startup funding: ETtech Deals Digest: Fundraising tepid in first week of February as startups raise only $338 million


Fundraising by Indian startups has nosedived in the first week of February. In 22 funding rounds, they raised $338 million, down by a sharp 71.6% compared to the same period last year.

According to data provided by market intelligence platform Tracxn, startups raised $115 million in early-stage funding and $14 million in seed-stage.

Bharat Fund, 9Unicorns and Venture Catalysts were the most active VCs for the week under study. They closed two deals each, including Entropik Tech, FireCompass, Zypp Electric and CUSMAT.


For the week January 28-February 3, the amount raised stood $312 million. The week saw 16 rounds of funding.

Here is the list of startups that received funds this week:

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Ushur raises $50 million: Ushur, a customer experience automation software provider, has raised $50 million in a round led by Third Point Ventures. Existing backers Iron Pillar, 8VC, Aflac Ventures and Pentland Ventures also participated in the fresh funding round.

The latest capital is expected to help the Santa Clara-headquartered startup expand its portfolio of software tools, develop new technologies in artificial intelligence, including Large Language Models (LLM) and Generative AI.

Most active VCs this week_Feb 10, 2023_ETTECHETtech

Turno gets 13.8 million: Turno, a commercial EV financing and distribution platform, has raised $13.8 million in a funding round led by venture capital firms B Capital and Quona Capital. Existing investors Stellaris Venture Partners and Avaana Capital participated in the round which also brought on board new debt investors Alteria Capital and InnoVen Capital.

Hatica receives $3.7 million: Engineering analytics platform Hatica raised $3.7 million. The funding round was led by Surge – Sequoia Capital India and Southeast Asia’s scale-up startup programme. Other investors included Kae Capital and multiple senior engineering executives from Google, Uber, Twitter, Okta, and Notion such as Akshay Kothari, Apurva Dalal, Ashutosh Agrawal, Gaurav Lahoti, Punit Soni, Peeyush Ranjan, and Pratyus Patnaik.

Zypp Electric raises $25 million: Zypp Electric has raised $25 million in a funding round led by Taiwanese EV maker and battery-swapping company Gogoro. The funding comprises $20 million in equity and $5 million in debt, which came from global impact fund IIX and a large national bank in India. Goodyear Ventures, 9Unicorns, WFC, Venture Catalysts, LetsVenture, IAN, Ivygrowth and Grip also participated in the funding round for the electric vehicle fleet operator.

Overall funding trend across Indian startups_Feb 10, 2023_ETTECHETtech

Entropik gets $25 million: Entropik, an artificial intelligence-based (AI) online market research startup, received $25 million in Series B funding, led by Bessemer Venture Partners. Other investors included SIG Venture Capital, Trifecta Capital and Alteria Capital and returning investor Bharat Innovation Fund. About $3.5 million of the investment was debt funding, founder and chief executive Ranjan Kumar said. He declined to share Entropik’s post-funding valuation.

Tazapay receives $16.9 million: Cross-border payments startup Tazapay got $16.9 million in a funding round led by Sequoia Capital Southeast Asia.

EscapeVelocity ( and PayPal Alumni Fund were the two other investors in this funding round. Former Google and Facebook executive and angel investor Gokul Rajaram too joined as a new investor. raises $11 million:, a service desk and workplace automation firm, has closed around $11 million in Series A-led by SIG Venture Capital with participation from Exfinity Venture Partners.

Existing investors 9Unicorns and Tri Valley Ventures also participated in the round. The company says it plans to use the funds to scale growth and further advance capabilities of the platform to deliver advanced employee service experience.

Illustration and graphics by Rahul Awasthi

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