Startups raised around $122 million in the week ending May 22, down 5% from the $129 million secured during the same period last year, according to data intelligence platform Tracxn.
This week’s tally, however, was down 84% from the previous week when startups raised around $789.8 million, thanks to Rapido’s mega $730 million round.
Despite total funding falling slightly, average cheque sizes increased this year, with $122 million invested across 13 deals versus $128.7 million across 30 deals last year.
This week, late-stage deals dominated the funding landscape, accounting for $101 million, or 82.6% of the total $122.2 million raised, led by major rounds including credit card and travel-booking platform startup Scapia, which raised a Series C round during the week.
Seed-stage startups raised $14.6 million, while early-stage companies secured $6.6 million. No private equity or other equity funding activity was recorded during the week.
Top deals this week
Scapia: Travel-focused fintech startup Scapia raised $63 million in a funding round led by General Catalyst, with participation from existing investors Peak XV Partners and Z47. Founded in 2022 by former Flipkart senior executive Anil Goteti, the startup has now raised a total of $72 million to date. ET had first reported about the fundraise exclusively on March 15.
UpGrad: Edtech platform UpGrad raised Rs 361 crore (around $38 million) in a fresh funding round, valuing the company at $1.7 billion. The development comes as the company awaits approval from the Competition Commission of India for its proposed acquisition of Unacademy. ET first reported on UpGrad’s latest valuation on May 20.
Mythik: Media technology startup Mythik, founded by former Housing.com and FreeCharge CEO Jason Kothari, has raised an additional $5 million from a group of investors, including Dream11 CEO Harsh Jain, former global managing director of McKinsey, Rajat Gupta, and Blume Ventures’ Founders Fund, along with existing backers.