ETtech Deals Digest: Startup funding soars to $748.5 million this week

Startups raised around $748.5 million in the third week of June, largely driven by the $665 million funding secured by Mumbai-based quick commerce company Zepto.

This marks a nearly eightfold increase compared to the previous week and a rise of almost four times from the $199 million raised during the same period last year.

This week, startups raised funds through 23 rounds, compared to 34 rounds in the same period last year, according to data from Tracxn.

Zepto’s fundraise accounted for about 89% of the total funding this week.

Top deals of the week:

Zepto: Quick-commerce startup Zepto raised $665 million, more than doubling its valuation to $3.6 billion. The funding round was led by existing investors Glade Brook Capital, StepStone Group, and Nexus Venture Partners, with participation from Goodwater Capital and Lachy Groom. New investors such as DST Global, Avenir Growth Capital, Lightspeed Venture Partners, and Avra also joined the round.

EKA Mobility: Electric vehicle manufacturer EKA Mobility received the second tranche of investment, amounting to Rs 200 crore ($23.9 million), from Japanese trading and investment company Mitsui & Co as part of their $100 million deal signed last year.

Wrogn: TMRW House of Brands, an ecommerce rollup venture owned by Aditya Birla Group, invested Rs 125 crore in Wrogn, the men's wear brand backed by Accel and cricketer Virat Kohli.

OrbitShift: AI-powered sales-intelligence startup OrbitShift raised $7 million in a seed funding round led by Peak XV Partners' Surge scale-up program and Stellaris Venture Partners.

Alyve Health: Health tech startup Alyve Health raised $5.5 million in a funding round led by Axilor Ventures, with participation from existing investor 1Crowd Fund and healthcare-focused fund Inhealth Ventures.