ETtech Deals Digest: Startups raise $1.06 billion in May, up 12% on-year

Startups raised about $1.06 billion in funding between May 1 and 30, marking a 12% increase from the same period last year, when they had raised a total of $950 million across 189 rounds.

This month, startups, primarily in the early and late stages, secured funding through 79 rounds, according to data from market intelligence platform Tracxn.

In April 2025, startups raised around $1.02 billion from 104 rounds.


Last week—from May 24 to May 30—startups raised around $147.7 million.

Top deals of the month

PB Healthcare Services: PB Fintech’s affiliate, PB Healthcare Services, raised $218 million in its first major equity infusion. The round was led by US-based venture capital (VC) firm General Catalyst, with participation from PB Fintech and another institutional investor.

Porter: On-demand logistics platform Porter raised $200 million in a funding round led by private equity (PE) firms Kedaara Capital and Wellington Management. The round, comprising both primary and secondary transactions, propelled Porter into the unicorn club with a valuation of between $1.1 billion and $1.2 billion.

Euler Motors: The electric commercial vehicle manufacturer raised around $75 million in a round led by Hero MotoCorp. British International Investment (BII), the UK government’s development finance institution, also participated.

Citykart: Value fashion retailer Citykart raised around $63 million in a funding round comprising both primary and secondary transactions, with participation from TPG NewQuest and A91 Partners.

Routematic: Corporate transport solutions platform Routematic raised $40 million in a Series C funding round led by Fullerton Carbon Action Fund and Shift4Good.