Venture capital (VC) funding into Indian startups continues to remain steady as the weekly inflow has hovered around the $100 million range given that there is no trigger for the opening of larger cheques.

The total funding for the fourth week of February amounted to $141 million cutting across 23 deals. This was a very marginal decline when compared with the previous week’s fundraise of $147 million.

In the first eight weeks of this year, the median weekly VC funding has been $127 million. Here, large cheques average around $20 million.

The funding winter continues to hold its grip on the Indian startup ecosystem. It started in the second half of 2022 and extended right through 2023. Even now, there are no signs of any revival in the larger quantum of money returning to the startup ecosystem.

The only heartening aspect in the present environment is the increased focus of investors on the clean energy segment, particularly the electric vehicle sector. However, the cheque sizes are not large given that this segment is still in the very early stages.

The expectation is that the low funding trend is likely to remain at least for the first quarter of 2023 and may extend up to the first half of the year.

Rentomojo, a furnishing rental brand, raised Rs 210 crore ($25 million approx.) from Edelweiss Discovery Fund Series – I, Chiratae Growth Fund, and Magnetic.

Walko Foods, the parent company to ice cream brands NIC and Cream Pot, raised $20 from Jungle Ventures.

Bengaluru-based shared electric mobility company Yulu raised $19.25 million from Canadian auto parts manufacturer Magna and Bajaj Auto Limited.

Commercial EV financing platform Vidyut raised $10 million from 3one4 Capital, Saison Capital, Zephyr Peacock India, Force Ventures, and Alteria Capital.

Climate-tech startup Varaha raised $8.7 million from RTP Global, Omnivore, Orios Venture Partners, Norinchukin Bank, AgFunder, and Octave Wellbeing Economy Fund.

EV startup PURE EV raised $8 million from BCCL, Hindustan Times Media Ventures, Ushodaya Enterprises, and high-networth individuals.

Cloud kitchen aggregator Ghost Kitchens raised $5 million from Gujarat Venture Finance Limited, NB Ventures, LetsVenture, and Lead Angels.

Edited by Kanishk Singh