Indian startups: ETtech Deals Digest: Indian startups raised $908 million this week buoyed by Flipkart’s mega funding


Weekly funding in Indian startups hit a 20-month high as part of a broader revival of venture capital deployment in technology companies in December this year. The big push came because of Walmart’s $600 million capital deployment in Flipkart, as reported by ETtech on December 21.

A total of 19 startups raised a cumulative of $908 million between December 16- 20, as per Tracxn data shared with ETtech.

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On a year-on-year comparison, the week saw an increase of 211% rise in value from $292 million in the same week last year. Sequentially, it was 91% higher compared to $476 million.

most active VCs this week_Dec 16-22, 2023_ETTECHETtech

Investors we spoke to said that a lot of deal activity from the week was stacked up which is being announced before the Christmas break.

Top funding rounds during_Dec 16-22, 2023_ETTECHETtech

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“Venture capital firms and operators are currently allowing the market to settle down. They took a long pause for about 1-1.5 years to figure out patterns, in terms of which companies have been performing. Looks like deals are finally picking up,” a venture investor told ET on the condition of anonymity.

Here are top deals this week:

Flipkart: The ecommerce major is in talks to raise as much as $1 billion, with parent Walmart committing to inject $600 million. This would be the first fundraise for India’s largest online retailer since 2021 when it closed a $3.6 billion funding round at a valuation of $37.6 billion.

GreyOrange: The robotics startup, which helps service warehouse operators and retailers, said it raised $135 million in a round led by Anthelion Capital.

Kitchens@: The cloud kitchen startup has raised $65 million from London-based private equity firm Finnest as part of the former’s Series C funding round.

VideoVerse: The video-editing subscription software platform, formerly known as, has raised $45 million in a new round from Bluestone Equity Partners.

BluSmart: The electric vehicle ride-hailing startup has raised $24 million, or around Rs 200 crore, in fresh capital from some of its existing investors, founders and leadership team.

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