ETtech deals digest: Startups raise $718.3 million in July 2024, marking a 4% on-year drop

Startups raised a total funding of about $718.3 million in July 2024, marking a 3.9% decrease from the same period last year, when they had raised a total of $748 million across 185 rounds.

Startups, primarily in the early and late stages, secured funding through 72 rounds, according to data private market intelligence platform Tracxn.

In June 2024, startups raised around $1,715.6 million from 85 rounds.


Mumbai-based beauty retailer Purplle and ride-hailing platform Rapido emerged as the top fundraisers this month, securing $120 million each. They were followed by blockchain-based clearing and settlement network Partior, which raised $60 million, and education-focused non-banking financial company (NBFC) Auxilo Finserve, which raised $33.4 million.

In the last week—from July 27 to August 2—the deal value rose to $214.1 million from 18 rounds, compared to $93.5 million raised in the same period last year through 35 rounds.

Top deals of the month

Purplle: Beauty retailer Purplle closed a $120 million round led by sovereign fund Abu Dhabi Investment Authority (ADIA), valuing the company at around $1.3 billion. This investment underscores growing investor interest in the beauty sector, with nearly 70-80% of this round coming from secondary transactions.

Rapido: Ride-hailing platform Rapido raised $120 million in primary capital from existing investor WestBridge Capital at a post-money valuation of $1 billion, making the homegrown startup the latest to achieve unicorn status this year, following fintech-focused software startup Perfios and Ola founder Bhavish Aggarwal’s artificial intelligence startup Krutrim AI.

Partior: Blockchain-based clearing and settlement network Partior, backed by JP Morgan, DBS, Temasek and Standard Chartered, raised $60 million in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India). Other investors include Jump Trading and Valar Capital.

Auxilo Finserve: Mumbai-based education-focused, NBFC Auxilo Finserve raised $33.4 million in an equity funding round led by LeapFrog Investments, with participation from existing investors Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II.