ETtech Deals Digest: startups pick up $140 million this week as funding nosedives 90% YoY

Indian startups received $140 million in funding over the week across 20 rounds, 90% lower compared to the same period last year when $1.43 billion came in as across various companies, according to data from market intelligence firm Tracxn.

Compared to last week, startups saw a dip of 69% in funding, from $450 million raised across 26 rounds.


Supply-chain financing platform Mintifi bagged the biggest share of the funding this week by picking up $110 million in a late-stage funding round led by Premji Invest. This accounted for 78% of the total funds raised in the concerned period.

Seed stage funding stood at $12.6 million and accounted for 9% of the total funds raised, while early stage funding stood at $17.8 million, accounting for 13%.

Here is a list of startups that got funded this week:

Supply chain financing startup Mintifi raises $110 million: Mintifi has raised $110 million in a fresh round of funding led by Premji Invest, with participation also from existing investors Norwest Venture Partners, Elevation Capital and International Finance Corp. Almost 90% of the amount has been raised by selling new shares, with the proceeds going to the company. The remaining 10%, raised through secondary shares, is to provide liquidity to employees and early investors, cofounder Anup Agarwal told ET.

Fantasy sports platform Fantasy Akhada raises $11 million: Super Six Sports Gaming, the parent company of fantasy sports brand Fantasy Akhada, has raised $11 million in a fresh round of funding which values the company at $135 million. The round was led by Florintree Advisors (run by Mathew Cyriac, ex-MD of Blackstone India). It also saw participation from existing investors Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (Family Office of the GMR Group).

Fintech startup GrayQuest raises $7 million: GrayQuest, a startup that partners with educational institutions to break up fees into equated monthly instalments, raised Rs 56 crore (about $7 million) in its Series A funding round. The round was led by Pravega Ventures, with participation from family investors such as Weizmann Group, Telama Family Office and Apurva Parekh from the Pidilite Family Office, it said in a statement.

SaaS startup Houseware raises $2.1 million: Software-as-a-Service (SaaS) startup Houseware received seed funding of $2.1 million, led by Singapore-based venture capital firm Tanglin Venture Partners. Other participating investors include early-stage investors GTMfund and Better Capital, and undisclosed angel investors from SaaS businesses such as Snowflake, Stripe, Carta, Zendesk and Superhuman.