Investment: ETtech Deals Digest: Funding value down 74% this week as dismal run continues

The funding drought for Indian technology startups continued as a total of 16 deals were announced totalling $86 million in the week, down 11% by volume and 74% in value terms over the last week.

Year-over-year, the week from September 16 to September 22, fared even more poorly. By volume, it was a 58% drop, and in terms of value, 71%.

Early-stage deals commanded the highest pie share, with $48.1 million out of the total $86 million funding tally.

“The valuations have been adjusting too. Now investors have time to deep dive into companies and not commit to deals in short periods. It’s a good time for everyone to come back to fundamentals,” Incubate Fund Asia founder and general partner Nao Murakami told ET.

Here are the startups that got funded this week:

Kuku FM: The audio content platform provider raised $25 million in a Series C funding round co-led by the Nandan Nilekani-founded Fundamentum Partnership and International Finance Corporation.EloElo: The live chat app raised $22 million in a funding round led by early-stage venture capital investor Courtside Ventures and gaming-focused venture firm Griffin Gaming Partners.

Atlys: The e-visa startup raised $12 million in a Series A funding round led by Elevation Capital and Peak XV Partners, formerly Sequoia Capital India.

Ergos: The agritech startup raised $10 million via a combination of equity and debt in a funding round led by Norway’s Abler Nordic.

Flash: The ecommerce startup raised $6.7 million in a funding round led by venture capital firms Blume Ventures and PeerCapital.

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