ETtech Deals Digest: Startup funding nearly doubles to $94 million this week

Startup funding in the last week of January 2024 went up by about 97% from the same period a year ago, totalling $93.8 million across 11 different deals. Companies, across seed, early and late-stages, had raised about $47.6 million across 18 rounds in the period from January 27 to February 2, 2023, as per data from Tracxn.

The most significant amount of capital raised in the week was in early-stage funding, at about $67 million, accounting for 71.4% of the overall deal value. This was followed by $15 million in the late stage, commanding 16%.

Sequentially, the latest week amounted to a nearly 62% dip in value terms, and down over 21% by volume.

The latest week’s numbers were largely amped up by a large deal at Krutrim AI. The company raised $50 million at a valuation of $1 billion, becoming India’s first unicorn startup of 2024 and the first homegrown artificial intelligence firm to reach the milestone.

Other top deals:

MoveInSync: MoveInSync, which provides cab-hailing services to enterprises, raised $15 million in a Series C funding round from Bessemer Venture Partners.

Grow Indigo: The agritech startup raised $8 million as part of a funding round that saw participation from stakeholders Indigo Ag and Mahyco.

p0: The AI-led cybersecurity startup raised $6.5 million from Lightspeed Venture Partners.

BluSmart: The electric vehicle ride-hailing platform received $5 million in equity-based funding in an overall $25 million round from Zurich-based climate finance firm ResponsAbility.