ETtech Deals Digest: startup funding plummets 80% on year to $45 million this week

Startup funding in the second week of April 2024 declined by about 80% from the same period a year ago, totalling $45 million across 10 deals.

Deal density in the latest week went down to about $4.5 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.

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Of the total corpus raised this week, artificial intelligence (AI) cloud and platform-as-a-service startup Neysa accounted for about 44%. It raised $20 million in a funding round led by Matrix Partners India, Nexus Venture Partners and NTTVC.

Seed-stage startups commanded 59.2%, raising $26.7 million. Early-stage startups raised $18.4 million, accounting for the remaining 40.8%. There were no late-stage or private equity deals through the week.

ETtech

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.

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.

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

Arrivae: The home improvement firm raised about $2.5 million from CaratLane founder Mithun Sacheti in an equity round.

EyeMyEye: The eyewear e-tailer raised about $2.5 million.