June 29th 2024.
This week in New Delhi, there has been a lot of buzz surrounding Indian startups and their funding. According to Inc42's latest report, 17 startups have collectively raised $196.4 million in funding through 17 deals. While this may seem like a significant amount, it's actually a 75% decrease from last week's $800.5 million raised across 21 deals.
The biggest funding round this week was for Northern Arc, a non-banking financial company, which secured $75 million from FMO, a Dutch development bank, through non-convertible debentures. It seems that the Fintech sector was the hot favorite among investors this week, with startups in this space receiving a total of $77.4 million in funding across three deals.
Other sectors that saw some action this week were e-commerce, enterprise tech, real estate tech, and health tech. E-commerce startups raised $48.3 million through five deals, while enterprise tech startups secured $25.8 million through three deals. Real estate tech had one deal worth $20.2 million, and health tech received $10.5 million in funding.
However, seed funding took a hit this week, dropping by 69% to $6.9 million compared to last week's $22.7 million. One of the notable funding rounds this week was for Rocketlane, a software-as-a-service startup that raised $24 million in its Series B round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. Another significant deal was for Smartworks, a co-working space solutions provider, which received $20.24 million from a group of investors including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and HNIs.
In other news, a report by Nasscom revealed that India is now ranked sixth among the top nine global deep-tech ecosystems, with 3,600 startups in this space. These startups collectively received $850 million in funding last year, showing the growing interest in deep-tech solutions. It's an exciting time for Indian startups, and we can't wait to see what the future holds for them.
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