ETtech Deals Digest: Weekly funding plummets over 80% to $30 million

The funding climate for Indian technology startups deteriorated year-over-year, with $29.7 million deployed across 6 funding rounds in the week from November 13 to 17. In the comparable week in 2022, startups had raised $189 million across 34 funding rounds.

The deals in the 2023 week averaged at about $4.95 million per deal, versus $5.6 million per deal in 2022.

Sequentially, the week saw a 65% decline in terms of total volume and an 87% rise in value terms. The current funding winter began to set in from September 2022, and deal-making activity is generally expected to slow down from months of November to early January.

Here are the startups that got funded this week:

Bakingo: The online bakery product seller raised its first-ever round of growth capital of $16 million from private equity firm Faering Capital.

Inito: The medical technology startup, which helps women track fertility hormones and provides personalised analytics on reproductive health, raised $6 million in a Series A round led by Fireside Ventures.

General Autonomy: ShareChat founders Farid Ahsan and Bhanu Pratap Singh have raised $3 million in seed funding for the new startup in the industrial robotics space in a round led by India Quotient and Elevation Capital.

Centa: The teacher accreditation-linked edtech startup raised $1 million from a clutch of 30 angel investors including JP Morgan India chairman Leo Puri, Medanta Group of Hospitals chief Pankaj Sahni, AZB & Partners founding partner Bahram Vakil and ICICI private equity director Nikhil Mohta.