ETtech Deals Digest: Funding for Indian startups dropped 79% YoY this week

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The funding slowdown in Indian startups continued during the week of February 20 and 24 as venture funding dropped by 79% year-on-year to over $250 million.

During the same week last year, Indian startups had raised $1.17 billion in venture funding across 67 rounds, according to data provided by market intelligence firm Tracxn.

On a weekly basis, this is around 17% lower than the previous week when startups saw total funding of around $300 million across 23 rounds.

Like PhonePe's funding round earlier this month, meat delivery startup FreshToHome emerged as an exception to the ongoing funding winter. It raised $104 million in a new funding round, led by Amazon Smbhav Venture Fund.

During the week under review, funding rounds of upskilling platform NxtWave's--which raised $33 million and Software-as-a-Service (SaaS) startup Mintoak – which raised $20 million – were among the bigger rounds. About 13% of the funding came to seed-stage startups while 37% was invested in early-stage firms, according to Tracxn data.

Edtech startup NxtWave raises $33 million: Upskilling platform NxtWave raised $33 million in a funding round led by global equity firm Greater Pacific Capital (GPC). Existing venture investor Orios Venture Partners also participated in the round.

Web3 gaming startup Kratos Studio picks up Rs 160 crore: Founded by former Nazara Technologies chief executive Manish Agarwal and Ishank Gupta, Kratos Studios said it raised Rs 160 crore in its seed round, led by Accel, with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies and others.

SaaS startup Mintoak raises $20 million: Mintoak, a Software-as-a-Service (SaaS) platform focused on merchant services, raised $20 million led by PayPal Ventures with participation from British International Investment and existing investors HDFC Bank and Pravega Ventures. HDFC Bank increased its stake to 7.75% from 5.20% through its investment, the Mumbai-based startup added.

Chronicle raises $7.5 million in funding: Chronicle, a startup building a modern format of presentations, has raised $7.5 million in seed funding, led by Accel. Australia-based Square Peg and angel investors including AngelList India partner Utsav Somani, Superhuman co-founder Vivek Sodera, among other undisclosed senior executives from Meta Inc, Apple Inc, Google, Slack, Stripe, OnDeck and Adobe also participated in the funding round.

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