funding winter: ETtech Deals Digest: Startups continue to reel under the funding winter


Big numbers continue to call it a pass in the Indian startup funding scenario. After weeks of tepid funding rounds regarding numbers and values, this week also seems to have sub-$100 million deals. Macroeconomic considerations, slowing economies, and tighter liquidity across economies are likely to be the reason.

Solvy Tech Solutions, which runs the insurtech platform Zopper raises $75 million

Solvy Tech Solutions, which runs insurtech platform Zopper, has
raised $75 million from investors led by Creaegis, in participation with ICICI Venture and Bessemer Venture Partners, and existing backer Blume Ventures. Zopper cofounder Surjendu Kuila told ET that the capital will be used to support the international expansion of Zopper, to beef up the platform’s technology and data engineering

Gifting solutions company Join Ventures raises $23.5 million

Gifting solutions company Join Ventures
has raised $23.5 million (Rs 187 crore) in its latest funding round led by MO Alternate Investment Advisors, a subsidiary of financial services conglomerate Motilal Oswal Financial Services.

Audio streaming startup Kuku FM raises $21.8 million

On Wednesday, audio streaming startup Kuku FM said it
has raised $21.8 million in funding led by Nandan Nilekani’s venture fund Fundamentum Partnership. Kuku FM said it will deploy the funds to expand its catalogue, strengthen its content creation ecosystem, and offer more language choices to listeners as it aims to achieve an over 10 million paid subscribers base by end of next year.

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Illustration: Rahul Awasthi

F2C brand Deep Rooted raises $12.5 million

Deep Rooted, a farm-to-consumer (F2C) brand for fruits and vegetables, announced it
has raised $12.5 million in a funding round led by IvyCap Ventures, with participation from existing investors including Accel, Omnivore and Mayfield. Over the next 12 months, the startup plans to expand its operations to cover major cities in South India, strengthen its technology stack, and proactively hire across marketing, technology and business functions.

Web3 chess startup and marketplace Immortal Game raises $12 million

Web3 chess startup and marketplace Immortal Game said it
has raised $12 million in funding led by TCG crypto. Other tech and entertainment VC specialists such as Cassius, Greenfield One, Sparkle Ventures, Kevin Durant’s and Rich Kleiman’s 35V, Blockwall, Kraken Ventures and Spice Capital also participated in the round.

Speech technology startup Murf AI raises $10 million

Speech technology startup
Murf AI said it has raised $10 million in funding led by Matrix Partners India. Existing investor Elevation Capital, and prominent angel investors such as Ajay Arora, senior vice president, product, Disney Streaming; Ankit Bhati, cofounder of Ola; Ashwini Asokan, cofounder of Mad Street Den also participated.

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