ETtech Deals Digest: Funding crunch in Indian startups continues as data shows 21-month lows

Several reports and studies revealed that funding in Indian startups is at multi-year lows. According to a report by CB Insights,
VC funding in India hit a 21-month low in the July-September quarter with 387 deals bringing a paltry $2.8 billion, compared with the $9.8 billion raised in 525 deals in the same period last year.

The funding figures plummeted about 58% from the $6.6 billion raised by startups in the April-June quarter. Amid the ongoing tech winter and predictions of a recession towards the end of the year, funding for startups seems likely to remain depressed in the short-to-medium term.

This week, edtech startup Adda 247 and cryptocurrency platform Pillow led the funding charts, raising $35 million and $18 million respectively.

ETtech

Edtech startup Adda247 picks up $35 million led by Westbridge Capital, Google: Adda247, a New Delhi based edtech startup providing coaching to job aspirants for public sector banks, railway, and government jobs,
raised $35 million from Westbridge Capital and Google along with existing investors such as Info Edge Ventures and Asha Impact. Adda247 offers live-video classes, on-demand video courses, mock tests and books focused on government exams.

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Crypto investment startup Pillow raises $18 million: The Singapore based crypto investment firm with more than 75000 users in over 60 countries,
Pillow raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital. The company was founded by Arindam Roy, Rajath KM, and Kartik Mishra in 2021.

Hyderabad-based D2C startup Good Health Company gets $10 million in funding: Direct-to-consumer (D2C) health-tech startup Good Health Company (GHC)
raised $10 million in Series A funding led by Left Lane Capital, with participation from existing investors such as Khosla Ventures, Quiet Capital, and Weekend Fund. The startup which aims to provide solutions for sexual health and weight loss issues, earlier raised $5.2 million led by Khosla Ventures in June 2022.

Co-living startup Isthara bags $10 million in fresh funding: Food court operator and co-living startup Isthara raised
$10 million in a funding round led by Dubai-based Eagle Proprietary Investments, which will enable Isthara to foray into the business-to-consumer retail food court segment while continuing to expand in the co-living segment, the company said. The current funding round brings Isthara’s total fund-raise to about $21 million.

EV parts maker Vecmocon raises $5.2 million led by Tiger Global, Blume Ventures: The IIT-Delhi incubated EV components maker startup
Vecmocon has raised $5.2 million from Tiger Global, Blume Ventures and other angel investors. This is the fourth EV startup that New York-based investment firm Tiger Global has poured money into and the second this year after investing in battery swapping firm Battery Smart in June.