ETtech Deals Digest: Startup funding surges 232% on year to $588 million this week

Startups raised around $587.9 million between September 14 and 20, marking a 232.2% increase compared to the same period last year. This also represents a 358.1% rise from the previous week’s $128.3 million.

This week, startups raised funding through 24 rounds compared to 28 in the year-ago period, when they raised a total of $177 million, according to data from data intelligence platform Tracxn.

Edtech unicorn PhysicsWallah’s $210 million funding round was the largest this week.

Top deals of the week

PhysicsWallah: Online coaching platform PhysicsWallah closed a $210 million financing round led by Asian hedge fund Hornbill Capital with significant participation from venture capital fund Lightspeed, valuing the edtech major at $2.8 billion, post the investment.

Nazara Technologies: Listed gaming and media firm Nazara Technologies approved a preferential equity issue to raise Rs 900 crore ($107.8 million) from a group of investors, including SBI Mutual Fund in its largest fundraise to date.

M2P Fintech: Software services provider for banks, M2P Fintech, raised $50 million from new investor Taj Investment Holdings. The company is in the process of closing a funding round of around $80 million in a mix of primary and secondary transactions.

Redcliffe Labs: Healthtech startup Redcliffe Labs raised $42 million in a series C funding round led by Denmark-based investment firm IFU with participation from existing investor LeapFrog Investments.