ETtech Digest: June startups funding drops 60% year-on-year
Indian startups pulled in about $738.5 million from June 1-27, which is a steep 60% drop compared to $1.8 billion last year.
Only 68 funding rounds happened this month—mostly at the seed and early stages—showing just how much things have slowed down since May's $1.06 billion across 79 rounds.
Some notable funding deals this month
Even with the slowdown, some startups landed big deals. Drone company Raphe mPhibr scored $100 million led by General Catalyst, hitting a $900 million valuation.
Cred raised $72 million from GIC but saw its valuation shrink to $3.5 billion (down from $6.4 billion in 2022).
Fintech and drone tech are still getting attention, with Syfe and Aspora each raising $53 million, and Flexiloans bringing in $43.8 million—proving investors haven't lost hope in these sectors just yet.