ETtech Deals Digest: Startups raise $103 million this week as funding drought persists

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Sequentially, funding activity for Indian startups plunged 58%, against $243 million raised across 28 rounds last week. Bengaluru-based pet food-maker Drools led the funding activity this week, scooping up $60 million from L Catterton, a private equity (PE) firm backed by Paris-based luxury products giant Moët Hennessy Louis Vuitton (LVMH) group.

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Seed- and early-stage funding in startups stood at $12.8 and $30 million, respectively, this week, while no funding activity was recorded for late-stage startups.

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Here are the startups that got funded this week:

L Catterton pumps $60 million into pet food maker Drools at $600 million valuation: L Catterton, a private equity fund with Paris-based luxury products giant Moët Hennessy Louis Vuitton as a backer, has invested about $60 million in Drools Pet Food, a Bengaluru-based company. The deal values the 2010-founded pet food maker at $600 million, the company said in a statement.Women’s contraceptive products maker Pregna International raises Rs 130 crore: Pregna International Ltd has raised its first private equity funding of $16 million (Rs130 crore) from India Life Sciences Fund III (ILSF III) for a minority stake, the company said in a press statement. Mumbai-based Pregna is a contraception devices maker in the global IUD (intrauterine devices) space and has a growing portfolio of reproductive and women’s health products.

Spacetech startup Digantara raises $10 million: Spacetech infrastructure startup Digantara has raised $10 million as part of its latest round of funding, which was led by Peak XV Partners (formerly Sequoia Capital India). The round also saw participation from existing investor Kalaari Capital as well as Japan-based venture capital firm Global Brain. Campus Fund and the founders of IIFL Wealth also participated. The company had previously raised seed capital worth $2.5 million from Kalaari Capital in July 2021.

Good Flippin Burgers raises $4 million: Burger chain Good Flippin’ Burgers has raised $4 million in a fresh round of funding via Tanglin Venture Partners, a year after it had raised $1 million, company executives said. The funds will be infused for expansion in both the dining and quick service businesses and supply chain network. Ashika Capital was a financial advisor for the funding, the company said.

Prop-tech startup Crib raises Rs 15 crore in round led by WeFounderCircle: Prop-tech startup Crib, a SaaS-based marketplace for co-living, has raised Rs 15 crore in its seed round, which was co-led by WeFounderCircle and Rebright Partners. The round saw participation from over 50 founders and tech operators, including Vijay Shekhar Sharma (Paytm), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ravi Bhushan (BrightChamps, Housing), and Ankur Aggarwal (Dunzo), along with various angel syndicates and funds, such as Imperier Holdings, FAAD and Rogue Opportunities, among others.