53 crore. The company plans to use the fresh capital to develop new investment strategies targeting first-time high-net-worth individuals (HNWIs), ultra HNWIs, doctors, engineers, and emerging HNWIs.

Immuneel: Cancer-focused biotech startup Immuneel Therapeutics has raised $12 million (Rs 100 crore) in funding from UAE-based Taiba Middle East FZ LLC. The firm is a clinical-stage startup which is engaged in developing cell and gene therapies for cancer patients. The firm was cofounded by Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee and investor and physician Kush Parwar.

CollegeDekho: The firm raised $9 million in a funding round led by existing investor Winter Capital. It provides students with several services in the higher education segment, including test preparation, college selection, and application assistance. ETS Strategic Capital, Calega, QIC, and Man Capital are among the existing investors in the startup.

Planet Marathi: The regional over-the-top (OTT) platform raised $5 million in a funding round led by US-based private equity firm A & MA Capital USA. Alongside the funding, the firm entered into an agreement with Dcafe, a media-tech company, to strengthen the former’s technological capabilities.

Circuit House Technologies: Consumer electronics maker Circuit House Technologies, started by former Xiaomi India chief business officer (CBO) Raghu Reddy, raised $4.3 million in a funding round led by Stellaris Venture Partners and 3one4 Capital. Multiple angel investors including Mamaearth cofounder Varun Alagh and Tracxn cofounder Abhishek Goyal also participated in the funding. The firm will develop and sell consumer electronic products, starting with products in the home entertainment category that will be launched early next year.