17 Indian startups raised over $196 million in funding this week

Around 17 Indian startups have raised $196.4 million in funding across 17 deals this week. This represents a 75 per cent drop from the $800.5 million raised by startups across 21 deals last week, reports Inc42. The biggest funding round this week was witnessed by non-banking financial company (NBFC) Northern Arc. It raised $75 million via non-convertible debentures (NCDs) from Dutch entrepreneurial development bank FMO.

The fintech sector emerged as investors’ favourite this week as startups from the sector cumulatively raised $77.4 million across three deals. E-commerce sector startups raised $48.3 million across five deals, enterprise tech raised $25.8 million across three deals, real estate tech raised $20.2 million across one deal and health tech raised $10.5 million. However, seed funding this week dropped 69 per cent to $6.9 million from $22.7 million last week, according to the report. Software-as-a-service (SaaS) startup Rocketlane raised $24 million in its Series B funding round co-led by 8VC, Matrix Partners India and Nexus Venture Partners. Co-working space solutions provider Smartworks has secured $20.24 million (Rs 168 crore) from a clutch of investors including Keppel, Anant Capital Ventures Fund I, Plutus Capital, family trusts and HNIs. Meanwhile, a Nasscom report said India now ranks sixth among the top nine deep-tech ecosystems globally with 3,600 such startups that received $850 million in funding last year