ETtech Deals Digest: startup funding plummets 67% on year to $73 million this week

Startup funding in the second week of April 2024 declined by about 67% from the same period a year ago, totalling $73 million across 12 deals.

Deal density in the latest week went down to about $6 million per deal, as per Tracxn data. During April 6 to April 12, 2023, startups had raised about $7.4 million per deal.

Funding was down sequentially as well, from $58.8 million across 20 funding rounds in the previous week.


Of the total corpus raised this week, artificial intelligence (AI) cloud and platform-as-a-service startup Neysa and risk and compliance automation platform Sprinto accounted for about 43%. Each raised $20 million in separate funding rounds.

Top five deals:

Neysa: The company, the second venture of data centre services provider Netmagic founder Sharad Sanghi, a Mumbai-based artificial intelligence (AI) cloud and platform-as-a-service startup, raised $20 million.

Sprinto: The risk and compliance automation platform for businesses raised $20 million in an equity funding round led by Accel.

Recykal: The business-to-business waste management and recycling marketplace raised about $13 million from a Category II scheme managed by 360 ONE Asset Management.

GTMBuddy: The software startup raised $8 million in a Series A funding round from investors inlduing Leo Capital and Stellaris Venture Partners.

Planys Technologies: The IIT Madras Incubation Cell deeptech startup raised about $5 million in an equity infusion led by investor Ashish Kacholia.